Mr. Kelly Jennings reports
POWERBAND SIGNS LETTER OF INTENT FOR NON-DILUTIVE FINANCING
Powerband Solutions Inc. has received a letter of intent from a leading Canadian financial institution to provide financing through a line of credit and term loan facility. The credit instruments would support a total financing commitment of $4-million and are anticipated to carry a blended cost of capital less than 10 per cent, with no equity dilution. The term loan is contemplated with a 12-month interest-only period and 36-month principal amortization period thereafter. Powerband will work expeditiously with the lender to satisfy confirmatory due diligence requirements.
Kelly Jennings, founder and chief executive officer of Powerband, commented: "After a long journey of evaluating financing alternatives, we have selected a lender that provides a flexible, non-dilutive solution to our shareholders. We are a step closer to securing a bridge to profitability and excited to work towards finalizing an agreement in the coming weeks."
About Powerband Solutions Inc.
Powerband Solutions, 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 phone, tablet or PC connected to the Internet. Powerband's transaction platform -- being trademarked under DRIVRZ -- is being made available across North American and global markets.
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