PWWBF - InvestorNewsBreaks - PowerBand Solutions Inc. (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA) Reports FY2019 FY2020 Financial Results
PowerBand Solutions (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA), a comprehensive e-commerce solution transforming the online experience to sell, trade, lease and finance vehicles, has filed its annual reports for the periods ended Dec. 31, 2020, and 2019. A report highlight was Q4 2020 revenues of $1,426,635, which is an increase in revenue of 242%, or $1 million, over Q$ 2019 revenues of $416,943. The report also indicated an adjusted EBITDA for Q4 2020 increased by $733,088, or 18% over the fourth quarter of 2019. The company reported cash on hand as of Dec. 31, 2020, was $1,403,213 compared to $243,030 for the December before. In addition, other financial items worth noting are an estimated $5.3 million from a private placement and $1,873,640 as a result of the exercise of previously issued stock options and common share purchase warrants. The company used the proceeds towards repayments of debt. Furthermore, PowerBand increased its investments in CB Auto Group to 3.75% by making an additional contribution of $957,197. "The year 2020 was a transformational year for PowerBand,” said PowerBand Solutions founder and CEO Kelly Jennings. “We have incurred high costs in 2020 to complete the various initiatives for the launch of DRIVRZ. By the end of April 2021, we expect our top line revenues to exceed the total revenues for the year 2020."
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About PowerBand Solutions Inc.
PowerBand Solutions, 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 among consumers, dealers, funders and manufacturers (“OEMs”). The platform enables users to buy, sell, trade, finance, and lease new and used, electric- and non-electric vehicles, on smartphones or any other online digital devices, from any location. PowerBand’s transaction platform — being trademarked under DRIVRZ — will be available across North American and global markets. For more information, please visit www.PowerBandSolutions.com.
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