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Vancouver, British Columbia – (Accesswire – November 26, 2018) - PowerBand Solutions Inc. (TSXV: PBX) (OTCQB: PWWBF) (Frankfurt: 1ZVA)  (“PowerBand” or the “Company”), a leading online auction and remarketing platform to buy and sell used vehicles, is pleased to announce that it is launching a dealer wholesale inventory auction network with Carpages.ca, a division of Autopath Technologies Inc.

Carpages.ca provides an online listing of vehicles that can be bought and sold by consumers and dealers. Presently, Carpages.ca has over 800 dealers on its platform across Canada that list more than 80,000 used vehicles on its consumer-facing retail platform. With the launch of PowerBand’s dealer wholesale inventory auction network, Carpages.ca’s dealers will now be able to launch their inventory directly from Carpages.ca to LiveNet, PowerBand’s instant, online auction platform. Dealers will also be able to post their inventory vehicles on PowerBand’s MarketPlace auction site. Dealers will remain in control of the vehicle status and pricing, while benefitting from remarketing their vehicles on both retail and wholesale platforms simultaneously, 24 hours a day, 7 days a week.

Mike Moen, PowerBand’s President and COO, commented: “The used vehicle market is growing at 7% per year, much faster than the new vehicle market, resulting in tight supply and difficulties for both consumers and dealers to source good quality used vehicles. By integrating our platforms Carpages.ca dealers will now be able to seamlessly upload their current and future used vehicle inventory into a national private dealer network comprised of hundreds of franchised and used vehicle dealerships and certified wholesale buyers. This will allow sellers to get the maximum price for their inventory, and buyers the opportunity to source supply in a very tight market.”

Ben Mirecki, President of Carpages.ca, stated: “We see PowerBand as a great integration partner that will enable dealers already using the Carpages.ca platform to have a way to buy and sell vehicles in a wholesale context without the high cost and hassle traditionally associated with vehicle remarketing.”

PowerBand and Carpages.ca will both be actively promoting the benefits of the new dealer wholesale inventory auction network to Carpages.ca’s 800 customers in the next few months with the expectation that auction transactions and revenues will increase significantly in 2019 and beyond.

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 further information, please contact:

Richard Goldman, VP Corporate Development
1-866-768-7653
rgoldman@powerbandsolutions.com

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.

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.


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