PowerBand Solutions Announces Appointment of New CEO and Board Members and $2 Million Financing of Common Shares

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 $3.0 billion of asset backed credit facilities working with many bank partners in Canada. His vast professional experience in financial underwriting and operations together with his well respected reputation in the financial industry will be an asset to Powerband Solutions Inc.