STOCK TITAN

AMERITRUST FNCL TECHS INC - PWWBF STOCK NEWS

Welcome to our dedicated page for AMERITRUST FNCL TECHS news (Ticker: PWWBF), a resource for investors and traders seeking the latest updates and insights on AMERITRUST FNCL TECHS stock.

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.

Rhea-AI Summary
PowerBand Solutions announces Q2 2023 financial results with decreased revenue and increased net loss
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-35%
Tags
-
Rhea-AI Summary
PowerBand Solutions has filed its Interim Consolidated Financial Statements and Management's Discussion and Analysis report for Q1 2023. Revenue for Q1 2023 decreased to $838,693 compared to $2,054,728 in Q4 2022 and $5,962,029 in Q1 2022. Adjusted EBITDA loss decreased by 6% in Q1 2023 compared to Q4 2022. Cash on hand as of March 31, 2023, was $11,602,780.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
-
Rhea-AI Summary
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
4%
Tags
News
Rhea-AI Summary

PowerBand Solutions (OTCQB:PWWBF) announced significant updates on its corporate strategy focused on the vehicle leasing platform, Drivrz Financial. After a business review, management is prioritizing resources towards Drivrz Financial, expecting high returns for shareholders. The company has faced challenges as its primary financial institution has withheld funding and identified lease contracts falling under repurchase criteria, leading to a total repurchase amount of CAD $4,785,665 in recent quarters. As of Q1 2023, the company self-funded five leases but is currently not originating new ones. To mitigate future risks, PowerBand is implementing operational changes and has filed lawsuits against problematic dealers. The management continues to seek resolutions with financial backers and aims to secure additional funding for Drivrz Financial.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-20%
Tags
none
-
Rhea-AI Summary

PowerBand Solutions (PWWBF) has announced significant cost restructuring to align with trends in the automotive lease management industry. The company is reallocating resources to its DrivrzFinancial platform, which it believes will yield the highest returns for shareholders. Cost-saving measures include a personnel reduction and the relocation of its head office from Burlington, Ontario to Addison, Texas, expected to save approximately CAD $3 million annually, adding to prior savings of CAD $8 million. CEO Darrin Swenson emphasized these changes are essential to leverage growth opportunities in vehicle leasing.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
6.38%
Tags
none
-
Rhea-AI Summary

PowerBand Solutions (PWWBF) announced the completion of a $23.8M private placement, raising $5.1M. Financial results for Q3 2022 reveal a significant revenue decline of 76% year-over-year and 50% from the previous quarter, attributed to lower lease origination counts. Despite this, gross margins improved to 57%, up from 44% last year. The company is reallocating resources to its Drivrz Financial platform, aiming for profitability amidst systemic supply chain challenges. Cash reserves increased to $18.2M as of September 30, 2022.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-10%
Tags
Rhea-AI Summary

PowerBand Solutions has unveiled a strategic focus on its vehicle leasing platform, DrivrzFinancial, which will receive all growth capital. The decision is based on expected high returns for shareholders. Operations for DrivrzLane have ceased, and DrivrzXchange is in maintenance mode. With 1,000 dealers onboard, DrivrzFinancial aims to capture significant market opportunities as only 1% of used vehicles are leased. The company plans to strengthen lending relationships amid tightening industry guidelines while maintaining a robust balance sheet with $18M cash on hand.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
3.13%
Tags
none
-
Rhea-AI Summary

PowerBand Solutions held its Annual General and Special Meeting on September 14, 2022, with all proposals by the Board approved by shareholders. Key outcomes included the election of six directors: J. Bryan Hunt Jr., Darrin Swenson, Joe Poulin, Geoffrey Belsher, Jerome Letter, and Vassilis Stachtos. MNP LLP was appointed as the auditor. Shareholders also approved the 2022 Incentive Stock Option Plan, reserving up to 59,443,717 shares, and the 2022 Restricted Share Unit Plan, reserving a maximum of 15,000,000 shares. J. Bryan Hunt Jr. was designated as a new Control Person of the Company.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
3.92%
Tags
none
-
Rhea-AI Summary

PowerBand Solutions (TSXV:PBX)(OTCQB:PWWBF) closed the first tranche of a $23.8M private placement, raising $18.6M. For Q2 2022, revenue decreased by 6% year-over-year and 32% from Q1 2022, with gross margins down to 43% due to competitive incentives. A net loss of $6.5M was recorded from an impairment charge. While management expects restructuring benefits in the future, the company has withdrawn guidance for 2022 in light of macroeconomic challenges in used car financing.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-13.21%
Tags
Rhea-AI Summary

PowerBand Solutions Inc. (OTCQB:PWWBF) announced the closing of its Second Tranche private placement financing, raising CAD $5,195,040.30 by issuing 17,316,801 units at CAD $0.30 per unit. Each unit comprises one common share and one warrant, exercisable at CAD $0.40 for 60 months. Proceeds will fund working capital, product development, marketing, and growth initiatives. The Acquirors, JPK Capital Holdings and Insurance Corporation of Barbados, now own 10.76% of the company’s shares undiluted, a notable increase following the financing.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
none

FAQ

What is the current stock price of AMERITRUST FNCL TECHS (PWWBF)?

The current stock price of AMERITRUST FNCL TECHS (PWWBF) is $0.1 as of December 20, 2024.

What is the market cap of AMERITRUST FNCL TECHS (PWWBF)?

The market cap of AMERITRUST FNCL TECHS (PWWBF) is approximately 53.4M.

What is PowerBand Solutions Inc. known for?

PowerBand Solutions Inc. is renowned for its fintech solutions that revolutionize the automotive industry.

What sets PowerBand apart from traditional automotive companies?

PowerBand's integrated, cloud-based transaction platform, DRIVRZ™, facilitates seamless transactions among consumers, dealers, and funders, offering a new and efficient approach.

What challenges has PowerBand faced recently?

PowerBand encountered a management cease trade order due to delays in filing financial statements, but the company is actively working to resolve these issues.

Where is PowerBand listed in the stock market?

PowerBand is listed on the TSX Venture Exchange, OTC Pink, and Frankfurt markets, providing investors with various trading options.

What is PowerBand's primary goal?

PowerBand aims to redefine automotive transactions in the United States through its innovative transaction platform and commitment to operational transparency.

How does PowerBand's DRIVRZ™ platform benefit customers?

The DRIVRZ™ platform simplifies and enhances automotive transactions, making the process smoother for consumers, dealers, and funders alike.

What initiatives is PowerBand taking to address its challenges?

PowerBand continues to prioritize transparency and operational improvement, focusing on resolving issues related to financial filings and regulatory compliance.

What market presence does PowerBand have?

With listings on multiple stock exchanges, including the TSX Venture Exchange, OTC Pink, and Frankfurt markets, PowerBand has a strong market presence.

How does PowerBand's platform impact the automotive industry?

PowerBand's platform disrupts traditional automotive practices by streamlining transactions and fostering greater efficiency and collaboration among key stakeholders.

What can investors expect from PowerBand Solutions Inc. in the future?

Investors can anticipate continued innovation, growth, and market expansion from PowerBand Solutions Inc. as the company navigates challenges and pursues its vision of transforming the automotive industry.

AMERITRUST FNCL TECHS INC

OTC:PWWBF

PWWBF Rankings

PWWBF Stock Data

53.39M
497.99M
25.39%
Software - Application
Technology
Link
United States of America
Burlington