Royal Administration Services, Inc., National Provider of Vehicle Service Contracts & Insurance Related Products, Enters Into PowerBand Referral Agreement
PowerBand Solutions Inc. (TSXV:PBX)(OTCQB:PWWBF)(Frankfurt:1ZVA) (“PowerBand”, “PBX” or the “Company”) is pleased to announce that Royal Administration Services, Inc. (“Royal Admin”), a provider of automotive insurance products across the United States, will be recommending dealers use the PowerBand virtual transaction platform for drivers and dealers.
Royal Admin entered the agreement with PowerBand’s strategic partner and investor, Texas-based D&P Holdings, Inc. (“D&P”). Under the agreement Royal Admin will direct dealerships to the PowerBand digital transaction platform, which allows drivers and dealers to buy, sell, lease and trade vehicles from a smart phone and other digital devices, as easily as buying a product on Amazon.
Founded more than 30 years ago, Royal Admin is licensed in all 50 states and has access to more than 80,000 vehicle service centers across the United States. Royal Admin will receive a fee for each referral.
“This is a further extension of our ability to offer insurance and warranty products to drivers and dealers on the PowerBand digital transaction platform,” said PowerBand CEO Kelly Jennings. “We now have a network of partners in the automotive insurance sector who will be referring PowerBand to thousands of dealers, who can reach millions of consumers.”
Previously, PowerBand announced that the Comprehensive Auto Resources Company, Inc. (“CARco”), one of the United States’ leading administrators of automobile protection products, will be promoting PowerBand’s virtual transaction platform to auto dealers across the United States.
CARco, which works with six national insurance companies and more than 1,000 agents, is also working with D&P Holdings, Inc. (“D&P”). D&P is one of the United States’ largest administrators of automotive warranty and insurance products, directly working with more than 850 dealerships in all 50 states. It has partnered with the Company, allowing drivers to now have access to Royal Admin, CARco and D&P vehicle protection and insurance products when they buy, lease, sell or trade vehicles on PowerBand.
“PowerBand is an entirely new way for drivers to acquire or sell a car and we wanted to be part of this industry breakthrough,” said Dominic Sansone, EVP Royal Admin. “We are confident that dealers will be motivated to offer our products to their customers across America using PowerBand.”
PowerBand’s U.S. leasing operation, operated by MUSA Holdings, LLC (“MUSA”), which PowerBand acquired a 60 per cent share of in July 2019, began lease originations this month in Texas and Florida, with a California launch planned imminently. More U.S. states will follow in 2020.
Founded in 2016, MUSA’s innovative transaction platform provides dealers and consumers with the most advanced leasing options in the industry. MUSA takes applications, calculates leases, auto-decisions applications, provides approvals back to dealer partners and prefills lease contracts accurately. Approvals can occur in seconds. As a result of its proprietary technology, MUSA was awarded a contract by Tesla Motors to become a national leasing partner in 2018.
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.
For further information, please contact:
Richard Goldman, VP Corporate Development
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.
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.
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.