PowerBand Solutions (TSX.V: PBX) (OTCQB: PWWBF) (Frankfurt: 1ZVA) on Tuesday announced the filing of its audited annual consolidated financial statements, MD&A and related CEO and CFO certificates for its financial year-ended December 31, 2019. According to the update, PowerBand’s total revenue for 2019 increased seven-fold to $1,998,757, up from $281,997 in 2018. The net loss for 2019 was $8,050,113, as compared to a net loss of $6,575,320 in 2018. “The Company made considerable advancements of its comprehensive online platform for the purchase, sale, trade-in, and financing of new and used vehicles in 2019,” PowerBand CEO Kelly Jennings stated in the news release. “With the commercialization of the D2D Auto Auctions platform in the U.S., the continued development of the consumer Driveaway app, and the acquisition of a 60% interest in the industry-leading online lease platform MUSA Auto Finance, LLC, which should start to originate vehicle leases this month, PowerBand is well positioned to achieve significant revenue growth in 2020, and in the years ahead.”
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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 smart phones or any other online digital devices, from any location. PowerBand’s transaction platform – being trademarked under DRIVRZ – is being made available across North American and global markets. For more information, visit www.PowerBandSolutions.com.
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