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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 (PWWBF) reported Q4 2020 revenues of $1,426,635, a 242% increase compared to Q4 2019. Adjusted EBITDA rose by $733,088, or 18%. For the fiscal year 2020, revenues grew by 51% to $3,043,442, but the net loss expanded to $12,842,613 from $8,050,113 in 2019. Cash on hand improved significantly to $1,403,213. Subsequent to year-end, PowerBand secured $7,173,640 from financing activities, which were primarily allocated to debt repayments.
PowerBand Solutions (OTCQB:PWWBF) is expanding its Drivrz Financial platform to include loan originations from various dealer and customer platforms, enhancing its fintech offerings in the automotive industry. This initiative follows the utilization of a USD $300 million credit facility for lease originations since July 2020. CEO Kelly Jennings emphasized that this credit facility is distinct from a separate line of credit being pursued for electric vehicle leasing. The company's platform facilitates online transactions for buying, selling, financing, and leasing vehicles.
PowerBand Solutions announced an expansion of its finance arm, Drivrz Financial, to include loan originations for dealer customers, Intellacar customers, and DrivrzXchange users. This strategic move aims to enhance the DRIVRZ platform's position in the automotive retail sector, particularly for electric and combustion vehicles. CEO Jon Lamb emphasized providing rapid loan approvals akin to their current 8-second lease approvals. The initiative is part of PowerBand's broader strategy to streamline vehicle ownership processes and improve customer experiences across multiple platforms.
PowerBand Solutions Inc. (OTCQB: PWWBF) invites investors to a virtual Town Hall meeting on April 27, 2021, at 11:00 AM EST. Key executives, including CEO Kelly Jennings, will address pre-submitted and live questions regarding the company’s financial progress and operations. The discussion aims to clarify the details surrounding PowerBand's recent news release, which highlighted gross revenue of CAD $1.1 million for March 2021. Investors can submit questions until April 25, 2021, at 11:59 PM EST to questions@powerbandsolutions.com.
PowerBand Solutions is advancing its electric vehicle (EV) leasing strategy in North America through a partnership with Allianz. This collaboration aims to leverage financial support for accessing warehouse leasing facilities while promoting the DRIVRZ™ platform as a leading virtual marketplace for EV insurance and leasing. CEO Kelly Jennings highlighted the expected growth of global EV sales, citing significant opportunities in insurance and vehicle trading. The DRIVRZ™ platform intends to provide fast lease approvals, enhancing accessibility for consumers and dealers.
PowerBand Solutions Inc. reports a record gross sales of CDN $11.5 million in March 2021, marking a 44% increase from the previous month. Year-to-date gross sales reached CDN $26.3 million, surpassing 2020's total by CDN $4.6 million. The gross margin remains strong at 60-65%. The company plans to continue reporting monthly gross sales as a key performance indicator for investors. PowerBand's DRIVRZ™ platform is expected to grow, with plans to expand its consumer-to-consumer auction portal and engage a wider audience through marketing efforts.
PowerBand Solutions Inc. clarifies its leasing revenue model amid the expansion of its DRIVRZ™ platform for financing vehicles. The company reports that leasing sales are recognized as gross revenues upon contract transfer to financial lenders, who assume all liabilities. PowerBand has secured lending agreements worth $600 million, emphasizing its reduced credit risk. CEO Kelly Jennings asserts that the company does not retain leases or assume credit risks, allowing for immediate revenue recognition.
PowerBand Solutions has rebranded its leasing and financing division, formerly known as MUSA Holdings, to DRIVRZ™ Financial. This division, which PowerBand acquired a 60% stake in July 2019, will now enhance the DRIVRZ™ marketplace, allowing users to lease, buy, sell, and insure vehicles digitally. The platform features advanced leasing options and fast approval times, with credit applications processed in approximately eight seconds. This strategic shift aims to provide clarity and a seamless experience for consumers and automotive dealers alike.
MUSA Auto Finance has appointed Jon Lamb as the new CEO, while retaining his role as President of DRIVRZ™ US, a platform for automotive transactions. Lamb has a strong background as an entrepreneur and executive in the automotive sector, coupled with military experience in the U.S. Navy. Craig Vaughn has also joined as President, bringing extensive experience from his tenure in various automotive roles. Both appointments aim to enhance MUSA's leadership and operational excellence, supporting its mission as a fintech innovator in auto finance.
PowerBand Solutions Inc. (OTCQB:PWWBF) reported record gross sales of CDN $11.5 million in March 2021, marking a 44% increase from the previous month. Year-to-date sales reached CDN $26.3 million, exceeding 2020's total of CDN $21.7 million by 21%. The company's gross margin remained steady at 60-65%. PowerBand's virtual marketplace, DRIVRZ™, is gaining traction among automotive dealers and consumers, with a national promotion campaign launching on MotorTrend.com. The DRIVRZ™ auction component, DrivrzXchange, is set for expansion, aiming to further enhance growth.
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