PowerBand Also Announces Filing Of Quarterly Financial Statements
VANCOUVER, BC / ACCESSWIRE / July 16, 2020 / PowerBand Solutions Inc. (TSXV:PBX) (OTCQB:PWWBF) (Frankfurt: 1ZVA) ("PowerBand", "PBX" or the "Company") is pleased to report that lease originations are successfully underway in the United States on its virtual platform that will transform how consumers buy vehicles.
MUSA Auto Finance, LLC ("MUSA"), PowerBand's U.S. leasing division, has begun generating revenue from lease originations that are initially focused on the Texas and Florida markets. MUSA, which now offers access to financing, allows consumers to be approved for leases in seconds.
"I'm happy to report that our virtual transaction system is working as planned and completing leases and financing in the United States," said PowerBand CEO Kelly Jennings. "PowerBand will be offering its leasing programs in California and across the United States in the very near future."
On July 13th, MUSA announced it had reached a USD $300-million financing agreement with a federally chartered U.S. depository financial institution. That enabled MUSA, which is 60 per cent owned by PowerBand, to begin offering leasing and financing to U.S. consumers.
PowerBand's virtual transaction platform, which includes MUSA, will enable consumers to buy, sell, lease and finance vehicles from a smart phone, or any digital device, from any location. PowerBand offers an important innovation for consumers and automotive dealers to rebound during the COVID-19 pandemic by allowing remote transactions. As well, PowerBand will make transactions faster, transparent and less costly by removing unnecessary middlemen and fees in the retail automotive experience.
PowerBand also reports that it has filed its condensed interim consolidated financial statements, MD&A and related CEO and CFO certificates for the three-month period ended March 31, 2020. These documents can be found under the Company's SEDAR profile at www.sedar.com.
Total Revenue for the three months ended March 31, 2020 increased to $615,432, up from $554,097 for the same period in 2019. The Net Loss for the period was $2,758,211, as compared to a Net Loss of $370,237 for the same period in 2019.
"The Company has made considerable and carefully targeted investments in our virtual transaction platform," said Jennings. "PowerBand is well positioned to achieve significant revenue growth in 2020, and in the years ahead."
Added Jennings: "I thank our strategic partners and investors for their support, and am proud that we are now offering people a way to acquire and sell a vehicle from any location, as easily as you can now buy a product from Amazon on your smart phone."
The Company also announces the issuance of 76,923 common shares from the exercise of warrants at a price of $0.15 for proceeds of $11,538.45. The Company currently has a total of 112,255,388 common shares issued and outstanding, and a total of 23,104,247 warrants and 12,416,000 options outstanding.
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 smart phones or any other online digital devices, from any location. PowerBand's transaction platform - being trademarked under DRIVRZ - is being made available across North American and global markets.
For further information, please contact:
Richard Goldman, VP Corporate Development
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.
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SOURCE: PowerBand Solutions Inc.