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."