PowerBand Announces Appointment of New Strategic Advisor to the Board and $10 Million Private Placement of Common Shares
PowerBand Solutions Inc. (TSXV:PBX)(OTC PINK:PWWBF) has announced two significant developments: the appointment of John Wimsatt as a Strategic Advisor to the Board and a CAD $10 million private placement of common shares. Wimsatt, former Chief Investment Officer at ECN Capital Corp., brings over 20 years of experience in financial services and will focus on securing lease origination funding facilities. The private placement will offer up to 200,000,000 common shares at $0.05 per share, with participation from Wimsatt, insiders, management, and existing shareholders. Proceeds will fund growth initiatives and support the restart of lease originations. CEO Jeff Morgan expressed optimism about the company's improved position to secure funding and expand its platform across the U.S. automotive industry.
PowerBand Solutions Inc. (TSXV:PBX)(OTC PINK:PWWBF) ha annunciato due sviluppi significativi: la nomina di John Wimsatt come Consigliere Strategico per il Consiglio e un collocamento privato di 10 milioni di dollari CAD di azioni ordinarie. Wimsatt, ex Chief Investment Officer di ECN Capital Corp., porta con sé oltre 20 anni di esperienza nei servizi finanziari e si concentrerà sul garantire finanziamenti per l'originazione dei leasing. Il collocamento privato offrirà fino a 200.000.000 di azioni ordinarie a 0,05 dollari per azione, con la partecipazione di Wimsatt, dei soci interni, della direzione e degli azionisti esistenti. I proventi finanzieranno le iniziative di crescita e supporteranno il rilancio delle originate di leasing. Il CEO Jeff Morgan ha espresso ottimismo riguardo alla posizione migliorata dell'azienda per garantire finanziamenti ed espandere la propria piattaforma nel settore automobilistico statunitense.
PowerBand Solutions Inc. (TSXV:PBX)(OTC PINK:PWWBF) ha anunciado dos desarrollos significativos: el nombramiento de John Wimsatt como Asesor Estratégico de la Junta y un colocación privada de 10 millones de CAD de acciones ordinarias. Wimsatt, ex Director de Inversiones de ECN Capital Corp., aporta más de 20 años de experiencia en servicios financieros y se enfocará en asegurar financiamiento para la originación de arrendamientos. La colocación privada ofrecerá hasta 200,000,000 de acciones ordinarias a 0.05 dólares por acción, con participación de Wimsatt, insiders, administración y accionistas existentes. Los ingresos financiarán iniciativas de crecimiento y apoyarán el reinicio de la originación de arrendamientos. El CEO Jeff Morgan expresó optimismo sobre la posición mejorada de la empresa para asegurar financiamiento y expandir su plataforma en la industria automotriz de EE. UU.
파워밴드 솔루션즈 Inc. (TSXV:PBX)(OTC PINK:PWWBF)는 두 가지 중요한 발전을 발표했습니다: 존 윔세트를 이사회 전략 고문으로 임명하고 1000만 캐나다 달러의 사모주식 배정을 진행합니다. 윔세트는 ECN 캐피탈 코퍼레이션의 전 Chief Investment Officer로서 20년 이상의 금융 서비스 경험을 보유하고 있으며, 리스 생성 자금 조달 시설 확보에 집중할 것입니다. 이번 사모주식 배정은 2억 주의 보통주를 주당 0.05달러에 제공하며, 윔세트, 내부자, 경영진 및 기존 주주가 참여합니다. 수익금은 성장 전략을 지원하고 리스 생성의 재개를 지원할 것입니다. CEO 제프 모건은 회사가 자금을 확보하고 미국 자동차 산업 전반에 플랫폼을 확장할 수 있는 개선된 입장에 대해 낙관하고 있다고 밝혔습니다.
