PowerBand Announces Results of Annual General and Special Meeting

Rhea-AI Summary

PowerBand Solutions Inc. (TSXV:PBX)(OTC PINK:PWWBF)(Frankfurt:1ZVA) held its Annual General and Special Meeting on September 18, 2024, with shareholders approving all proposed items. Key outcomes include:

1. Setting the number of Directors at five
2. Electing Jeff A. Morgan, J. Bryan Hunt Jr., Shibu Abraham, Steven Lee, and Kris Gaerlan as Directors
3. Appointing HDCPA Professional as auditor
4. Approving the 2024 Incentive Stock Option Plan, reserving 89,933,091 common shares
5. Approving the 2024 Restricted Share Unit Plan, reserving 30,000,000 common shares
6. Approving a name change from 'Powerband Solutions Inc.' to 'Ameritrust Financial Technologies Inc.'

Positive

• Shareholders approved all proposed items, indicating strong support for the company's direction
• Approval of the 2024 Incentive Stock Option Plan and Restricted Share Unit Plan, potentially attracting and retaining talent
• Name change to Ameritrust Financial Technologies Inc., potentially aligning better with the company's fintech focus

Negative

• The approval of stock option and restricted share unit plans may lead to potential dilution for existing shareholders

TORONTO, ON / ACCESSWIRE / September 19, 2024 / PowerBand Solutions Inc. (TSXV:PBX)(OTC PINK:PWWBF)(Frankfurt:1ZVA) ("PowerBand", "PBX" or the "Company"), a fintech platform targeting the formation of lease originations for the automotive industry, is pleased to announce the results of voting at its Annual General and Special Meeting of Shareholders held virtually on Wednesday, September 18, 2024.

Shareholders voted in favour of all items put forward by the Board of Directors and management, namely:

1. The number of Directors was set at five (5).

2. The elected Directors of the Company are:

Jeff A. Morgan

J. Bryan Hunt Jr.

Shibu Abraham

Steven Lee

Kris Gaerlan

3. HDCPA Professional Corporation has been appointed as the Company's auditor.

4. The 2024 Incentive Stock Option Plan (20% Fixed Plan) was approved by disinterested shareholders, reserving for issuance up to 89,933,091 common shares of the Company.

5. The 2024 Restricted Share Unit Plan was approved by disinterested shareholders, reserving for issuance a maximum of 30,000,000 common shares of the Company, an amount that is included in the 89,933,091 common shares reserved in the 2024 Incentive Stock Option Plan (20% Fixed Plan).

6. Disinterested shareholders passed a special resolution approving a name change of the Company from "Powerband Solutions Inc." to "Ameritrust Financial Technologies Inc."

About PowerBand Solutions Inc.
PowerBand Solutions Inc., listed on the TSX Venture Exchange, OTC PINK, and Frankfurt 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 is being made available across the United States.

For further information, please visit the PowerBand website or contact:
Jeff A. Morgan
Chief Executive Officer and Chairman
E:info@powerbandsolutions.com
P: 1-866-768-7653

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

SOURCE: PowerBand Solutions Inc.

View the original press release on accesswire.com

FAQ

What were the key decisions made at PowerBand Solutions' (PWWBF) 2024 Annual General Meeting?

Key decisions included electing five Directors, appointing HDCPA Professional as auditor, approving the 2024 Incentive Stock Option Plan and Restricted Share Unit Plan, and approving a name change to Ameritrust Financial Technologies Inc.

How many common shares were reserved for the 2024 Incentive Stock Option Plan of PowerBand Solutions (PWWBF)?

The 2024 Incentive Stock Option Plan reserved 89,933,091 common shares for issuance.

What is the new name approved for PowerBand Solutions (PWWBF) at the 2024 Annual General Meeting?

Shareholders approved changing the company name from PowerBand Solutions Inc. to Ameritrust Financial Technologies Inc.

Who are the newly elected Directors of PowerBand Solutions (PWWBF) as of September 18, 2024?

The elected Directors are Jeff A. Morgan, J. Bryan Hunt Jr., Shibu Abraham, Steven Lee, and Kris Gaerlan.