Mr. Darrin Swenson reports

POWERBAND ANNOUNCES FIRST QUARTER 2023 FINANCIAL RESULTS

Powerband Solutions Inc. has filed its interim consolidated financial statements and management's discussion and analysis report for the three-month period ended March 31, 2023. These documents may be viewed under the company's profile at SEDAR.

Revenue for the first quarter of 2023 decreased to $838,693 in comparison with Q4 2022 revenue of $2,054,728, as well as Q1 2022 of $5,962,029. The revenue for the first quarter of 2023 is primarily from the servicing of the existing lease portfolio. The company continues to work with its financing partners to recommence the origination of leases and will provide an update when available. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) loss for the first quarter of 2023 has decreased by $137,527, or 6 per cent, in comparison with Q4 2022, which is the result of further cost-reduction measures initiated by the company to maintain the operating expenses at the minimal, as required for the planned growth.

Cash on hand as at March 31, 2023, was $11,602,780 compared with $10,299,414 as at Dec. 31, 2022. The cash balance at March 31, 2023, included cash collected from lease holders on leases that are serviced by the company and reported as accounts payable.

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.

We seek Safe Harbor.