PowerBand Solutions Announces Appointment of New CEO and Board Members and $2 Million Financing of Common Shares
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TORONTO, ON / ACCESSWIRE / April 4, 2024 / PowerBand Solutions Inc. (TSXV:PBX)(OTC Pink:PWWBF)(Frankfurt:1ZVA) ("PowerBand", "PBX" or the "Company"), a comprehensive trading and financing technology platform transforming the online experience to sell, trade, lease, and finance vehicles, is pleased to announce the return of its former MUSA Auto Finance founder and CEO Jeff A. Morgan, as CEO of the Company. Mr. Morgan will be serving as the new CEO of PowerBand Solutions and will also be serving on the Board of Directors of the Company. Previous director and long-term investor Steven Lee have also agreed to return the Board of Directors, filling two vacancies to the Company board.
Mr. Morgan commented: "Darrin Swenson and Bryan Hunt are both world class individuals and businessmen. They were both instrumental in bringing me to PowerBand originally and now responsible for my return to lead the Company. I thank them both for their support and confidence in my new business model for PowerBand Solutions. I am excited to get started and I look forward to working with Powerband's team, customers, and investors."
About Jeff Morgan: Mr. Morgan is a 33-year veteran of the auto industry that specializes in auto leasing and finance. Early in his career he spent 12 years managing a small auto facilitator in Texas to become the largest direct to consumer leasing company in the country. Mr. Morgan was also the founder and CEO of MUSA Auto Finance (purchased by PowerBand) and Mortgages USA. He is best known in the industry as being the first National Lease Partner to Tesla where he and his team successfully developed, first of its kind, consumer facing technology for new and used Tesla leases. His business models and technology development ultimately lead to partnerships with leading investment banks, private equity firms, credit unions and automotive industry participants.
About Steven Lee: Mr. Lee brings an extensive background of over 25 years in the areas of asset backed financing and capital markets. Mr. Lee is the founder and principal of Newbridge Financial Group established since 1997. As the founder of the company, he is instrumental as a leader and visionary for the success of Newbridge Capital and award winning Newbridge Mortgage in Canada. He has to date originated and underwritten over
Offering of Common Shares
The Company is also pleased to announce a non-brokered private placement of 133,333,333 common shares of the Company ("Common Shares") at a price of CAD
The net proceeds of the Offering fund growth initiatives, and for general corporate and working capital purposes, including supporting lease origination.
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 - trademarked under DRIVRZTM - is being made available across the United States of America.
For further information, please visit the Powerband website or contact:
Shibu Abraham
Chief Financial Officer and Director
E:info@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.
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 in this document includes: future financial position, benefits expected from agreements with an existing dealer constituting a material transaction, anticipated use of proceeds from the Offering, expected timing for completing the Offering.
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, that all conditions to the closing of the Offering will be satisfied, that the Offering will be completed on the terms set forth in the applicable transaction agreements, 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 or the Offering may not be completed. These risks and uncertainties include those relating to satisfaction of the conditions to completion of the Offering, the risk that the Offering is not completed on the terms set out in the transaction agreements or at all, 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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