PowerBand Solutions (TSXV: PBX) (OTCQB: PWWBF) (Frankfurt: 1ZVA), an innovative automotive fintech leader providing digital and virtual platform solutions to buy, sell, trade, lease or finance vehicles to consumers, dealers and OEMs, today announced the settlement of debt owed to Kelly Jennings, the CEO of the company. According to the update, PowerBand’s board approved the settlement of an outstanding debt of $1,000,000 owed to the CEO of the company, as of March 31, 2021, through the issuance of 800,000 common shares in the capital of PowerBand, each at a deemed price of $1.25. The closing share price of PBX on the TSX Venture Exchange on March 31, 2021, was $1.03. “PowerBand wants to thank Mr. Jennings for his generous loan early on, which he is now turning into a further equity position in PowerBand and the DRIVRZ(TM) virtual marketplace, which we believe will transform automotive retail,” said Jon Lamb, president of North American Operations.
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About PowerBand Solutions Inc.
PowerBand Solutions, listed on the TSX Venture Exchange and the OTCQB markets, is a fintech provider disrupting the automotive industry. PowerBand’s integrated, cloud-based 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 smart phones or any other online digital devices, from any location. PowerBand’s transaction platform – DRIVRZ(TM) – will be available across North American and global markets. For more information, visit www.PowerBandSolutions.com.
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