PowerBand, Allianz Partners and D&P Holdings Inc. dba Auto Trac System Have Entered Into a Memorandum of Understanding to Take Steps Toward Joining the DRIVRZ Platform

Rhea-AI Summary

PowerBand Solutions Inc. has entered a Memorandum of Understanding (MOU) with Allianz Partners to sell automotive specialty insurance products via the DRIVRZ platform, targeting the North American market, especially for electric vehicles (EVs). The MOU, effective in Q2 2021, aims to enhance lease financing facilities and expand product offerings globally. The partnership will offer various finance and insurance products related to automotive transactions, encompassing electric and non-electric vehicles, thus positioning DRIVRZ as a comprehensive virtual marketplace.

Positive

• Strategic partnership with Allianz Partners to offer automotive specialty insurance on the DRIVRZ platform.
• Focus on a burgeoning market for electric vehicle insurance products, enhancing potential revenue streams.
• Access to a vast marketplace with 4.5 million vehicles and significant partnerships in North America.

Negative

• The MOU is non-binding, which could limit immediate business commitments and outcomes.
• -

MOU targets second quarter of 2021 to sell automotive specialty insurance products on the DRIVRZ platform in North America with a focus on electric vehicle specialty products.

VANCOUVER, BC / ACCESSWIRE / March 11, 2021 / PowerBand Solutions Inc. (TSXV:PBX) (OTCQB:PWWBF) (Frankfurt:1ZVA) has entered into a Memorandum of Understanding ("MOU") with Allianz Partners, a global leader in B2B2C assistance and insurance solutions, to sell automotive specialty insurance products on the DRIVRZ virtual transaction platform.

The non-binding MOU allows Powerband, its partner D&P Holdings Inc. and Allianz Partners to market a wide range of Finance & Insurance products at the start of the second quarter of 2021 for the U.S. and Canadian markets.

The companies will initially seek out opportunities in North America to expanding lease financing facilities, with an emphasis on electric vehicles (EVs). The intention is to expand offerings globally, through DRIVRZ.

DRIVRZ is a virtual marketplace that allows drivers and automotive dealers to buy, lease, sell and trade electric and non-electric vehicles from any digital device, from any location. DRIVRZ has access to 4.5 million vehicles available for sale or lease, as well as millions of consumers and thousands of automotive dealers, through its partnerships.

"Allianz Partners is a global player, offering automotive insurance and finance products and services for electric and non-electric vehicles. This is one of the most important achievements yet for DRIVRZ," said PowerBand CEO Kelly Jennings. "Allianz Partners understands and supports our vision to offer a virtual marketplace to buy, sell, trade, lease and insure electric and non-electric vehicles."

"This MOU has great potential," added John Armstrong president of D&P Holdings. "Adding Allianz Partners early in the second quarter of 2021, means we can quickly scale DRIVRZ to the North American electric and non-electric vehicle market."

Allianz Partners, D&P Holdings and PowerBand intend to cooperate on offering automotive specialty insurance and related products and services with a focus on EV, passenger cars, light commercial vehicles, trucks and motorbikes. Products included in the MOU target: automotive manufacturing; direct and indirect commercial and consumer lending and leasing; consumer-to-consumer vehicle transactions; dealership business; auctions; importer business; including our non-OEM business partners.

The non-binding MOU outlines the intention of all parties to cooperate on the above-mentioned business opportunities as we finalize our definitive agreement.

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 any device. PowerBand's transaction platform - being trademarked under DRIVRZ™ - is being made available across North American and global markets.

About D&P Holdings, Inc

D&P Holdings, Inc. was established in 1989 for the purpose of bringing creative insurance solutions to their clients. Headquartered in Spring (Houston), Texas, D&P's ownership and management have extensive experience within the warranty industry. They have developed programs for two (2) national aftermarket warranty programs, but now they are coming direct to the producers to provide a transparent selling process. D&P has exclusive rights to sell/market/administrate F&I Products for several large A rated carriers.

About Allianz Partners

Allianz Partners is a world leader in B2B2C insurance and assistance, offering global solutions that span international health and life, travel insurance, automotive and assistance. Customer driven, our innovative experts are redefining insurance services by delivering future-ready, high-tech high-touch products and solutions that go beyond traditional insurance. Our products are embedded seamlessly into our partners' businesses or sold directly to customers and are available through four commercial brands: Allianz Assistance, Allianz Automotive, Allianz Travel and Allianz Care. Present in 76 countries, our 21,500 employees speak 70 languages, handle over 65 million cases each year, and are motivated to go the extra mile to help and protect our customers around the world.

For further information, please contact:

John Armstrong
President of D&P Holdings
E: jfa@diversicare.com
T: 281 364 8300

Kelly Jennings
Chief Executive Officer, PowerBand Solutions
E: info@powerbandsolutions.com
T: 866 768 7653

SOURCE: PowerBand Solutions Inc.

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FAQ

What is the main focus of the MOU between PowerBand and Allianz Partners?

The MOU focuses on selling automotive specialty insurance products on the DRIVRZ platform, particularly targeting electric vehicles.

When is the MOU expected to take effect?

The MOU is expected to take effect in the second quarter of 2021.

What markets will the DRIVRZ platform target under the MOU?

The DRIVRZ platform will target the North American markets for both electric and non-electric vehicles.

What types of products are included in the partnership with Allianz Partners?

The partnership includes a range of finance and insurance products related to automotive transactions.

What is the significance of the partnership for PowerBand Solutions' future?

The partnership may enhance PowerBand's revenue potential by expanding its offerings and reach in the automotive leasing and insurance sectors.