Mr. Darrin Swenson reports

POWERBAND ANNOUNCES THIRD QUARTER 2023 FINANCIAL RESULTS

Powerband Solutions Inc. has filed its interim consolidated financial statements and management discussion and analysis report for the three-month and nine-month periods ended Sept. 30, 2023. These documents may be viewed under the company's profile on SEDAR+.

Revenue for the third quarter of 2023 of $555,398 is relatively consistent with the second quarter revenue of $497,549. There were no new lease originations in the second and third quarters of 2023. Revenues were generated primarily from the servicing of the existing lease portfolio. The establishment of the company's in-house, customer-facing, servicing department is nearing completion and is expected to be launched in the second quarter of 2024.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) loss for the third quarter of 2023 has decreased by $332,395, in comparison with the second quarter of 2023, due to further cost reduction measures initiated by the company.

Cash on hand as at Sept. 30, 2023, was $4,209,210 compared with $10,299,414 as at Dec. 31, 2022.

The company continues to engage with its primary financing partners to recommence the origination of leases and will provide an update to shareholders when there is material news to report.

About Powerband Solutions Inc.

Powerband Solutions, 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 financers. Powerband's transaction platform -- being trademarked under Drivrz -- is being made available across the United States.

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