PowerBand Provides Corporate Update
PowerBand Provides Corporate Update
TORONTO, ON / ACCESSWIRE / April 25, 2023 / PowerBand Solutions (TSXV:PBX)(OTCQB:PWWBF)(Frankfurt:1ZVA) ("PowerBand" "PBX" or the "Company"), a comprehensive e-commerce solution transforming the online experience to lease and finance vehicles, provides the following update on corporate activities.
多倫多,on/ACCESSWIRE/2023年4月25日/Powerband Solutions(多倫多證券交易所股票代碼:PBX)(OTCQB:PWWBF)(法蘭克福:1ZVA)(“電力帶“”PBX“或“公司“),這是一個全面的電子商務解決方案,將在線體驗轉變為租賃和融資車輛,提供了以下有關公司活動的最新情況。
Following a detailed review of the business units operated within the Company's corporate structure, the management team provided shareholders with its updated corporate strategy (see press release dated September 29, 2022) which allocated all growth capital and resources to its used and new vehicle leasing platform, Drivrz Financial, LLC ("DrivrzFinancial"), as management believes it represents the highest near-to-medium-term return to shareholders.
在對公司公司結構內運營的業務部門進行詳細審查後,管理團隊向股東提供了最新的公司戰略(見2022年9月29日的新聞稿),該戰略將所有增長資本和資源分配給其二手和新車租賃平臺Drivrz Financial,LLC(DrivrzFinancial“),因為管理層認為這代表著對股東的最高中短期回報。
During the business unit review, management was notified by one of the financial institutions providing lease financing to DrivrzFinancial (the "Financial Institution") that certain vehicle leases originated in fiscal year 2021, and in the first quarter of 2022 fell within the repurchase criteria set forth in the Forward Flow Purchase and Security Agreement entered into between DrivrzFinancial and the Financial Institution. As noted in the Q3 September 30, 2022 Financial Statements and Management Discussion and Analysis, DrivrzFinancial repurchased vehicle leases for CAD $4,785,665 (CAD $2,829,395 in Q3 2022 and CAD $1,956,270 in Q4 2022).
在業務單位審查期間,向DrivrzFinancial提供租賃融資的一家金融機構通知了管理層。金融機構“)某些車輛租賃起源於2021財年,2022年第一季度符合DrivrzFinancial與金融機構簽訂的遠期流動購買和安全協定中規定的回購標準。如2022年9月30日第三季度財務報表和管理層討論與分析所述,DrivrzFinancial以4,785,665加元回購了車輛租賃(2022年第三季度為2,829,395加元,2022年第四季度為1,956,270加元)。
Since the beginning of Q1 2023, DrivrzFinancial and the Financial Institution have been in negotiations on additional lease contracts that the Financial Institution has identified fall within the repurchase criteria of the Forward Flow Purchase and Security Agreement. While the discussions have been ongoing the Financial Institution has not provided additional funding to DrivrzFinancial to originate vehicle leases. DrivrzFinancial's second lease funding provider is also currently withholding financing, although the lease portfolio of the second lease funding provider is performing within guidelines. The Company's management team is working to resolve matters with both financial institutions as soon as possible and be in a position to resume originating leases.
自2023年第一季度開始,DrivrzFinancial和金融機構一直在就其他租賃合同進行談判,金融機構認為這些合同符合遠期流動購買和安全協定的回購標準。雖然討論一直在進行,但金融機構沒有向DrivrzFinancial提供額外資金,以發起車輛租賃。DrivrzFinancial的第二家租賃融資提供商目前也在扣留融資,儘管第二家租賃融資提供商的租賃組合表現在指導方針之內。該公司的管理團隊正在努力盡快解決與這兩家金融機構的問題,並能夠恢復發起租賃。
In the first quarter of 2023, DrivrzFinancial was not able to obtain alternative sources of financing to fund new lease originations, and instead self-funded a total of five vehicle leases. To conserve working capital, the Company has decided to not self-fund any additional leases at this time. As a result, the Company is currently not originating any new vehicle leases while it works to resolve matters with its funding partners.
2023年第一季度,DrivrzFinancial無法獲得其他融資來源來為新的租賃提供資金,而是自籌資金總共租賃了五輛汽車。為節省營運資金,本公司決定目前不再自籌任何額外的租約。因此,該公司目前沒有發起任何新的車輛租賃,而是努力解決與其融資夥伴的問題。
DrivrzFinancial has implemented several measures to improve operations and to prevent future repurchase obligations. The executives and employees at DrivrzFinancial responsible for operations and underwriting when the repurchased leases were funded are no longer employed with the firm. The management team at PowerBand / DrivrzFinancial has hired several new experienced executives and employees, including a VP of Compliance and a new VP Servicing, to oversee the lease origination business.
DrivrzFinancial已經實施了幾項措施,以改善運營並防止未來的回購義務。當回購的租賃獲得資金時,DrivrzFinancial負責運營和承銷的高管和員工不再受僱於該公司。Powerband/DrivrzFinancial的管理團隊聘請了幾名新的經驗豐富的高管和員工,包括一名合規副總裁和一名新的服務副總裁,以監督租賃發起業務。
DrivrzFinancial has adopted a revised Credit Underwriting Policy & Procedures Manual and an updated DrivrzFinancial Funding Checklist.
