Mr. Darrin Swenson reports

POWERBAND ANNOUNCES 2022 ANNUAL FINANCIAL RESULTS

Powerband Solutions Inc. has filed its consolidated financial statements and management's discussion and analysis report for the year ended Dec. 31, 2022. These documents may be viewed under the company's profile on SEDAR.

Revenue for the fourth quarter of 2022 decreased to $2,054,728 in comparison with Q4 2021 revenue of $8,148,893. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) loss for the fourth quarter of 2022 increased by $681,020, or 38 per cent, as compared with the fourth quarter of 2021.

Revenue for fiscal year 2022 was $12,761,228, as compared with fiscal year 2021 revenue of $23,936,988, a decrease of 47 per cent. Adjusted EBITDA loss for fiscal year 2022 was $9,331,521, as compared with an adjusted EBITDA loss for fiscal year 2021 of $5,838,786, an increase of 60 per cent.

Cash on hand at Dec. 31, 2022, was $10,299,414, compared with $6,367,533 as at Dec. 31, 2021.

On April 25, 2023, the company issued a press release and provided shareholders with a corporate and operational update for Drivrz Financial LLC, its new- and used-vehicle leasing platform. The company continues to work with its financing partners to recommence the origination of leases and will provide an update when available. The company is also seeking to secure additional financing lines for Drivrz Financial.

About Powerband Solutions Inc.

Powerband Solutions is a financial technology provider disrupting the automotive industry. Powerband's integrated, cloud-based transaction platform facilitates transactions amongst consumers, dealers and financiers. Powerband's transaction platform -- being trademarked under Drivrz -- is being made available across the United States.

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