Consistent Month over Month Growth
VANCOUVER, BC / ACCESSWIRE / January 26, 2021 / PowerBand Solutions Inc. (TSXV:PBX) (OTCQB:PWWBF) (Frankfurt:1ZVA) ("PowerBand", "PBX" or the "Company"), a disruptive fintech platform solution, transforming the online experience to sell, trade, lease, or finance vehicles, is pleased to announce that the Company's December financial results has demonstrated record performance and strong momentum entering 2021.
Kelly Jennings, CEO of PowerBand, commented, "We are pleased with our consistent month-over month growth this past year. Powerband's fourth quarter net revenues increased 138% over the third quarter of 2020. December YTD closed out at $23.8mm, which was $6.1mm stronger than November's $17.7mm YTD. This means that the total YTD loss is $11,584,000, which includes $1,987,000 in stock option compensation. This results in an operational loss of $9,597,000 for the year, a quarterly operation loss of $2,574,000, and a deficit of $338,000 for the month. We are heading in the right direction. It has been the hard work and dedication of our North American team that has been the difference maker in 2020. We are looking forward to a prosperous 2021."
"Ending the year with record growth gives us great momentum entering first quarter 2021. We are looking forward to 2021 and delivering excellent results for our shareholders. Our plan remains to launch in Canada in Q2, and Australia in Q3. Despite the challenging COVID economic environment, our operating results and growth demonstrate the effectiveness of offering consumers a platform which they feel comfortable and confident with to meet their automotive needs."
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.
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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" 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.
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.
SOURCE: PowerBand Solutions Inc.
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