Drivrz Financial Expanding Footprint into Loan Originations with Initial $300 USD Million Credit Facility

Rhea-AI Summary

PowerBand Solutions announced an expansion of its finance arm, Drivrz Financial, to include loan originations for dealer customers, Intellacar customers, and DrivrzXchange users. This strategic move aims to enhance the DRIVRZ platform's position in the automotive retail sector, particularly for electric and combustion vehicles. CEO Jon Lamb emphasized providing rapid loan approvals akin to their current 8-second lease approvals. The initiative is part of PowerBand's broader strategy to streamline vehicle ownership processes and improve customer experiences across multiple platforms.

Positive

• Expansion into loan originations is expected to enhance service offerings.
• Quick loan approvals designed to match the 8-second lease approval timeframe.
• Aims to simplify the vehicle buying process by integrating loans with leasing.

Negative

• None.

• PowerBand's finance arm (Drivrz Financial) is extending its platform to accept loan originations from its dealer customers, Intellacar customers and DrivrzXchange customers.

VANCOUVER, BC / ACCESSWIRE / April 26, 2021 / PowerBand Solutions ("PowerBand" "PBX" or the "Company"), a comprehensive e-commerce solution transforming the online experience to sell, trade, lease, and finance vehicles, is announcing its intent to accept loan originations on its Drivrz Financial platform, the Intellacar platform as well as the DrivrzXchange, a revolutionary C2C retail platform.

PowerBand is advancing its strategy to position the DRIVRZ™ platform to become the leader in the future of EV and combustion vehicle retail. By focusing on meeting the needs of the retail customer, the dealer customer as well as the lending partner, the DRIVRZ^tm platform is solidifying its position as the ultimate platform that will replace unnecessary middlemen and ultimately make buying a vehicle as simple as purchasing an item on internet.

Jon Lamb, CEO of Drivrz Financial, states "Our intent is to offer consumers, who are looking to secure a vehicle loan, the same immediate access to the relevant information our lease customers enjoy. The access to the information they require to make a timely, informed decision when purchasing a vehicle will be presented in the same seamless transparent process that we provide leases through today. We feel that by layering in loan options along with existing leasing options we will be providing consumers with access to the relevant information they require to complete their vehicle purchase. We anticipate being able to provide loan approvals within the same incredibly fast 8 second window we are currently offering lease approvals in. We are tremendously excited to offer loans in addition to leases to our customer dealers, our Intellacar customers as well as DrivrzXchange customers."

Kelly Jennings, CEO and Founder of PowerBand Solutions added "This is just one of many more steps PowerBand will be taking towards making the DRIVRZ™ platform a global leader in automotive retail. By streamlining the process and offering best in class customer experience we are unwavering in our vision of the future of this business. By combining the life cycle of automotive ownership under one platform we feel that we will be empowering the consumer and therefore better serve their needs than the currently heavily fragmented marketplace that exists today."

For further information, please contact:

Kelly Jennings

Chief Executive Officer

E: info@powerbandsolutions.com

P: 866-768-7653

About PowerBand Solutions Inc.

PowerBand Solutions Inc., listed on the TSX Venture Exchange and the OTCQB markets, is a fintech provider disrupting the automotive industry. PowerBand's integrated, cloud-based transaction platform facilitates transactions amongst consumers, dealers, funders and manufacturers (OEMs). It enables them to buy, sell, trade, finance, and lease new and used, electric- and non-electric vehicles, on smart phones or any other online digital devices, from any location. PowerBand's transaction platform - being trademarked under DRIVRZ™ - is being made available across North American and global markets.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements relating to the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of the Company, are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, we cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as at the date of this news release, and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.

SOURCE: PowerBand Solutions Inc.

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FAQ

What new services is PWWBF launching?

PowerBand Solutions is launching loan originations through its finance arm, Drivrz Financial, for various customer segments.

How quickly can customers expect loan approvals from PWWBF?

PWWBF anticipates providing loan approvals within an 8-second timeframe, similar to their lease approvals.

What is the goal of the new loan service by PWWBF?

The goal is to simplify the vehicle purchasing process and enhance customer experiences within its DRIVRZ platform.

When was the announcement made regarding PWWBF's loan services?

The announcement was made on April 26, 2021.