PowerBand Announces Recurring Revenue Contracts for DrivrzLane

Rhea-AI Summary

PowerBand Solutions is gaining traction with its DRIVRZ™ products ahead of the DrivrzLane launch in Q1 2022. The platform has secured agreements from 29 dealers across 105 rooftops, promising a more stable revenue stream through its SaaS solution. The integration of DrivrzLane with DrivrzFinancial is set to enhance cross-selling opportunities and generate significant growth. CEO Kelly Jennings expressed optimism about diversifying revenue streams and creating a comprehensive solution for dealers and consumers.

Positive

• DRIVRZ products gaining adoption ahead of DrivrzLane launch.
• Signed agreements with 29 dealers, covering 105 rooftops.
• Stable revenue stream anticipated from SaaS solution.
• Cross-selling opportunities expected to increase dealer engagement.
• Upcoming launch of a complete eCommerce solution for consumer transactions.

Negative

• None.

PowerBand Solutions' DRIVRZ™ products are gaining momentum, which is anticipated to continue into the official launch of DrivrzLane Q1 2022

TORONTO, ON / ACCESSWIRE / October 25, 2021 / PowerBand Solutions Inc. (TSXV:PBX) (OTCQB:PWWBF) (FRA:1ZVA) ("PowerBand", "PBX" or the "Company"), a comprehensive e-commerce solution transforming the online experience to sell, trade, lease, and finance vehicles is pleased to announce that the Company's DRIVRZ™ products are gaining adoption ahead of launching DrivrzLane in the first quarter of 2022.

The DRIVRZ™ Platform is demonstrating cross selling capabilities as the combination of DrivrzLane, and DrivrzFinancial provides a multi-step process to close more deals while retaining strong margins. DrivrzLane sales of its current product offering is building momentum, with signed agreements from 29 dealers, representing 105 rooftops. DrivrzLane provides PowerBand with a more stable revenue stream through a valuable SaaS solution that is anticipated to generate significant growth in 2022.

The team at DrivrzLane developed the first iPad selling platform, Intellacar, which revolutionized the in-dealership customer experience. The newest addition, IntellaCar Garage, bridges the online to in-store experience for consumers. The IntellaCar Garage allows a consumer to save and manage their selected vehicles, providing them with technology to find information about their selections including original brochures and virtual test drive videos, regardless of make or model year. The upcoming launch of a complete end-to-end eCommerce/Digital Retailing solution will complete the offering. This product will provide user friendly transparent payment options allowing consumers to shop and/or buy dealer vehicles with confidence from either home or in-store. The payment engine is a powerful tool that calculates accurate lease and loan payments using actual bank programs on every vehicle, both new and used, in real time. The combination of DrivrzLane, DrivrzXchange and DrivrzFinancial forms the DRIVRZ™ Platform, a multi-tiered, omnichannel solution connecting buyers and sellers in a vertically integrated, inclusive multichannel platform.

Kelly Jennings, founder, and CEO commented. "We are excited to diversify our revenue sources and see significant growth from DrivrzLane in 2022 to compliment the growth from DrivrzFinancial. Our dealer engagement is creating cross selling opportunities that will ultimately create a turnkey solution for dealers and consumers when DrivrzXchange comes online in the first quarter of 2022. We will provide a more comprehensive update on the DrivrzXchange business unit in coming weeks".

About PowerBand Solutions Inc.
PowerBand Solutions Inc., listed on the TSX Venture Exchange and the OTCQB markets, is a fintech provider disrupting the automotive industry. PowerBand's integrated, cloud-based transaction platform facilitates transactions amongst consumers, dealers, funders, and manufacturers (OEMs). It enables them to buy, sell, trade, finance, and lease new and used, electric and non-electric vehicles, on any phone, tablet or PC connected to the internet. PowerBand's transaction platform - being trademarked under DRIVRZ™ - is being made available across North American and global markets.

For further information, please contact:
Kelly Jennings
Chief Executive Officer
E: info@powerbandsolutions.com
P: 1-866-768-7653

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements relating to the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, we cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as at the date of this news release, and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.

SOURCE: PowerBand Solutions Inc.

View source version on accesswire.com:
https://www.accesswire.com/669370/PowerBand-Announces-Recurring-Revenue-Contracts-for-DrivrzLane

FAQ

What is the significance of PowerBand Solutions' DRIVRZ products?

PowerBand Solutions' DRIVRZ products are gaining significant adoption, which is crucial for the upcoming launch of DrivrzLane in Q1 2022, indicating strong market demand.

How many dealers are signed up for DrivrzLane?

PowerBand has signed agreements with 29 dealers, representing 105 rooftops, for its DrivrzLane platform.

What revenue model does DrivrzLane utilize?

DrivrzLane utilizes a SaaS (Software as a Service) model, which is expected to create a stable and recurring revenue stream for PowerBand Solutions.

What growth potential does PowerBand Solutions see for 2022?

PowerBand Solutions anticipates substantial growth in 2022, bolstered by the introduction of DrivrzLane and cross-selling opportunities with DrivrzFinancial.

What is the role of IntellaCar in DrivrzLane?

IntellaCar serves as the first iPad selling platform built by DrivrzLane to enhance the in-dealership customer experience, providing tools for vehicle selection and information management.