PowerBand Provides Management Update
Vancouver, British Columbia--(Newsfile Corp. - June 25, 2018) - PowerBand Solutions Inc. (TSXV: PBX) (OTC Pink: PWWBF) (FSE: 1ZV) ("PowerBand" or the "Company"), a leading online auction and remarketing platform to buy and sell used vehicles, is pleased to announce that it continues to build and strengthen its management team in these early stages of its growth as a public company.
The board of directors ("Board") is pleased to have recently appointed Joe Mastrogiacomo, CA/CPA MBA, as PowerBand's Chief Financial Officer. As planned, the Board has accepted the resignation of Jing Peng as Chief Financial Officer and thanked him for his valuable contribution in leading the Company through its "qualifying transaction" and serving on an interim basis while the Company sought a permanent CFO. On the appointment of Mr. Mastrogiacomo, Kelly Jennings commented: "As PowerBand is on the cusp of accelerated growth, we are pleased that Joe has decided to join our team. Joe brings a tremendous amount of experience in finance and operations to PowerBand. The Company will draw upon his former experience as Chief Financial Officer and Chief Operating Officer of Multimedia Nova Corporation, a publicly-listed company and one of Canada's longstanding and largest cultural and community publishers. I am looking forward to working with Joe as PowerBand's growth plans accelerate."
Further, the Board has accepted the resignation of Barry McMillan as interim president and a director, effective June 25, 2018. Mr. McMillan will remain involved with the Company in a consulting capacity. Kelly Jennings, the Company's CEO, has assumed the role of interim president. Kelly Jennings commented: "On behalf of the Board, I would like to personally thank Barry for the tremendous contribution he made to provide structure and direction for PowerBand as it commercialized its online auction remarketing platform and successfully completed its "qualifying transaction". Barry will continue to assist PowerBand in strategic initiatives where his background in bank and lender relations and digital retail solutions will enhance our commercial and retail opportunities".
Finally, PowerBand has granted certain officers and other advisors options to acquire 700,000 common shares of PowerBand (the "Options"). The Options have an exercise price of $0.25 per share, being equal to the closing trading price of PowerBand's shares on the TSXV on June 22, 2018. The Options will expire on the fifth anniversary of the grant date and will vest over a three (3) year period.
About PowerBand Solutions Inc.
PowerBand Solutions Inc. is a technology provider listed on the TSX Venture Exchange that is developing solutions for automotive and other industries that drive efficiency and transparency in the marketplace. PowerBand has developed and commercialized a leading-edge online auction platform that increases revenues and profit margins for its automotive dealership, Original Equipment Manufacturer, commercial fleet and rental company customers. PowerBand's remarketing platform, the PowerBand Exchange, incorporates the industry's latest auction technologies, inventory management, market intelligence, and appraisal processes.
For further information, please contact:
Richard Goldman, VP Corporate Development
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" 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, 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.
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