PowerBand and TUV NORD Mobility Sign Letter of Intent to Integrate Business Platforms
Vancouver, British Columbia--(Newsfile Corp. - August 1, 2018) - PowerBand Solutions Inc. (TSXV: PBX) (OTCQB: PWWBF) (FSE: 1ZVA) ("PowerBand" or the "Company"), a leading online auction and used vehicle marketplace, and TÜV NORD Mobility Inc. ("TÜV NORD Mobility") are pleased to announce that they have signed a Letter of Intent to integrate their respective business platforms.
TÜV NORD Mobility Inc. is a subsidiary of TÜV NORD Group, a technical service provider with worldwide activities. Founded in 1869 and headquartered in Hanover, Germany, TÜV NORD Group employs more than 10,000 people in more than 70 countries of Europe, Asia, North and South America and Africa. TÜV NORD is a global authority in the Technical Inspection and Certification (TIC) industry. They perform technical vehicle inspections on millions of used vehicles across Europe every year. Their main activities include independent vehicle inspections for private consumers, dealerships and OEMs. Business inspection services include pre-and-post sale, lease-end, trade-ins, and floorplan audits.
Kelly Jennings, CEO of PowerBand stated: "We are extremely pleased to be working towards the integration of PowerBand's online auction marketplace with TÜV NORD Mobility's comprehensive used vehicle inspection system. In my 30 years in automotive industry I have worked with many vehicle inspection companies and TÜV NORD Mobility's inspection service is by far the most advanced and comprehensive system that I have seen. With TÜV NORD Mobility's certified used vehicle inspection report buyers of vehicles through PowerBand's auction platform will have complete knowledge of the current condition of a vehicle. Buyers will no longer be dependent on outdated and incomplete vehicle history reports. We believe the integration of our auction platform with TÜV NORD Mobility's vehicle inspection service will differentiate PowerBand Solutions in the industry."
Reiner Jaspers, TÜV NORD Mobility Inc.'s CEO, commented: "We are looking forward to working with PowerBand to help expand our inspection service offering across Canada and the United States. TÜV NORD is recognized as a global leader in vehicle inspections and we believe our relationship with PowerBand will further strengthen our reputation and brand in North America."
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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