PowerBand Announces Results of Annual General Meeting

Rhea-AI Summary

PowerBand Solutions Inc. announced the results of its Annual General Meeting held on June 15, 2021. Shareholders approved all items proposed by the Board of Directors, including setting the number of Directors at six. The elected Directors are Kelly Jennings, Darrin Swenson, Ivan Buzbuzian, Bill Butler, Andrea Parliament, and Steven Lee. MNP LLP was appointed as the Company’s auditor. Additionally, the 2021 Incentive Stock Option Plan and the 2021 Restricted Share Unit Plan were approved, allowing the issuance of up to 33,372,093 and 8,000,000 common shares, respectively.

Positive

• All proposed items were approved by shareholders.
• Appointment of an experienced auditor, MNP LLP.
• Approval of significant stock option plans allowing for future capital incentives.

Negative

• None.

TORONTO, ON / ACCESSWIRE / June 16, 2021 / PowerBand Solutions Inc. (TSXV:PBX)(OTCQB:PWWBF)(FRA:1ZVA) ("PowerBand", "PBX" or the "Company") is pleased to announce the results of voting at its Annual General Meeting of Shareholders held virtually on Tuesday June 15, 2021.

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:
   • Kelly Jennings
   • Darrin Swenson
   • Ivan Buzbuzian
   • Bill Butler
   • Andrea Parliament
   • Steven Lee
3. MNP LLP has been appointed as the Company's auditor.
4. The 2021 Incentive Stock Option Plan (20% Fixed Plan) was approved by disinterested shareholders, reserving for issuance up to 33,372,093 common shares of the Company.
5. The 2021 Restricted Share Unit Plan was approved by disinterested shareholders, reserving for issuance a maximum of 8,000,000 common shares 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:

Kelly Jennings
Chief Executive Officer
E: info@powerbandsolutions.com
P: 1-866-768-7653

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" 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.

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.

View source version on accesswire.com:
https://www.accesswire.com/651907/PowerBand-Announces-Results-of-Annual-General-Meeting

FAQ

What were the results of PowerBand Solutions' Annual General Meeting on June 15, 2021?

The meeting resulted in the approval of all proposed items, including the election of six Directors and the appointment of MNP LLP as the auditor.

Who were elected as Directors during the PowerBand Solutions AGM?

The elected Directors include Kelly Jennings, Darrin Swenson, Ivan Buzbuzian, Bill Butler, Andrea Parliament, and Steven Lee.

What stock option plans were approved by PowerBand Solutions' shareholders?

Shareholders approved the 2021 Incentive Stock Option Plan for up to 33,372,093 common shares and the 2021 Restricted Share Unit Plan for up to 8,000,000 common shares.