PowerBand Announces Results of Annual General and Special Meeting

Rhea-AI Summary

PowerBand Solutions held its Annual General and Special Meeting on September 14, 2022, with all proposals by the Board approved by shareholders. Key outcomes included the election of six directors: J. Bryan Hunt Jr., Darrin Swenson, Joe Poulin, Geoffrey Belsher, Jerome Letter, and Vassilis Stachtos. MNP LLP was appointed as the auditor. Shareholders also approved the 2022 Incentive Stock Option Plan, reserving up to 59,443,717 shares, and the 2022 Restricted Share Unit Plan, reserving a maximum of 15,000,000 shares. J. Bryan Hunt Jr. was designated as a new Control Person of the Company.

Positive

• All proposals by the Board were approved unanimously by shareholders.
• The company successfully appointed MNP LLP as its auditor.
• The approval of the 2022 Incentive Stock Option Plan enables issuance of significant shares for employee incentives.
• The 2022 Restricted Share Unit Plan received approval, allowing for additional share issuance for compensation.

Negative

• None.

TORONTO, ON / ACCESSWIRE / September 15, 2022 / PowerBand Solutions (TSXV:PBX)(OTCQB:PWWBF)(Frankfurt:1ZVA) ("PowerBand", "PBX"or the "Company"), a comprehensive e-commerce solution transforming the online experience to sell, trade, lease, and finance vehicles, is pleased to announce the results of voting at its Annual General and Special Meeting of Shareholders held virtually on Wednesday, September 14, 2022.

Shareholders voted in favour of all items put forward by the Board of Directors and management, namely:

1. The number of Directors was set at six (6).
2. The elected Directors of the Company are:

J. Bryan Hunt Jr.

Darrin Swenson

Joe Poulin

Geoffrey Belsher

Jerome Letter

Vassilis Stachtos

1. MNP LLP has been appointed as the Company's auditor.
2. The 2022 Incentive Stock Option Plan (20% Fixed Plan) was approved by disinterested shareholders, reserving for issuance up to 59,443,717 common shares of the Company.
3. The 2022 Restricted Share Unit Plan was approved by disinterested shareholders, reserving for issuance a maximum of 15,000,000 common shares of the Company.
4. The shareholders approved J. Bryan Hunt Jr., through his direct or indirect shareholdings, as a new Control Person of the Company.

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, funders, and manufacturers (OEMs). It enables them to buy, sell, trade, finance, and lease new and used, electric and non-electric vehicles, on any phone, tablet or PC connected to the internet. PowerBand's transaction platform - being trademarked under DRIVRZ™ - is being made available across North American and global markets.

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.

SOURCE: PowerBand Solutions Inc.

View source version on accesswire.com:
https://www.accesswire.com/716051/PowerBand-Announces-Results-of-Annual-General-and-Special-Meeting

FAQ

What were the results of PowerBand Solutions' annual meeting on September 14, 2022?

At the annual meeting, shareholders approved all proposals from the Board, including the appointment of six directors.

Who were elected as directors at PowerBand Solutions' annual meeting?

The elected directors include J. Bryan Hunt Jr., Darrin Swenson, Joe Poulin, Geoffrey Belsher, Jerome Letter, and Vassilis Stachtos.

What is the significance of the 2022 Incentive Stock Option Plan approved by PowerBand Solutions?

The plan allows for the issuance of up to 59,443,717 common shares, which can enhance employee retention and motivation.

What company was appointed as auditor for PowerBand Solutions?

MNP LLP was appointed as the auditor for PowerBand Solutions during the annual meeting.

Who is the new Control Person of PowerBand Solutions as per the recent meeting?

J. Bryan Hunt Jr. has been approved as a new Control Person based on his shareholdings.