PowerBand Takes Major Step in U.S. Expansion by Engaging Mike Moen as Strategic Advisor
Vancouver, British Columbia--(Newsfile Corp. - August 13, 2018) - PowerBand Solutions Inc. (TSXV: PBX) (OTCQB: PWWBF) (FSE: 1ZVA) ("PowerBand" or the "Company"), a leading online auction and remarketing platform to buy and sell used vehicles, is pleased to announce that it has taken a significant step in expanding its operations in to the United States by engaging Mike Moen, MSc. EMPA MBA as a Strategic Advisor.
Mike brings over 25 years of business experience in the private and public sector to PowerBand. He has an extensive background in working with technology companies in scaling and financing their operations in the United States, and elsewhere across the globe. He has worked with companies in New York, Silicon Valley, London and Canada. Mike has also worked in the public sector in the role of Canadian Foreign Service Officer Consul and Senior Economic Development Officer for the Province of Ontario. Previously, Mike worked on Wall Street with several hedge funds and investment banking firms, including Goldman Sachs. He has served as a strategic advisor to various technology companies in the financial services, insurance, Internet of Things, security and intelligence, online payments and cryptocurrency sectors. Mike has extensive experience in the automotive OEM, OES and dealer market, having worked with Toyota, FCA, GM, Ford, BMW, Mercedes, Continental and other global Original Equipment partners.
Kelly Jennings, CEO of PowerBand stated: "I am very pleased that Mike has joined PowerBand as our Strategic Advisor. As opportunities to monetize our auction and remarketing platform continue to grow, particularly in the United States where expansion is expected to be realized much sooner than expected, having the ability to draw upon Mike's experience and vast business network in commercializing and scaling technology companies, in optimizing operations, in M&A, and in capital raising, will help PowerBand significantly. I am looking forward to working with Mike to further develop and integrate our relationships with TÜV Nord and Zoom Blockchain Solutions, and our existing partnerships with DealerSocket Inc., PBS Financial Systems Inc., Quantech Software Inc., Carpages.ca, and others that we are currently negotiating. These partnerships are expected to allow PowerBand to rapidly generate auction transaction revenue. With Mike's connections in the OEM automotive industry and his strong financial and operational background, I believe that PowerBand's ability to grow revenue will only be accelerated."
Mike Moen commented: "I am excited to join Kelly and the PowerBand team to help scale the business and leverage my experience and network in the automotive OEM, OES and dealer space across the US, Canada, Europe, Latin America and Asia. PowerBand's leading edge exchange and remarketing SaaS platform will transform the wholesale used car market creating greater transparency of vehicle quality and pricing. Moving the brick and mortar used car auction market to PowerBand's exchange will increase the speed of transaction between buyers and sellers to meet the increasing demand in the used car market. I am looking forward to working with Kelly to integrate and execute the key strategic partnerships and scale the business in North America and globally."
Further, PowerBand has granted certain consultants options to acquire 900,000 common shares of PowerBand at an exercise price of $0.165, being the closing trading price of PowerBand's shares on the TSX-V on August 10, 2018. The options expire five years from the date of grant and will vest over a three 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:
Patrick Piette, Investor Relations
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.
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.