PowerBand Solutions’ DRIVRZ™ products are reporting steady growth into the second quarter
VANCOUVER, BC / May 6, 2021 / PowerBand Solutions Inc. (TSXV:PBX) (OTCQB:PWWBF) (FSE: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 the Company’s April 2021 financial results demonstrate the continuation of strong month-over-month growth heading into the second quarter of 2021.
April’s gross sales activity totalled CDN $13.5 million, an increase of CDN $2.0 million compared to March of CDN $11.5 million, or 17 per cent. The total, year-to-date 2021 gross sales activity on the DRIVRZ™ platform is now CDN $39.8 million. (Non-IFRS measures). PowerBand’s gross sales are the total dollar value of transactions from the various components of the DRIVRZ™ platform and gross sales are not, however, the revenues to the Company, as defined under International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP).
The gross revenue for the same period increased by 11% from CDN $1.1 million in March to CDN $1.3 million in April 2021. The cumulative year-to-date gross revenue of CDN $4 million has now exceeded total gross revenue for 2020 by CDN $1 million. The gross margin for the month of April was 54%.
Kelly Jennings, CEO stated “We continue to be excited to demonstrate to our shareholders, and potential investors, the potential of our solutions. Our new credit facilities, including those recently announced, coupled with our expanded sales force has enabled us to be able to continue to accelerate the adoption of our DRIVRZ™ solutions. I wish to congratulate our team that continues to meet or exceed our already aggressive growth targets.”
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, tablet 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: [email protected]
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.
