PowerBand Receives Conditional Approval of Fundamental Acquisition of MUSA Auto Finance - Engages LHA to provide Investor Relations Services
Vancouver, British Columbia -- (Accesswire – February 4, 2019) - PowerBand Solutions Inc. (TSXV: PBX) (OTCQB: PWWBF) (Frankfurt: 1ZVA) ("PowerBand", “PBX” or the "Company"), a leading online automotive auction, remarketing and sales platform in North America, is pleased to announce that it has received conditional approval from the TSX Venture Exchange ("TSXV") in respect of the Company’s proposed Fundamental Acquisition (previously announced on January 23, 2019) of MUSA Holdings, LLC, and its subsidiaries, including MUSA Auto Finance, LLC (“MUSA”), in a transaction valued at US$15 million.
Mike Moen, President/COO of PowerBand, commented, “We would like to thank the TSX Venture Exchange for their prompt and thorough review of the Fundamental Acquisition and for providing conditional approval of the transaction.”
PowerBand would also like to announce that it has retained the services of Lippert/Heilshorn & Associates, Inc. (“LHA”) to provide investor relations services to the Company. Services will include providing guidance on best practices for shareholder communication, drafting and reviewing of corporate disclosure and coordinating conferences and presentations with shareholders and the investment community. LHA will be compensated at a rate of US$15,000 per month for an initial four month period. The agreement is subject to the approval of the TSX Venture Exchange. Founded in 1984 with headquarters in New York and offices in Los Angeles and San Francisco, LHA is comprised of seasoned professionals working in teams who are committed to serving small-cap companies across multiple industry sectors. Market capitalizations of LHA’s clients range from under US$100 million to over US$10 billion.
About MUSA Auto Finance
MUSA Auto Finance is a technology innovator in the new and pre-owned vehicle leasing industry and originates its leases from franchised and select independent dealers. In addition, in 2018 MUSA was chosen by Tesla Motors to be a national finance partner. The company is licensed in 33 states and is planning to be doing business in 48 states within the next two years. MUSA maintains its corporate offices in Dallas, Texas.
About PowerBand Solutions Inc.
PowerBand Solutions Inc. is a technology provider listed on the TSX Venture Exchange that is developing solutions for automotive and other industries that drive efficiency and transparency in the marketplace. PowerBand has developed and commercialized a leading-edge online auction platform that increases revenues and profit margins for its automotive dealership, Original Equipment Manufacturer, commercial fleet and rental company customers. PowerBand's remarketing platform, the PowerBand Exchange, incorporates the industry's latest auction technologies, inventory management, market intelligence, and appraisal processes. For more information, visit www.powerbandsolutions.com.
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.
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