PowerBand Solutions Inc. (TSXV:PBX)(OTC PINK:PWWBF) a annoncé deux développements importants : la nomination de John Wimsatt en tant que Conseiller Stratégique du Conseil d'Administration et une émission privée de 10 millions CAD d'actions ordinaires. Wimsatt, ancien Chief Investment Officer chez ECN Capital Corp., apporte plus de 20 ans d'expérience dans les services financiers et se concentrera sur la sécurisation des financements pour la création de baux. L'émission privée offrira jusqu'à 200.000.000 d'actions ordinaires à 0,05 dollar par action, avec la participation de Wimsatt, d'insiders, de la direction et des actionnaires existants. Les revenus financeront des initiatives de croissance et soutiendront le redémarrage de l'origination des baux. Le PDG Jeff Morgan a exprimé de l'optimisme quant à la position améliorée de l'entreprise pour obtenir des financements et étendre sa plateforme dans l'industrie automobile américaine.
PowerBand Solutions Inc. (TSXV:PBX)(OTC PINK:PWWBF) hat zwei bedeutende Entwicklungen angekündigt: die Ernennung von John Wimsatt zum Strategischen Berater des Vorstands und eine Private Placement von 10 Millionen CAD für Stammaktien. Wimsatt, ehemaliger Chief Investment Officer bei ECN Capital Corp., bringt über 20 Jahre Erfahrung im Finanzdienstleistungssektor mit und wird sich darauf konzentrieren, Finanzierungsquellen für die Vermietung zu sichern. Das Private Placement wird bis zu 200.000.000 Stammaktien zu je 0,05 Dollar pro Aktie anbieten, mit Beteiligung von Wimsatt, Insidern, dem Management und bestehenden Aktionären. Die Einnahmen werden dazu verwendet, Wachstumsinitiativen zu finanzieren und die Wiederaufnahme von Leasingverträgen zu unterstützen. CEO Jeff Morgan äußerte Optimismus hinsichtlich der verbesserten Position des Unternehmens zur Sicherung von Finanzierung und zur Erweiterung seiner Plattform in der US-Automobilindustrie.
- Appointment of John Wimsatt as Strategic Advisor, bringing extensive financial services experience
- CAD $10 million private placement to fund growth initiatives and restart lease originations
- Potential to increase the offering size by up to $2 million based on market demand
- Participation of insiders, management, and existing shareholders in the private placement
- Dilution of existing shareholders due to the large number of new shares being issued
- Reliance on securing additional lease origination funding facilities for growth
TORONTO, ON / ACCESSWIRE / September 3, 2024 / PowerBand Solutions Inc. (TSXV:PBX)(OTC PINK:PWWBF)(Frankfurt:1ZVA) ("PowerBand", "PBX" or the "Company"), a fintech platform targeting formation of lease originations for the automotive industry, announces that it has entered into a Strategic Advisory Agreement with John Wimsatt, former Chief Investment Officer at ECN Capital Corp. (TSX: ECN) ("ECN"), to act as an advisor to the Board of PowerBand Solutions Inc. The Company has also approved, up to a CAD
John Wimsatt joined ECN, a leading provider of business services to North American based banks, credit unions, life insurance companies, pension funds and institutional investors, in 2016. Mr. Wimsatt spent more than 20 years as a principal investor across debt and equity securities, focusing on the North American financial services industry, with material experience in sourcing credit and funding facilities for businesses throughout North America. He also served as a Managing Director and Portfolio Manager with several premier global asset managers.
In his role as Advisor to the Board, Mr. Wimsatt will primarily be focused on leading the process to identify and secure the formation of additional lease origination funding facilities and advise the Company with respect to negotiations of structure, price, terms and consideration applicable to any potential transaction. He will also provide strategic oversight, diligence and financial advisory services relating to the Company's automotive leasing origination business.
Private Placement
The Company is also pleased to announce the Offering, on a non-brokered private placement basis, of up to 200,000,000 common shares of the Company ("Common Shares") at a price of
The Company also announces that Mr. Wimsatt, along with insiders, management and existing shareholders, have indicated that they will be participating in the Offering.
