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.
多伦多,on/ACCESSWIRE/2023年4月25日/Powerband Solutions(多伦多证券交易所股票代码:PBX)(OTCQB:PWWBF)(法兰克福:1ZVA)(“电力带“”PBX“或“公司“),这是一个全面的电子商务解决方案,将在线体验转变为租赁和融资车辆,提供了以下有关公司活动的最新情况。
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.
在对公司公司结构内运营的业务部门进行详细审查后,管理团队向股东提供了最新的公司战略(见2022年9月29日的新闻稿),该战略将所有增长资本和资源分配给其二手和新车租赁平台Drivrz Financial,LLC(DrivrzFinancial“),因为管理层认为这代表着对股东的最高中短期回报。
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).
在业务单位审查期间,向DrivrzFinancial提供租赁融资的一家金融机构通知了管理层。金融机构“)某些车辆租赁起源于2021财年,2022年第一季度符合DrivrzFinancial与金融机构签订的远期流动购买和安全协议中规定的回购标准。如2022年9月30日第三季度财务报表和管理层讨论与分析所述,DrivrzFinancial以4,785,665加元回购了车辆租赁(2022年第三季度为2,829,395加元,2022年第四季度为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年第一季度开始,DrivrzFinancial和金融机构一直在就其他租赁合同进行谈判,金融机构认为这些合同符合远期流动购买和安全协议的回购标准。虽然讨论一直在进行,但金融机构没有向DrivrzFinancial提供额外资金,以发起车辆租赁。DrivrzFinancial的第二家租赁融资提供商目前也在扣留融资,尽管第二家租赁融资提供商的租赁组合表现在指导方针之内。该公司的管理团队正在努力尽快解决与这两家金融机构的问题,并能够恢复发起租赁。
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无法获得其他融资来源来为新的租赁提供资金,而是自筹资金总共租赁了五辆汽车。为节省营运资金,本公司决定目前不再自筹任何额外的租约。因此,该公司目前没有发起任何新的车辆租赁,而是努力解决与其融资伙伴的问题。
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已经实施了几项措施,以改善运营并防止未来的回购义务。当回购的租赁获得资金时,DrivrzFinancial负责运营和承销的高管和员工不再受雇于该公司。Powerband/DrivrzFinancial的管理团队聘请了几名新的经验丰富的高管和员工,包括一名合规副总裁和一名新的服务副总裁,以监督租赁发起业务。
DrivrzFinancial has adopted a revised Credit Underwriting Policy & Procedures Manual and an updated DrivrzFinancial Funding Checklist.
DrivrzFinancial已经通过了修订后的信贷承保政策和程序手册以及更新后的DrivrzFinancial资金核对表。
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完成了对其整个租赁组合的全面分析,并确定了不再与其进行业务往来的交易商,从而改善了组合的信用状况,并降低了未来租赁回购的风险。DrivrzFinancial已对四家交易商提起诉讼,要求追回损害赔偿和成本,并已收到针对其中三家交易商的判决。DrivrzFinancial还向其他交易商发出了额外的要求,要求他们回购不符合某些信贷或法律标准的租赁。
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的管理团队继续努力与金融机构合作,以解决车辆租赁回购的问题,并通过远期流动购买和担保协议重新启动租赁的发起。该公司还在寻求为DrivrzFinancial争取更多的资金额度。
About PowerBand Solutions, Inc.
关于Powerband解决方案公司
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.
在多伦多证券交易所创业板和场外交易市场上市的Power Band Solutions Inc.是一家颠覆汽车行业的金融科技供应商。Powerband的集成、基于云的交易平台为消费者、经销商和资助者之间的交易提供便利。Powerband的交易平台-注册商标为DRIVRZ-正在美国各地提供。
For further information, please contact:
如需更多信息,请联系:
Darrin Swenson
Chief Executive Officer and Director
E: Darrin.swenson@powerbandsolutions.com
P: 1-866-768-7653
达林·斯文森
董事首席执行官兼首席执行官
电子邮件:Darrin.swenson@Powerband soltions.com
电话: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及其监管服务提供商(该术语在TSXV的政策中定义)均不对本新闻稿的充分性或准确性承担责任。
FORWARD-LOOKING STATEMENTS
前瞻性陈述
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.
本新闻稿包含与该公司有关的前瞻性陈述和其他非历史事实的陈述。前瞻性陈述通常使用诸如“将”、“可能”、“应该”、“预期”、“预期”、“相信”等术语以及类似的表述。除有关历史事实的陈述外,本新闻稿中包含的所有陈述,包括但不限于有关公司未来的计划和目标、预期的经营收益和结果、通过向DrivrzFinancial平台分配增长资本和资源而给股东带来的预期回报、成本节约举措的预期结果、与金融机构的租赁回购的解决方案、通过远期流量购买和安全协议重新启动租赁发起以及Powerband为DrivrzFinancial获得额外资金额度的能力,均为前瞻性陈述,涉及风险和不确定因素。不能保证这些陈述将被证明是准确的,实际结果和未来事件可能与这些陈述中预期的大不相同。
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.
提醒读者,在准备任何前瞻性信息时使用的假设可能被证明是不正确的。由于许多已知和未知的风险、不确定性和其他因素,其中许多是公司无法控制的,事件或情况可能会导致实际结果与预测的结果大不相同。因此,我们不能保证任何前瞻性陈述都会成为现实,并告诫读者不要过度依赖任何前瞻性信息。这些信息虽然在准备时被管理层认为是合理的,但可能被证明是不正确的,实际结果可能与预期的大不相同。
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.
本新闻稿中包含的前瞻性陈述明确地受到本警示性声明的限制。本新闻稿中包含的前瞻性陈述是在本新闻稿发布之日作出的,除非加拿大证券法明确要求,否则公司不承担公开更新或修改任何包含的前瞻性陈述的义务,无论是由于新信息、未来事件还是其他原因。
SOURCE: PowerBand Solutions Inc.
资料来源:Powerband Solutions Inc.