TORONTO, Ontario (May 1, 2023) — PowerBand Solutions (TSXV: PBX) (OTCQB: PWWBF) (Frankfurt: 1ZVA) (“PowerBand” “PBX” or the “Company”), a comprehensive e-commerce solution transforming the online experience to lease and finance vehicles, is announcing that it has filed its Consolidated Financial Statements and Management’s Discussion and Analysis report for the years ended December 31, 2022, and 2021. These documents may be viewed under the Company’s profile at www.sedar.com.
Revenue for the fourth quarter of 2022 decreased to $2,054,728 in comparison to Q4/2021 revenue of $8,148,893. Adjusted EBITDA loss for the fourth quarter of 2022 increased by $681,020 or 38% as compared to the fourth quarter of 2021.
Revenue for the fiscal year 2022 was $12,761,228, as compared to fiscal year 2021 revenue of $23,936,988, a decrease of 47%. Adjusted EBITDA loss for fiscal year 2022 was $9,331,521, as compared to an adjusted EBITDA loss for fiscal year 2021 of $5,838,786, an increase of 60%.
Cash on hand at December 31, 2022 was $10,299,414 compared to $6,367,533 as at December 31, 2021.
On April 25, 2023, the Company issued a press release and provided shareholders with a corporate and operational update for Drivrz Financial, LLC, its new and used vehicle leasing platform. The Company continues to work with its funding partners to re-commence the origination of leases and will provide an update when available. The Company is also seeking to secure additional funding lines for Drivrz Financial, LLC.
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, and funders. PowerBand’s transaction platform – being trademarked under DRIVRZ™ – is being made available across the United States of America.
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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.
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”, “believes” 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, expected benefits and results from operations, expected return to shareholders as a result of allocating growth capital and resources to the DrivrzFinancial platform, expected results of cost-saving initiatives, the resolution of lease repurchases with the financial institution, the re-commencement of lease originations through the Forward Flow Purchase and Security Agreement and the ability of PowerBand to secure additional funding lines for DrivrzFinancial 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.