PowerBand’s Month-Over-Month Growth Continues into January 2021

Rhea-AI Summary

PowerBand Solutions Inc. (OTCQB:PWWBF) announced strong financial growth for January 2021, with gross sales reaching $6.7 million CAD, up from $6.1 million in December 2020. This $600,000 increase reflects a consistent gross margin between 60% to 65%. The CEO highlighted the growing trend of consumers preferring online vehicle transactions, affirming that the company's DRIVRZ™ platform is capturing more market share. With the recent private placement completed, PowerBand plans to accelerate its expansion across North America.

Positive

• January 2021 gross sales reached $6.7 million CAD, a $600,000 increase from December 2020.
• Gross margin remained stable between 60% and 65%.
• Recent private placement will enable acceleration of expansion plans in North America.

Negative

• None.

The DRIVRZ™ message is resonating and capturing more market share each month.

VANCOUVER, BC / ACCESSWIRE / February 11, 2021 / PowerBand Solutions Inc. (TSXV:PBX) (OTCQB:PWWBF) (Frankfurt: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 January 2021 financial results have demonstrated the continuation of strong month-over-month growth heading into 2021.

Kelly Jennings, CEO of PowerBand, commented, "Recent consumer research has shown that a growing number of consumers begin their shopping for automobiles online, and nearly half of them prefer to do it alone without any help from friends, family, or dealership salespeople. Our continued month-over-month growth indicates that our DRIVRZ™ platform messaging is resonating with this type of consumer, as we capture more market share each month. The seamless simplicity of our platform process is providing more online consumers the justification they need to stay connected with DRIVRZ™ to complete their entire transaction online with us."

The Company continues to experience month-over-month growth. January's gross sales totalled $6.7mm (CAN). This exceeds the $6.1mm in December 2020, an increase of $600k (CAN). The gross margin for the period remained consistent in the range of 60% to 65%. This is a strong beginning for 2021 and with the recent private placement closed Powerband can now accelerate its' expansion plans for North America.

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, table 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@powerbandexchange.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.

Non-IFRS Measures:

This news release contains non-IFRS financial measures; the Company believes that these measures provide investors with useful supplemental information about the financial performance of its business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating its business. Although management believes these financial measures are important in evaluating the Company's performance, they are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS. These non-IFRS financial measures do not have any standardized meaning and may not be comparable with similar measures used by other companies. For certain non-IFRS financial measures, there are no directly comparable amounts under IFRS. These non-IFRS financial measures should not be viewed as alternatives to measures of financial performance determined in accordance with IFRS. Moreover, presentation of certain of these measures is provided for year-over-year comparison purposes, and investors should be cautioned that the effect of the adjustments thereto provided herein have an actual effect on the Company's operating results.

SOURCE: PowerBand Solutions Inc.

View source version on accesswire.com:
https://www.accesswire.com/629297/PowerBands-Month-Over-Month-Growth-Continues-into-January-2021

FAQ

What were PowerBand Solutions' January 2021 gross sales figures?

PowerBand Solutions reported gross sales of $6.7 million CAD for January 2021.

How did January 2021 sales compare to December 2020 for PowerBand Solutions?

January 2021 sales increased by $600,000 from December 2020, which had $6.1 million CAD in gross sales.

What is the gross margin for PowerBand Solutions in January 2021?

The gross margin for January 2021 remained stable between 60% and 65%.

What is the significance of the recent private placement for PowerBand Solutions?

The recent private placement will allow PowerBand Solutions to accelerate its expansion plans across North America.

What platform is PowerBand Solutions using to capture market share?

PowerBand Solutions is using its DRIVRZ™ platform to capture more market share in online vehicle transactions.