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PowerBand Solutions Inc. (PWWBF) is a fintech provider revolutionizing the automotive industry through its integrated, cloud-based transaction platform, DRIVRZ™. This platform streamlines transactions among consumers, dealers, and funders, disrupting traditional methods. Despite facing challenges like a management cease trade order due to delayed financial filings, the company remains committed to transparency and operational improvement. With listings on the TSX Venture Exchange, OTC Pink, and Frankfurt markets, PowerBand is dedicated to redefining automotive transactions in the United States.
PowerBand Solutions (OTC Pink: PWWBF) has released its Q1 2024 financial results, covering the period ending March 31, 2024. Revenue decreased to $627,332, down from $975,711 in Q4 2023 and $838,693 in Q1 2023. The drop in revenue is attributed to servicing the existing lease portfolio. Adjusted EBITDA loss remained consistent with Q4 2023 due to the company's cost management initiatives. Cash on hand at the end of Q1 2024 was $1,934,209, slightly lower than the $1,937,182 reported at the end of Q4 2023. These documents can be viewed on www.sedarplus.ca. The company plans to provide a shareholder update soon.
PowerBand Solutions, a company specializing in vehicle trading and financing technology, has closed the second tranche of its non-brokered private placement, issuing 77,133,330 common shares at CAD$0.015 per share. This has raised gross proceeds of CAD$1,157,000. Combined with the first tranche completed on April 26, 2024, the total proceeds amount to CAD$2,197,000. These funds will be allocated towards growth initiatives, general corporate purposes, working capital, and lease origination. All issued securities are subject to statutory hold periods.
On June 17, 2024, PowerBand Solutions Inc. (TSXV:PBX, OTC Pink:PWWBF, Frankfurt:1ZVA) announced its annual financial results for the years ending December 31, 2023, and 2022. The company's revenue for Q4 2023 declined significantly to $975,711, compared to $2,054,728 in Q4 2022, primarily driven by servicing lease contracts. Cash on hand as of December 31, 2023, was $1,937,182, a sharp drop from $10,299,414 the previous year. PowerBand emphasized its ongoing disciplined approach to cost management and mentioned that a corporate update would be provided soon. The full financial statements and analysis are available on www.sedarplus.ca.
PowerBand Solutions provides a bi-weekly status update under NP 12-203 due to a delay in filing its audited consolidated financial statements for the year ended December 31, 2023. The Management Cease Trade Order (MCTO), granted by the Ontario Securities Commission on April 30, 2024, restricts the CEO and CFO from trading in the company's securities. However, it does not affect other shareholders. The company is working with auditors to complete the filings by June 17, 2024. No new material changes have occurred since the initial announcement.
PowerBand Solutions is updating stakeholders on its Management Cease Trade Order (MCTO) status as per National Policy 12-203. The MCTO, granted on April 30, 2024, restricts trading by the CEO and CFO due to delayed filings of audited financials, management's discussion, analysis, and certifications for the year ended December 31, 2023. These are expected by June 15, 2024. The company confirms no material changes or new defaults since the initial April 16, 2024 announcement and commits to bi-weekly updates until compliance is met.
PowerBand Solutions has provided a bi-weekly update on its Management Cease Trade Orders (MCTO) status. The MCTO, granted on April 30, 2024, by the Ontario Securities Commission, restricts the trading activities of the CEO and CFO but not other shareholders. The delay in filing audited financial statements, management's discussion and analysis, and management certifications for 2023 prompted the MCTO application. PowerBand aims to complete these filings by June 15, 2024. The company reassures that no other material changes or defaults have occurred since the initial default announcement on April 16, 2024. Regular updates will continue every two weeks until the filings are completed.
PowerBand Solutions (TSXV:PBX, OTC Pink:PWWBF, Frankfurt:1ZVA) has announced changes in its Board and senior management team.
Kris Gaerlan, a respected automotive industry leader and President of Dallas Lease Returns, joins the Board of Directors. His innovative dealership experience has earned multiple DealerRater awards.
Darrin Swenson has resigned from the board, while Bryan Hunt steps down as Chairman, remaining a director. CEO Jeff Morgan is appointed as the new Chairman.
Senior management changes include Xia Zhang as Chief Technology Officer, Blake Kirk as Chief Operating Officer, and Sean Severin as Chief Information Officer.
These moves aim to enhance PowerBand's leadership, aligning with strategic goals for growth and innovation in the e-commerce vehicle leasing and financing sector.
PowerBand Solutions Inc. announces that the Ontario Securities Commission has granted the Company a management cease trade order (MCTO) due to a delay in filing financial statements. The MCTO restricts management from trading in securities until filings are complete. The Company aims to file by June 15, 2024, and remains in compliance with alternative information guidelines.
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