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 released is financial report for the period ended March 31, 2021. In the report, PowerBand noted revenues reaching $2,889,768 million, an increase in revenue of 102% in the first quarter of 2021 as compared to the fourth quarter of 2020. Adjusted EBITDA for the first quarter of 2021, and increase of 35% when as compared to the fourth quarter of 2020. The quarterly report also shows accelerated growth in revenues and the potential for what the company calls a “very robust year” ahead. The company noted it ended the quarter with cash on hand of $3,260,972 compared to $1,403,213 as of Dec. 31, 2020. Overall, PowerBand’s net current assets position improved from ($5,925,718) at the end of Q4 2020 to ($2,420,314) at the end of this period, ended March 31, 2021. PWWBF management also reported that it is continuing to raise capital from the exercise of warrants and stock options, and it has increased its investment in CB Auto Group to 4.5% through an additional contribution of $250,000, pursuant to the share purchase agreement. The company also pointed out that its debt has reduced. “The hard work of our team is paying off, and we are headed towards a successful year 2021,” said PowerBand Solutions CEO and founder Kelly Jennings in the press release. “The approval of the $2 billion lease lines gives us the financial edge to increase our market share of the DRIVRZ solution.”
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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 digital devices connected to the internet. 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.
NOTE TO INVESTORS: The latest news and updates relating to PWWBF are available in the company’s newsroom at http://ibn.fm/PWWBF
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