TORONTO, ON/ACCESSWIRE/June 29, 2022/ PowerBand Solutions (TSXV: PBX) (OTCQB: PWWBF) (FRA: 1ZVA) (“power band” “PABX“or the”Company“), a complete e-commerce solution transforming the online experience for selling, trading, leasing and financing vehicles, announces that the Company has already made significant progress in streamlining its cost structure, improving sustainability at term of its business model PowerBand reduced recurring costs by C$2 million per quarter ($8 million annualized), representing $1.2 million per quarter of reduced expenses and $0.8 million per quarter capital cost avoidance The company has suspended spending for DrivrzLane while it conducts a comprehensive review of the business unit PowerBand will incur costs of approximately $0.5 million for severance and other one-time costs with Q2/22 financial results. The reduction in cost structure will be partially offset by the expansion of the sales team at DrivrzFinancial in the se end of semester 2022.

PowerBand also announces that it is working quickly to integrate with CDK Global’s DMS, which is an all-in-one desktop tool for enterprise dealerships. DrivrzFinancial has signed with some of the largest dealer groups in the United States, but has been restricted from generating creatives until the systems are fully integrated. This will be a crucial step in systematically stimulating arrangements with large, sophisticated organizations. The expected onboarding period should be 45-90 days.

Finally, PowerBand announces that it is now authorized to lend directly to consumers in Texas, California and Florida. This will provide an origination growth funnel as the company builds its presence in its core markets. The Company will provide further updates on its overall growth strategy by the end of Q3/22.

About PowerBand Solutions, Inc.
PowerBand Solutions Inc., listed on the TSX Venture Exchange and OTCQB markets, is a financial technology provider disrupting the automotive industry. PowerBand’s integrated cloud-based transaction platform facilitates transactions between consumers, resellers, backers and manufacturers (OEMs). It allows them to buy, sell, trade, finance and lease new and used vehicles, electric and non-electric, on any internet-connected phone, tablet or PC. PowerBand’s trading platform – being a registered trademark under DRIVERZ™ – is available in the North American and global markets.

For more information, please contact:
Darrin Swenson
Chief executive officer
Email: [email protected]
T.: 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 press release.

This press release contains forward-looking statements relating to the Company and other statements that are not historical facts. Forward-looking statements are often identified by words such as “will”, “may”, “should”, “anticipate”, “expect” and similar expressions. All statements, other than statements of historical fact, included in this release, including, without limitation, statements regarding the Company’s future plans and objectives, the closing of the second tranche of financing, the use of Proceeds from the financing and matters relating to shareholder approval, 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.

Readers are cautioned that the assumptions used in preparing any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those anticipated due to numerous known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control. Accordingly, we cannot guarantee that any forward-looking statements will materialize, and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management when prepared, may prove to be incorrect and actual results may differ materially from those anticipated.

The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to publicly update or revise any of the forward-looking statements included, whether as a result new information, future events or otherwise, except as expressly required by Canadian securities law.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “United States Securities Act”) or any state securities law and may not be offered or sold in the United States unless registered under United States law. Securities Act and applicable state securities laws, unless an exemption from such registration is available.

THE SOURCE: PowerBand Solutions Inc.

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