The net proceeds of the Offering will be used to fund growth initiatives, and for general corporate and working capital purposes, including supporting the restart of lease originations. The Company also reserved the right, in its sole discretion, to increase the Offering size by up to
Jeff Morgan, PowerBand's CEO, commented: "Upon the closing of the private placement, which will provide an infusion of capital, and with the appointment of Mr. Wimsatt, the Company will be better positioned to secure a funding facility. We are excited that Mr. Wimsatt, with his proven track record in business development initiatives and leading capital formations, will help our executive team and Board of Directors as we expand our platform across the industry in the U.S. We have an incredible investor group showing their commitment to advancing this business. I am proud to add Mr. Wimsatt to our Investor list as he takes an advisory role in this next phase of our growth."
Closing of the Offering is subject to customary closing conditions, including acceptance of the TSX Venture Exchange. The Common Shares issued pursuant to the Offering will be subject to applicable statutory hold periods.
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.
Forward-Looking Information
Certain information included herein is forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information may include statements regarding the objectives, business strategies to achieve those objectives, expected financial results (including those in the area of risk management), economic or market conditions, and the outlook of or involving PowerBand, its subsidiaries and its businesses. Such information is typically identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "plan", "forecast", "future", "outlook, "guidance", "may", "project", "should", "strategy", "target", "will" or similar expressions suggesting future outcomes.
Forward-looking information is provided for the purpose of providing information about management's expectations and plans about the future and may not be appropriate for other purposes. Forward-looking information herein is based on various assumptions and expectations that PowerBand believes are reasonable in the circumstances. No assurance can be given that these assumptions and expectations will prove to be correct. Those assumptions and expectations are based on information currently available to PowerBand, including information obtained from third party industry analysts and other third-party sources, and the historic performance of PowerBand's businesses. Such assumptions include the timing of receipt of necessary regulatory approvals, anticipated financial performance, current business and economic trends, the amount and timing of future dividends paid by PowerBand, business prospects, utilization of tax basis, regulatory developments, currency, exchange and interest rates, commodity prices relating to the automotive industry, , trading data, cost estimates, our ability to obtain financing on acceptable terms, and statements regarding net working capital, anticipated operational and capital expenditure reductions, the length and impact of COVID-19 on PowerBand's businesses and customers and capital expenditure requirements of PowerBand, the assumptions set forth under the "Financial Outlook" sections of our MD&A. The forward-looking information is also subject to the risks and uncertainties set forth below. By its very nature, forward-looking information involves numerous assumptions, risks and uncertainties, both general and specific. Should one or more of these risks and uncertainties materialize or should underlying assumptions prove incorrect, as many important factors are beyond our control, PowerBand's actual performance and financial results may vary materially from those estimates and intentions contemplated, expressed or implied in the forward-looking information. These risks and uncertainties include those relating to incorrect assessments of value when making acquisitions, increases in debt service charges, the loss of key personnel, the anticipated impact of the COVID-19 pandemic, the impact of increased inflation and the expected economic recession, fluctuations in foreign currency and exchange rates, inadequate insurance coverage, liability for cash taxes, counterparty risk, compliance with environmental laws and regulations, reduced customer demand, operational risks involving our facilities, force majeure, labour relations matters, our ability to access external sources of debt and equity capital, and the risks identified in our MD&A under the heading "Risk Factors". The preceding list of assumptions, risks and uncertainties is not exhaustive.
When relying on our forward-looking information to make decisions with respect to PowerBand, investors and others should carefully consider the preceding factors, other uncertainties and potential events. Any forward-looking information is provided as of the date of this document and, except as required by law, PowerBand does not undertake to update or revise such information to reflect new information, subsequent or otherwise. For the reasons set forth above, investors should not place undue reliance on forward-looking information.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.
SOURCE: PowerBand Solutions Inc.
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FAQ
What is the purpose of PowerBand Solutions' $10 million private placement?
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What is the price per share for PowerBand Solutions' private placement announced on September 3, 2024?
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