PowerBand’s New CEO Provides Corporate Update

PowerBand Solutions Inc. has announced updates under the leadership of new CEO, Jeff A. Morgan. Morgan, who previously founded MUSA Auto Finance, rejoined PowerBand three months ago. His primary goal has been to re-establish PowerBand as a leader in the U.S. used vehicle leasing industry.

Last month, the company raised CAD $2.2 million through an oversubscribed private placement financing. Notably, Morgan himself made a significant investment in this round. Morgan focused on resolving several legacy corporate and legal issues, completing this ahead of the projected 4 to 6-month schedule.

PowerBand has also agreed to a new Remarketing Strategy with its primary funding partner, a credit union. This strategy aims to maximize returns from vehicles coming off lease, potentially expanding to other financial partners. The company now plans to pursue new initiatives to further innovate and increase revenue.