PowerBand Provides Corporate Update

Rhea-AI Summary

PowerBand Solutions (TSXV:PBX)(OTCQB:PWWBF)(Frankfurt:1ZVA) announced that its common shares have been temporarily halted for trading by the TSX Venture Exchange due to the departure of three board members, leading to non-compliance with the Exchange's requirement of a minimum of three directors. The Company has until January 5th, 2024 to appoint an additional director, failing which its common shares will be suspended from trading. PowerBand has initiated the process to fill the board vacancies.

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• The temporary halt in trading of PowerBand's common shares poses uncertainty and potential negative impact on investor confidence and stock performance.

TORONTO, ON / ACCESSWIRE / December 19, 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 its common shares have been temporarily halted for trading by the TSX Venture Exchange (the "Exchange").

Following the departure of three board members, announced on December 18, 2023, the Company no longer meets the requirements of the Exchange to have a minimum of three directors. As a result, the Exchange has temporarily halted trading of the Company's common shares effective as of December 19, 2023, and has informed the Company that it has until January 5^th, 2024 to appoint an additional director. If the Company is unable to meet this deadline, then its common shares will be suspended from trading.

The Company has commenced a process to fill the board vacancies as soon as practicable.

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, expected benefits and results from operations, expected return to shareholders as a result of allocating growth capital and resources to the DrivrzFinancial platform, expected results of cost-saving initiatives, the resolution of lease repurchases with the financial institution, the ability of PowerBand to secure additional funding lines for DrivrzFinancial, 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

Why were PowerBand Solutions' common shares halted for trading?

PowerBand Solutions' common shares were halted for trading by the TSX Venture Exchange due to the departure of three board members, leading to non-compliance with the Exchange's requirement of a minimum of three directors.

What is the deadline for PowerBand Solutions to appoint an additional director?

PowerBand Solutions has until January 5th, 2024 to appoint an additional director, failing which its common shares will be suspended from trading.

What action has PowerBand Solutions taken in response to the board vacancies?

PowerBand Solutions has commenced a process to fill the board vacancies as soon as practicable.