PowerBand Appoints New Director

Rhea-AI Summary

PowerBand Solutions (PBX) appoints CFO Shibu Abraham to the board of directors, satisfying the minimum requirements for the number of directors required by the TSX Venture Exchange. The trading halt on the company's common shares is anticipated to be lifted. The board of directors now consists of Bryan Hunt, a non-executive director, and two officers, Darrin Swenson, CEO, and Shibu Abraham, CFO.

TORONTO, ON / ACCESSWIRE / December 27, 2023 / PowerBand Solutions (TSXV:PBX)(OTCQB:PWWBF)(Frankfurt:1ZVA) ("PowerBand" "PBX" or the "Company"), a comprehensive e-commerce solution transforming the online experience to lease and finance vehicles, announced today that it has appointed Shibu Abraham, the Company's CFO, to the Company's board of directors.

As a result of the appointment, the Company currently has three directors, satisfying the minimum requirements for the number of directors required by the TSX Venture Exchange (the "Exchange"). It is anticipated that the trading halt instituted on the Company's common shares will be lifted. The board of directors is now comprised of Bryan Hunt, a non-executive director, and two officers, Darrin Swenson, CEO and Shibu Abraham, CFO. The Exchange has provided the Company 90 days to satisfy the Exchange's requirements that at least two of the Company's directors be independent, and the Company is continuing its process to identify director candidates that satisfy these requirements.

About PowerBand Solutions, Inc.

PowerBand Solutions Inc., 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 funders. PowerBand's transaction platform - being trademarked under DRIVRZ™ - is being made available across the United States of America.

For further information, please contact:

Darrin Swenson
Chief Executive Officer and Director
E: Darrin.swenson@powerbandsolutions.com
P: 1-866-768-7653

Neither the TSXV 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.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements relating to the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects", "believes" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of the Company, lifting of the trading halt on the Company's common shares and the ability of the Company to fill the board vacancies are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, we cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as at the date of this news release, and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.

SOURCE: PowerBand Solutions Inc.

View the original press release on accesswire.com

FAQ

Who has PowerBand Solutions (PBX) appointed to the board of directors?

PowerBand Solutions (PBX) has appointed Shibu Abraham, the Company's CFO, to the board of directors.

How many directors does PowerBand Solutions (PBX) currently have?

PowerBand Solutions (PBX) currently has three directors, satisfying the minimum requirements for the number of directors required by the TSX Venture Exchange.

What is the status of the trading halt on PowerBand Solutions (PBX) common shares?

It is anticipated that the trading halt instituted on PowerBand Solutions (PBX) common shares will be lifted.

Who are the members of PowerBand Solutions (PBX) board of directors?

The board of directors is now comprised of Bryan Hunt, a non-executive director, and two officers, Darrin Swenson, CEO, and Shibu Abraham, CFO.

What are the Exchange's requirements for the number of independent directors for PowerBand Solutions (PBX)?

The Exchange has provided the Company 90 days to satisfy the requirements that at least two of the Company's directors be independent, and the Company is continuing its process to identify director candidates that satisfy these requirements.