PowerBand and Zoom Blockchain Solutions Sign Letter of Intent to Form an Automotive Blockchain Alliance
Vancouver, British Columbia--(Newsfile Corp. - July 18, 2018) - PowerBand Solutions Inc. (TSXV: PBX) (OTCQB: PWWBF) (FSE: 1ZVA) ("PowerBand" or the "Company"), a leading online auto auction and remarketing platform to buy and sell used vehicles, has announced that it has signed a Letter of Intent with Zoom Blockchain Solutions, Inc. ("Zoom"), to establish a disruptive automotive-related blockchain and application technologies solution. The alliance will be named, "Zoom Automotive Solutions" and will include several leading automotive, technology and financial partners.
This new joint venture, Zoom Automotive Solutions, located in Rogers, Arkansas, will develop a blockchain powered mobile application to buy and sell cars. This B2B and B2C blockchain application will accelerate transaction and settlement times as well as remove friction from the industry and pave the way for a much improved and trusted consumer experience. The addressable market for this application in North America is estimated to be over $100 billion annually. (source: www.autoremarketing.com/wholesale/auto-auctions-100-billion-industry-2016).
Kelly Jennings, CEO of PowerBand, is excited about this application of blockchain for his company's online remarketing software. "Working with the team at Zoom and their blockchain expertise will deliver new technology for the auto industry allowing for the removal of the middleman and improving the experience to the customer and improving efficiency for the dealer network."
Duane Osborn, Chief Blockchain Officer of Zoom Blockchain Solutions, added, "Blockchain is a game changer and we are bringing the blockchain revolution to the automotive industry. One of our first initiatives is to transform the automotive industry by leveraging blockchain and working our way back through the automotive supply chain from the end customer to the dealer. We are excited to work with the team at PowerBand to pilot blockchain in the auto industry."
David Knight, President of Zoom Solutions, Inc. noted that, "Zoom has launched its business in Northwest Arkansas with the vision to be the leading boutique blockchain supplier to retail businesses and consumer packaged goods and automotive-related companies. We are bringing deep expertise in blockchain, payments, and secure cloud storage to develop an ecosystem in Northwest Arkansas that can solve complex problems through the application of blockchain technology. This new application will be a win for both the customer and the dealer network."
About Zoom Blockchain Solutions, Inc.
Zoom Blockchain Solutions is a business unit within Zoom Solutions and is located in Rogers, Arkansas. It is focused on developing innovative blockchain-based solutions to complex business problems for the retail, consumer packaged goods, and automotive sectors. Northwest Arkansas is rapidly developing as a center of excellence for blockchain and is supported by key blockchain initiatives by the Walton School of Business at the University of Arkansas.
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.
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Patrick Piette, Investor Relations
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