PowerBand Solutions Announces Gross Sales Of $6.7 Million For January 2021

PowerBand Solutions (TSXV: PBX) continues to see month over month demand growth for its product offerings. The company this morning released its January 2021 revenue figures across all subsidiaries.

For the month of January, the company reported gross sales of $6.7 million, an increase from December’s figure of $6.1 million, while gross margins were stated to be between 60% to 65%. Month over month growth continues to remain strong as consumers gradually shift to conduct automotive transactions online, including the sale, leasing, trading and financing of vehicles.

The success of continued sales follows yesterdays announcement wherein the company indicated it has closed a private placement, raising $5.3 million in gross proceeds that will be used for the continued expansion of the firms US operations among other uses.

“Recent consumer research has shown that a growing number of consumers begin their shopping for automobiles online, and nearly half of them prefer to do it alone without any help from friends, family, or dealership salespeople. Our continued month-over-month growth indicates that our DRIVRZ™ platform messaging is resonating with this type of consumer, as we capture more market share each month.”

Kelly Jennings, CEO of PowerBand Solutions

PowerBand Solutions last traded at $0.69 on the TSX Venture.

FULL DISCLOSURE: PowerBand Solutions is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover PowerBand Solutions on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

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