NEWS TORONTO, ON / ACCESSWIRE / February 9, 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, announces it has implemented additional cost restructuring measures to better align its operations to support changes in the automotive lease management industry.
As previously announced (see September 29, 2022, press release "Update to Strategic Plan"), the Company is allocating all growth capital and resources to its used and new vehicle leasing platform, DrivrzFinancial, as management believes it represents the highest return to shareholders. While the Company continues to work on increasing profitable lease originations and to raise additional funding lines to generate lease originations in other automotive segments, such as commercial and fleet, it has further optimized its cost structure through the reduction of personnel across all of its business units. The Company will also be implementing additional cost-saving initiatives, including moving its head office operations from Burlington, Ontario to its DrivrzFinancial office in Addison, Texas. The annualized reduction in expenses from today's announcement is expected to be approximately CAD $3 million. This is in addition to previously disclosed annualized expense reductions of approximately CAD $8 million.
Darrin Swenson, CEO and Director of PowerBand Solutions states, "These difficult decisions regarding reductions in personnel have been necessary in order to allow PowerBand's management team, Board and strategic shareholders to focus all their efforts on the significant opportunity of our used and new vehicle leasing platform, DrivrzFinancial."
About PowerBand Solutions, Inc.
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.
For further information, please contact:
Darrin Swenson
Chief Executive Officer and Director
E: Darrin.swenson@powerbandsolutions.com
P: 1-866-768-7653
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