Welcome to our dedicated page for AmeriTrust Financial news (Ticker: PWWBF), a resource for investors and traders seeking the latest updates and insights on AmeriTrust Financial stock.
AmeriTrust Financial Technologies Inc. (PWWBF) delivers innovative automotive finance solutions through its cloud-based leasing platform and AI-driven risk management systems. This news hub provides investors and industry professionals with timely updates on corporate developments, financial performance, and technological advancements.
Access official press releases covering earnings reports, strategic partnerships, and innovations in vehicle lease origination. Stay informed about regulatory updates, market expansions, and AmeriTrust's proprietary technologies including machine learning applications for credit assessment and fraud prevention.
Key updates include progress in AI integration, automotive remarketing solutions, and developments within the AmeriTrust Serves division. Bookmark this page for direct access to primary source materials that impact investment decisions in the evolving fintech sector.
AmeriTrust Financial Technologies (PWWBF) has announced the appointment of Mozhgan Parsa, PhD, as Data Scientist to enhance its automotive finance platform with AI capabilities. Parsa will collaborate with CTO Xia Zhang and CIO Sean Severin to integrate AI functionality into the company's proprietary lease and loan finance technology.
The AI initiatives will focus on optimizing credit risk assessments, fraud detection, auto-decisioning, and customer behavior analytics. The technology will also provide advanced predictive analytics for pricing, underwriting, servicing, and customer retention strategies.
CEO Jeff Morgan revealed that the company is currently in discussions with multiple potential funding providers for lease originations on used and new vehicles, with several NDAs executed. Additionally, AmeriTrust has launched its rebranded website showcasing its leasing, loan solutions, servicing platform (AmeriTrust Serves), and remarketing platform (AmeriTrust Auto).
AmeriTrust Financial Technologies has released its Q3 2024 financial results. The company reported revenue of $514,144 for Q3 2024, showing a slight decrease from $542,166 in Q2 2024 and $555,398 in Q3 2023. Revenue primarily came from servicing the existing lease portfolio. The company's cash position stood at $1,679,738 as of September 30, 2024, down from $2,220,567 at the end of Q2. The company implemented cost management initiatives to maintain minimal operating expenses while preparing for planned growth.
AmeriTrust Financial Technologies announces the launch of AmeriTrust Serves, a new asset loan and lease servicing platform. The division provides lending partners with technology, loss mitigation, and customer care services. The platform leverages 45 years of auto finance industry data and incorporates proprietary technology and algorithms. Testing since April has shown lower delinquency rates, higher asset recovery, lower remarketing expenses, and improved customer satisfaction. The company also appointed Troy Hocker as Chief Revenue Officer, bringing over 20 years of automotive finance experience.
PowerBand Solutions Inc. (TSXV:PBX)(OTC PINK:PWWBF)(Frankfurt:1ZVA), a fintech platform specializing in used vehicle lease originations for the automotive industry, has announced its name change to AmeriTrust Financial Technologies Inc. The change, approved by shareholders on September 18, 2024, will take effect on October 23, 2024. On this date, the company will begin trading on the TSX Venture Exchange under the new ticker symbol 'AMT'.
CEO Jeff Morgan stated that this change marks a significant milestone, symbolizing a new chapter and aligning with their mission to deliver trusted, innovative financing solutions. The name change does not affect the company's capitalization or require any action from shareholders regarding their share certificates.
PowerBand Solutions Inc. (TSXV:PBX)(OTC Pink:PWWBF)(Frankfurt:1ZVA) has successfully completed a non-brokered private placement, issuing 217,690,000 common shares at CAD$0.05 per share, raising gross proceeds of CAD$10,884,500. The funds will be used for growth initiatives and general corporate purposes.
CEO Jeff Morgan expressed gratitude for the oversubscribed financing and investor commitment. The company, soon to be rebranded as AmeriTrust, plans to expand its lease servicing portfolio, implement a 'Lender Remarketing' division, and develop innovative hybrid finance alternatives.
The issued shares are subject to statutory hold periods. PowerBand has agreed to pay commissions to several financial institutions in connection with the private placement, as approved by the TSXV.
PowerBand Solutions Inc. (TSXV:PBX)(OTC PINK:PWWBF)(Frankfurt:1ZVA) held its Annual General and Special Meeting on September 18, 2024, with shareholders approving all proposed items. Key outcomes include:
1. Setting the number of Directors at five
2. Electing Jeff A. Morgan, J. Bryan Hunt Jr., Shibu Abraham, Steven Lee, and Kris Gaerlan as Directors
3. Appointing HDCPA Professional as auditor
4. Approving the 2024 Incentive Stock Option Plan, reserving 89,933,091 common shares
5. Approving the 2024 Restricted Share Unit Plan, reserving 30,000,000 common shares
6. Approving a name change from 'Powerband Solutions Inc.' to 'Ameritrust Financial Technologies Inc.'
PowerBand Solutions Inc. (TSXV:PBX)(OTC PINK:PWWBF) has announced two significant developments: the appointment of John Wimsatt as a Strategic Advisor to the Board and a CAD $10 million private placement of common shares. Wimsatt, former Chief Investment Officer at ECN Capital Corp., brings over 20 years of experience in financial services and will focus on securing lease origination funding facilities. The private placement will offer up to 200,000,000 common shares at $0.05 per share, with participation from Wimsatt, insiders, management, and existing shareholders. Proceeds will fund growth initiatives and support the restart of lease originations. CEO Jeff Morgan expressed optimism about the company's improved position to secure funding and expand its platform across the U.S. automotive industry.
PowerBand Solutions (TSXV:PBX)(OTC PINK:PWWBF) has released its Q2 2024 financial results. Revenue decreased to $542,166 from Q1 2024's $627,332 but increased compared to Q2 2023's $497,549. The revenue primarily came from servicing the existing lease portfolio. Adjusted EBITDA loss decreased relative to the revenue decline. Operating expenses remained consistent due to cost management initiatives. Cash on hand as of June 30, 2024, was $2,220,567, up from $1,934,209 on March 31, 2024. The cash balance includes collections from lease holders. PowerBand has scheduled its Annual General and Special Meeting for September 18th, 2024, at 11:00am EDT.
PowerBand Solutions Inc. (TSXV:PBX)(OTC PINK:PWWBF) has signed two Letters of Intent (LOIs) to become a National Lease Partner. The first LOI is with a used vehicle company operating in 10 states with over 20 locations, 4,500 vehicles in inventory, and a USD $100 million flooring capacity. The second LOI is with a conversion van company serving disabled Veterans and citizens in 31 states across 90+ locations. Upon finalizing agreements, PowerBand will provide lender services for indirect financing using its proprietary lease calculation technology. CEO Jeff Morgan expressed excitement about the growth potential of these partnerships, with final agreements expected in the coming months.
PowerBand Solutions Inc. (TSXV:PBX)(OTC Pink:PWWBF) provides a corporate update following the return of Jeff A. Morgan as CEO. Key developments include:
1. Completion of an oversubscribed private placement financing for CAD $2.2 million, with significant investment from the new CEO.
2. Resolution of legacy corporate and legal matters ahead of schedule.
3. Agreement with a credit union for a new Remarketing Strategy to maximize returns from off-lease vehicles.
4. Plans to extend the Remarketing Strategy to other financial partners.
5. Focus on future initiatives to generate additional revenue and innovate the business model.
