PowerBand Announces Board and Management Changes

TORONTO, ON / ACCESSWIRE / May 14, 2024 / PowerBand Solutions (TSXV:PBX)(OTC Pink:PWWBF)(Frankfurt:1ZVA) ("PowerBand" "PBX" or the "Company"), a comprehensive e-commerce solution transforming the online experience to lease and finance vehicles, is pleased to announce the appointment of Kris Gaerlan to the Company's Board of Directors.

Kris Gaerlan is an experienced executive and is known as a respected leader in the automotive industry. As President of Dallas Lease Returns, Kris has been responsible for innovating the dealership customer experience that has earned the company seven consecutive DealerRater Dealer of the Year awards, including Used Car Dealer of the Year for the entire United States in both 2023 and 2024. Kris also serves as an advisor on the National Dealer Council of Capital One Auto Finance.

The Company also announces that Darrin Swenson has resigned from the Board of Directors of PowerBand, effective immediately. Jeff Morgan, PowerBand's CEO, commented: "Darrin Swenson was instrumental in directing PowerBand through a difficult period for the Company and his contributions as the former CEO and as a long-serving director are greatly appreciated."

Further, Bryan Hunt has stepped down as Chairman of the Board of Directors and will remain as a director. Jeff Morgan has been appointed Chairman.

The Company is also pleased to announce several significant senior management appointments:

Xia Zhang has returned to the company and has been appointed as PowerBand's Chief Technology Officer. Xia was the original software architect of the used car leasing and loan origination platform for MUSA Auto Finance, which PowerBand acquired its initial 60% interest in 2019.

Blake Kirk has been promoted to the position of Chief Operating Officer for the Company. Blake was previously VP of Servicing for Drivrz Financial.

Sean Severin has been appointed Chief Information Officer for PowerBand, moving from his previous role of CTO.

Jeff Morgan commented: "I have known Kris Gaerlan for over twenty years. Kris brings a wealth of knowledge to PowerBand's Board in many ways, but none more important than his knowledge at the dealer level. I am honoured that Kris has accepted the offer to join PowerBand's Board of Directors.

Making leadership moves to get the right people in the correct positions is critical to PowerBand's future. It is easy to promote people like Sean, Blake, and Xia. They have earned these roles and have been executing our vision very well. They absolutely deserve the recognition and respect that comes with these titles. I look forward to executing the growth of PowerBand with their help."

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 DRIVRZ^TM - 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 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", "believes" 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.

SOURCE: PowerBand Solutions Inc.