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.
PowerBand Solutions is gaining traction with its DRIVRZ™ products ahead of the DrivrzLane launch in Q1 2022. The platform has secured agreements from 29 dealers across 105 rooftops, promising a more stable revenue stream through its SaaS solution. The integration of DrivrzLane with DrivrzFinancial is set to enhance cross-selling opportunities and generate significant growth. CEO Kelly Jennings expressed optimism about diversifying revenue streams and creating a comprehensive solution for dealers and consumers.
PowerBand Solutions reported a 88% increase in revenue for the third quarter of 2021, totaling CDN $8.8 million, compared to CDN $4.7 million in the previous quarter. The company achieved a gross margin of 50%. Year-to-date gross revenue surpassed CDN $16 million. Originations in September 2021 were 230, affected by low inventory and flooding disruptions in the U.S. Northeast. The dealer network expanded to 909 dealers, and the company anticipates launching additional products in 2022, including services in Canada.
PowerBand Solutions (OTCQB: PWWBF) reported impressive 56% month-over-month revenue growth for August 2021, reaching gross revenue of CDN $3.7 million. This marks the third consecutive month of over 30% growth. Year-to-date gross revenue has exceeded CDN $13 million, with a gross margin of 50%. Lease originations rose by 20%, totaling 313 in August, indicating increasing dealer engagement. The company's strategy focuses on expanding its dealer network, targeting 2,000 dealers by 2022, amidst a challenging inventory environment.
PowerBand Solutions (OTCQB: PWWBF) reported Q2 2021 revenues of $4.7M, marking a 63% increase from Q1's $2.9M. Year-to-date revenues reached $7.6M, up 151% from 2020. The adjusted EBITDA loss was reduced by 48% compared to Q1. Cash on hand at June 30, 2021, stood at $2.34M, up from $1.40M at 2020 year-end. Following the period, PowerBand raised $12.78M via a private placement to enhance working capital and accelerate product development.
PowerBand Solutions reported a significant 31% month-over-month revenue growth for its DRIVRZ™ products in July 2021, achieving CDN $2.4 million in gross revenue. Year-to-date gross revenue has exceeded CDN $10 million with a 52% gross margin. Lease originations also rose by 21% to 261 in July, driven by strong performance in California. With initiatives in place to enhance originations, including the addition of 64 dealerships and a growing sales team, the company is optimistic about continued growth through the rest of 2021.
PowerBand Solutions (OTCQB:PWWBF) has successfully increased the dealer count for DRIVRZ Financial to 532, following an agreement with a nationwide dealership group comprising 64 dealerships. This marks a 14% increase in active dealerships. The new group operates across seven Western states, representing over 20 automotive brands. PowerBand's CEO emphasized the significance of this partnership for expanding DRIVRZ's reach and aims to onboard 1,000 dealers by mid-2022.
PowerBand Solutions reported a 31% month-over-month revenue increase, achieving CDN $1.8 million in June 2021, up from CDN $1.4 million in May. Cumulative year-to-date revenue reached CDN $7.2 million with a gross margin of 54%. Lease originations surged to 216 in June, up from 69 in December 2020. The company secured CDN $12.8 million from a recent private placement to expedite its North American strategy. The CEO expressed optimism for the growth trajectory, anticipating sales increases as dealer partnerships expand.
PowerBand Solutions Inc. announced the results of its Annual General Meeting held on June 15, 2021. Shareholders approved all items proposed by the Board of Directors, including setting the number of Directors at six. The elected Directors are Kelly Jennings, Darrin Swenson, Ivan Buzbuzian, Bill Butler, Andrea Parliament, and Steven Lee. MNP LLP was appointed as the Company’s auditor. Additionally, the 2021 Incentive Stock Option Plan and the 2021 Restricted Share Unit Plan were approved, allowing the issuance of up to 33,372,093 and 8,000,000 common shares, respectively.
PowerBand Solutions has announced that its leasing division, DRIVRZ Financial, will collaborate with Premier Automotive Group to launch an electric vehicle leasing pilot program. Premier Automotive, a leading dealership group in the U.S., aims to enhance EV financing options due to a current lack of leasing solutions for electric vehicles. PowerBand has secured USD 2 Billion in lease lines to support this initiative, offering both new and used EV leasing. The partnership is expected to positively impact consumer access to EV financing in the market.
PowerBand Solutions reported strong growth in May 2021, with gross revenue rising to CDN $1.4 million from CDN $1.3 million in April. Cumulative year-to-date revenue reached CDN $5.6 million, with a gross margin of 54%. Key growth drivers include an increase in vehicle leasing and lending operations, with originations jumping to 175 in May from 69 in December 2020. The company anticipates achieving profitability in June 2021 and aims for a self-funding model by 2022, as it launches new business segments, DrivrzXchange and DrivrzLane, by the end of 2021.