DrivrzFinancial已經通過了修訂後的信貸承保政策和程式手冊以及更新後的DrivrzFinancial資金核對表。
Additionally, DrivrzFinancial completed a comprehensive analysis of its entire lease portfolio and has identified dealers that it will no longer transact business with, thereby improving the credit profile of the portfolio and mitigating the risk of future lease repurchases. DrivrzFinancial has filed lawsuits against four dealers to recover damages and costs and has received judgements against three of these dealers. DrivrzFinancial has also issued additional demands to other dealers to repurchase leases that do not meet certain credit or legal criteria.
此外,DrivrzFinancial完成了對其整個租賃組合的全面分析,並確定了不再與其進行業務往來的交易商,從而改善了組合的信用狀況,並降低了未來租賃回購的風險。DrivrzFinancial已對四家交易商提起訴訟,要求追回損害賠償和成本,並已收到針對其中三家交易商的判決。DrivrzFinancial還向其他交易商發出了額外的要求,要求他們回購不符合某些信貸或法律標準的租賃。
PowerBand's management team continues to work diligently with the Financial Institution to resolve issues with the repurchasing of vehicle leases and to re-commence the origination of leases through the Forward Flow Purchase and Security Agreement. The Company is also seeking to secure additional funding lines for DrivrzFinancial.
Powerband的管理團隊繼續努力與金融機構合作,以解決車輛租賃回購的問題,並通過遠期流動購買和擔保協定重新啟動租賃的發起。該公司還在尋求為DrivrzFinancial爭取更多的資金額度。
About PowerBand Solutions, Inc.
關於Powerband解決方案公司
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, and funders. PowerBand's transaction platform - being trademarked under DRIVRZ - is being made available across the United States.
在多倫多證券交易所創業板和場外交易市場上市的Power Band Solutions Inc.是一家顛覆汽車行業的金融科技供應商。Powerband的集成、基於雲的交易平臺為消費者、經銷商和資助者之間的交易提供便利。Powerband的交易平臺-註冊商標為DRIVRZ-正在美國各地提供。
For further information, please contact:
如需更多資訊,請聯繫:
Darrin Swenson
Chief Executive Officer and Director
E: Darrin.swenson@powerbandsolutions.com
P: 1-866-768-7653
達林·斯文森
董事首席執行官兼首席執行官
電子郵件:Darrin.swenson@Powerband soltions.com
電話: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 news release.
TSXV及其監管服務提供商(該術語在TSXV的政策中定義)均不對本新聞稿的充分性或準確性承擔責任。
FORWARD-LOOKING STATEMENTS
前瞻性陳述
This news release contains forward-looking statements relating to the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects", "believes" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of the Company, expected benefits and results from operations, expected return to shareholders as a result of allocating growth capital and resources to the DrivrzFinancial platform, expected results of cost-saving initiatives, the resolution of lease repurchases with the financial institution, the re-commencement of lease originations through the Forward Flow Purchase and Security Agreement and the ability of PowerBand to secure additional funding lines for DrivrzFinancial 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.
本新聞稿包含與該公司有關的前瞻性陳述和其他非歷史事實的陳述。前瞻性陳述通常使用諸如“將”、“可能”、“應該”、“預期”、“預期”、“相信”等術語以及類似的表述。除有關歷史事實的陳述外,本新聞稿中包含的所有陳述,包括但不限於有關公司未來的計劃和目標、預期的經營收益和結果、通過向DrivrzFinancial平臺分配增長資本和資源而給股東帶來的預期回報、成本節約舉措的預期結果、與金融機構的租賃回購的解決方案、通過遠期流量購買和安全協定重新啟動租賃發起以及Powerband為DrivrzFinancial獲得額外資金額度的能力,均為前瞻性陳述,涉及風險和不確定因素。不能保證這些陳述將被證明是準確的,實際結果和未來事件可能與這些陳述中預期的大不相同。
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, we cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
提醒讀者,在準備任何前瞻性資訊時使用的假設可能被證明是不正確的。由於許多已知和未知的風險、不確定性和其他因素,其中許多是公司無法控制的,事件或情況可能會導致實際結果與預測的結果大不相同。因此,我們不能保證任何前瞻性陳述都會成為現實,並告誡讀者不要過度依賴任何前瞻性資訊。這些資訊雖然在準備時被管理層認為是合理的,但可能被證明是不正確的,實際結果可能與預期的大不相同。
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as at the date of this news release, and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.
本新聞稿中包含的前瞻性陳述明確地受到本警示性聲明的限制。本新聞稿中包含的前瞻性陳述是在本新聞稿發佈之日作出的,除非加拿大證券法明確要求,否則公司不承擔公開更新或修改任何包含的前瞻性陳述的義務,無論是由於新資訊、未來事件還是其他原因。
SOURCE: PowerBand Solutions Inc.
資料來源:Powerband Solutions Inc.