PowerBand Solutions Announces Closing of First Tranche of Private Placement

TORONTO, ON / ACCESSWIRE / April 26, 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 it has completed a first tranche of its non-brokered private placement of common shares (each, a "Common Share") in the capital of the Company, previously announced on April 4, 2024, pursuant to which it has issued an aggregate of 69,333,332 Common Shares at a price of CAD $0.015 per Common Share raising gross proceeds of CAD $1,040,000 (collectively, the "First Tranche").

The aggregate gross proceeds from the First Tranche will be used to fund growth initiatives, and for general corporate and working capital purposes, including supporting lease origination.

All securities issued in connection with the First Tranche are 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:[e-mail]
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.