Welcome to our dedicated page for AmeriTrust Financial news (Ticker: PWWBF), a resource for investors and traders seeking the latest updates and insights on AmeriTrust Financial stock.
News related to PWWBF focuses on AmeriTrust Financial Technologies Inc. (formerly PowerBand Solutions Inc.), a fintech platform targeting automotive finance and used vehicle lease originations. Company announcements highlight developments in its integrated, cloud-based transaction platform, which is described as facilitating transactions among consumers, dealers, and funders across the United States.
Readers following AmeriTrust news can expect updates on its automotive leasing and servicing activities, including revenue derived from servicing existing lease portfolios and initiatives to manage operating expenses for planned growth. The company has reported capital raises through non-brokered private placements, with proceeds intended for growth initiatives and general corporate and working capital purposes, and has described efforts to secure additional lease origination funding facilities.
News releases also cover the launch and evolution of specific business divisions. AmeriTrust Serves is presented as an asset loan and lease servicing platform for national lending partners, while AmeriTrust Auto is identified as the vehicle remarketing division. Company communications describe these as forming an in-house, technology-focused servicing and remarketing platform, with reported feedback from a lending partner on delinquency, recovery, and remarketing outcomes.
Another recurring theme in AmeriTrust’s news is its adoption of artificial intelligence and data-driven approaches. The company has announced the hiring of a data scientist and the formation of an AI team to integrate AI functionality into its lease and loan finance technology, focusing on credit risk, fraud detection, auto-decisioning, and customer behavior analytics. In addition, corporate governance and capital markets updates appear in news items, including shareholder meeting results, name change approvals, ticker symbol changes on the TSX Venture Exchange, and strategic advisory appointments related to funding facilities.
Investors and observers can use the PWWBF news feed to review these corporate, technology, and financing developments as disclosed by the company in its official announcements.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
PowerBand Solutions (OTCQB:PWWBF) announced significant updates on its corporate strategy focused on the vehicle leasing platform, Drivrz Financial. After a business review, management is prioritizing resources towards Drivrz Financial, expecting high returns for shareholders. The company has faced challenges as its primary financial institution has withheld funding and identified lease contracts falling under repurchase criteria, leading to a total repurchase amount of CAD $4,785,665 in recent quarters. As of Q1 2023, the company self-funded five leases but is currently not originating new ones. To mitigate future risks, PowerBand is implementing operational changes and has filed lawsuits against problematic dealers. The management continues to seek resolutions with financial backers and aims to secure additional funding for Drivrz Financial.
PowerBand Solutions (PWWBF) has announced significant cost restructuring to align with trends in the automotive lease management industry. The company is reallocating resources to its DrivrzFinancial platform, which it believes will yield the highest returns for shareholders. Cost-saving measures include a personnel reduction and the relocation of its head office from Burlington, Ontario to Addison, Texas, expected to save approximately CAD $3 million annually, adding to prior savings of CAD $8 million. CEO Darrin Swenson emphasized these changes are essential to leverage growth opportunities in vehicle leasing.
PowerBand Solutions (PWWBF) announced the completion of a $23.8M private placement, raising $5.1M. Financial results for Q3 2022 reveal a significant revenue decline of 76% year-over-year and 50% from the previous quarter, attributed to lower lease origination counts. Despite this, gross margins improved to 57%, up from 44% last year. The company is reallocating resources to its Drivrz Financial platform, aiming for profitability amidst systemic supply chain challenges. Cash reserves increased to $18.2M as of September 30, 2022.
PowerBand Solutions has unveiled a strategic focus on its vehicle leasing platform, DrivrzFinancial, which will receive all growth capital. The decision is based on expected high returns for shareholders. Operations for DrivrzLane have ceased, and DrivrzXchange is in maintenance mode. With 1,000 dealers onboard, DrivrzFinancial aims to capture significant market opportunities as only 1% of used vehicles are leased. The company plans to strengthen lending relationships amid tightening industry guidelines while maintaining a robust balance sheet with $18M cash on hand.
PowerBand Solutions held its Annual General and Special Meeting on September 14, 2022, with all proposals by the Board approved by shareholders. Key outcomes included the election of six directors: J. Bryan Hunt Jr., Darrin Swenson, Joe Poulin, Geoffrey Belsher, Jerome Letter, and Vassilis Stachtos. MNP LLP was appointed as the auditor. Shareholders also approved the 2022 Incentive Stock Option Plan, reserving up to 59,443,717 shares, and the 2022 Restricted Share Unit Plan, reserving a maximum of 15,000,000 shares. J. Bryan Hunt Jr. was designated as a new Control Person of the Company.
PowerBand Solutions (TSXV:PBX)(OTCQB:PWWBF) closed the first tranche of a $23.8M private placement, raising $18.6M. For Q2 2022, revenue decreased by 6% year-over-year and 32% from Q1 2022, with gross margins down to 43% due to competitive incentives. A net loss of $6.5M was recorded from an impairment charge. While management expects restructuring benefits in the future, the company has withdrawn guidance for 2022 in light of macroeconomic challenges in used car financing.
FAQ
What is the current stock price of AmeriTrust Financial (PWWBF)?
