PowerBand and U.S. Electric Truck Maker Atlis Motor Vehicles Sign MOU to Offer Leasing, Purchasing and Insurance Services
PowerBand Solutions Inc. (OTCQB: PWWBF) has signed a Memorandum of Understanding with Atlis Motor Vehicles to utilize its DRIVRZ™ platform for financing and insuring electric vehicles (EVs). This partnership aims to create a white-labeled marketplace for purchasing, leasing, and insuring Atlis XT trucks, with a planned launch in 2022. PowerBand will leverage $2 billion in credit facilities to support EV transactions. The initiative supports Atlis's subscription model for EVs, enhancing consumer access to electric vehicle ownership.
- PowerBand's $2 billion credit facilities will facilitate EV transactions for Atlis.
- The partnership will enhance consumer access to Atlis's subscription EV model.
- DRIVRZ™ platform's quick lease approvals in eight seconds can streamline transactions.
- The timeline for launching the marketplace and subscription model is unclear.
- ATLIS plans to use DRIVRZ™ platform to finance and insure its EV subscription and ownership model for consumers
VANCOUVER, BC / ACCESSWIRE / May 19, 2021 / PowerBand Solutions Inc. (TSXV:PBX) (OTCQB:PWWBF) (FSE:1ZVA) ("PowerBand", "PBX" or the "Company") has reached a Memorandum of Understanding ("MOU") to use its DRIVRZ™ technology to supply leasing, purchasing, and other financial services to emerging electric truck manufacturer and subscription EV provider, Atlis Motor Vehicles Inc. ("ATLIS").
Both companies intend to work together to develop a bespoke, white-labelled marketplace for ATLIS, allowing buyers of Atlis XT trucks to purchase, lease, and insure their vehicles from any digital devices.
In addition to traditional ownership models, Arizona-based ATLIS is also building an all-inclusive subscription model for electric vehicle users. It plans to begin selling its XT electric pickup truck and subscriptions in the United States by 2022. It is currently taking advance reservations for the XT, which offers a 500-mile range battery that recharges in less than 15 minutes.
"Working with ATLIS, which is pioneering the subscription model for EV ownership, is another significant advance in PowerBand's mission to make DRIVRZ the leader in the evolving EV automotive retail sector" said PowerBand CEO Kelly Jennings.
"We are delighted that we have an opportunity to help ATLIS offer its customers a seamless way to acquire an electric vehicle, as well as insurance products, over the internet. We will tailor our DRIVRZ™ suite of technology solutions to ATLIS's marketplace needs."
Added Jon Lamb, CEO of DRIVRZ Financial: "Working with ATLIS is incredibly exciting. We believe that our continued focus on creating a stellar customer experience combined with our continuing focus on growing our presence in the electric vehicle sector will allow us to maintain our momentum we have built in the used vehicle market. Our recently announced
Under the agreement, PowerBand, and its finance division DRIVRZ Financial, will work with ATLIS to adapt the DRIVRZ™ platform on a white-label basis. Offering white-label services is part of PowerBand's strategy to widely introduce emerging and legacy automotive manufacturers, as well as consumers and automotive dealers, to its DRIVRZ™ platform, which can approve leases in as little as eight seconds.
"At ATLIS, we are focused on improving the entire ownership experience and that starts with making the purchase process seamless," said ATLIS Founder and CEO Mark Hanchett. "The online marketplace we will create with PowerBand will streamline the purchasing experience and allow customers to buy, lease, and insure an ATLIS truck at their convenience anywhere, anytime."
The MOU stipulates PowerBand is also responsible for "maintaining open lease lines and insurance products" for ATLIS and its customers.
PowerBand and its finance division, DRIVRZ Financial, recently announced an agreement with two U.S. financial institutions that will allow the company to access
ATLIS is a start-up mobility technology company developing an electric work truck, and the batteries and motors to drive it. To date, ATLIS has submitted 25 patent protection applications for battery cells, battery thermal management technology, charging technology, modular platform, and various vehicle systems.
For further information, please contact:
Kelly Jennings
Chief Executive Officer
info@powerbandsolutions.com
1-866-768-7653
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.
About Atlis Motor Vehicles
ATLIS is a mobility technology company developing products that will power work. The ATLIS innovators are building an electric vehicle technology platform for heavy and light duty work trucks used in the agriculture, service, utility, and construction industries. To meet the towing and payload capabilities of legacy diesel-powered vehicles, ATLIS is developing proprietary battery technology and a modular system architecture capable of scaling to meet the specific needs of the all-electric vehicle. More information is available on the ATLIS website at www.atlismotorvehicles.com.
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.
View source version on accesswire.com:
https://www.accesswire.com/648086/PowerBand-and-US-Electric-Truck-Maker-Atlis-Motor-Vehicles-Sign-MOU-to-Offer-Leasing-Purchasing-and-Insurance-Services
FAQ
What is the partnership between PowerBand Solutions and Atlis Motor Vehicles about?
What financial resources does PowerBand have to support Atlis?
When is Atlis expected to launch its subscription model for electric vehicles?
How will the DRIVRZ™ platform enhance the vehicle purchasing process?
What are the features of the Atlis XT electric truck?
