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PowerBand Solutions has implemented a significant cost reduction strategy, lowering recurring expenses by CAD $2M per quarter, totaling CAD $8M annually. This includes a CAD $1.2M reduction in expenses and CAD $0.8M in capital cost avoidance. The company has suspended spending on DrivrzLane and will incur a one-time charge of CAD $0.5M for severance in Q2/22. Additionally, PowerBand aims to integrate with CDK Global's DMS system, crucial for enhancing originations. The company is also now licensed for direct-to-consumer lending in key states, offering growth opportunities in its marketplace.

PowerBand Solutions (PWWBF) has completed the first tranche of its private placement financing, raising CAD $18.6 million through the issuance of 62 million units at CAD $0.30 each. These units include warrants that can be exercised for additional shares. The financing is expected to total CAD $23.8 million. The company also announced changes in management, appointing Darrin Swenson as CEO. Additionally, J. Bryan Hunt Jr. is set to become a control person of the company after this financing. Proceeds will be used for working capital and product development.

PowerBand Solutions (OTCQB:PWWBF) reported Q1 2022 revenue of $6.1 million, a remarkable 144% increase from $2.5 million in Q1 2021. However, gross margin declined to 47% from 59% due to competitive dealer incentives. The company's revenue decreased compared to Q4 2021, impacted by low inventory and rising used vehicle prices. To enhance operations, PowerBand has initiated cost restructuring and plans to close a CAD $25 million private placement to ensure liquidity. Positive outlooks are anticipated as macro conditions stabilize over the next 12-18 months.

PowerBand Solutions Inc. (PWWBF) provided an update concerning the transfer of 44,188,828 common shares from Kelly Jennings to an arm's length lender as part of a loan agreement. The shares, previously representing approximately 21.97% of the company, will be returned to Jennings upon loan repayment, assuming no defaults occur. Jennings received USD $12,044,072 from this transaction but currently holds no shares. The company emphasizes that these transfers do not signify a change of control according to TSX Venture Exchange policies.

PowerBand Solutions Inc. announced a US$20 million private placement with investment partners J. Bryan Hunt Jr. and Joe Poulin. This investment will facilitate growth and lead to proposed board changes, with Hunt becoming Chairman and Poulin Vice-Chairman. The private placement will involve issuing 85,880,000 units at CAD$0.30 per share, raising approximately CAD$25.76 million. Funds will be allocated to repay debts and support growth initiatives. The deal aims to position PowerBand as a major player in the automotive fintech sector, enhancing operational efficiency and capitalizing on market opportunities.

PowerBand Solutions (OTCQB:PWWBF) announced plans for strategic transactions to recapitalize the company and enhance its online platforms. The board reported an amended loan agreement totaling USD $12,044,072, consolidating previous loans, secured by the transfer of voting rights of 44,188,828 common shares from Mr. Jennings. Although the loan does not imply a change of control, Mr. Jennings is stepping aside from governance roles, with Darrin Swenson appointed as interim CEO. The company continues to assess the loan's implications for control and governance amidst these developments.

PowerBand Solutions (PWWBF) reported impressive financial results for Q4 2021, achieving revenues of $7,097,821, a significant increase of 397% from $1,426,851 in Q4 2020. For the fiscal year 2021, revenues rose 690% to $20,908,866 compared to 2020. Adjusted EBITDA loss decreased by 46% to $1,501,672 in Q4 2021. Cash on hand also improved, reaching $6,367,533 as of December 31, 2021. The company is launching its DrivrzLane marketplace in the US, with anticipated revenue generation starting in Q2 2022.

PowerBand Solutions Inc. (OTCQB:PWWBF) announced the immediate resignation of Board member Ivan Buzbuzian for personal reasons. Andrea Parliament will take over Buzbuzian's role on the audit committee, while the Company actively seeks a replacement. CEO Kelly Jennings expressed gratitude for Buzbuzian's contributions to PowerBand's success. The Company, a fintech provider in the automotive industry, offers an integrated cloud-based platform for vehicle transactions, enhancing buying, selling, and leasing experiences across various markets.

PowerBand Solutions Inc. (OTCQB:PWWBF) has announced a letter of intent from a major Canadian financial institution to provide CAD $4.0 million in funding through a line of credit and term-loan facility. The financing, with a blended cost of capital under 10%, aims to enhance the company's operational flexibility without diluting shareholder equity. CEO Kelly Jennings expressed optimism about this non-dilutive solution, emphasizing its role in supporting the company's path to profitability. This financing aligns with PowerBand's innovative e-commerce solutions in the automotive industry.