Powerband Announces Appointment Of New Director And Grant Of Options
Thursday, July 11, 2019 9:00 AM
VANCOUVER, BC / ACCESSWIRE / July 11, 2019 / PowerBand Solutions Inc. (TSXV: PBX) (OTCQB: PWWBF) (Frankfurt: 1ZVA) ("PowerBand", “PBX” or the "Company”), a leading online automotive auction, remarketing and vehicle acquisition and sales platform in North America, is pleased to announce that it has appointed Ivan Buzbuzian to its board of directors (the “Board”).
Mr. Buzbuzian brings an extensive background in the areas of capital markets, project development, operations, and management. Originally, Mr. Buzbuzian was involved in the management and operations of his family business, a nonferrous jobbing foundry, which had over sixty years of success in both the Canadian and U.S. markets. Mr. Buzbuzian has participated financially and actively in other business ventures both in the private and public sectors, expanding from manufacturing to service sectors and commerce, project financing, marketing, real estate, healthcare, and natural resources. Mr. Buzbuzian’s experience as a registered broker with the Ontario Securities Commission is a credit not only to his knowledge of the public markets and the financial industry, but also to his professionalism and integrity.
Mike Moen, President of PowerBand, stated: “We are very pleased that Ivan has accepted our offer to join the Board of PowerBand. Ivan has a deep knowledge of the investment industry and a broad global network of automotive, software and investment industry executive contacts which will advance PowerBand’s growth in the future. We are looking forward to working with Ivan to expand PowerBand’s global reach.”
In relation to his appointment to the Board PowerBand has granted Ivan Buzbuzian incentive stock options to acquire 500,000 common shares of the Company at an exercise price of $0.10. The options expire five years from the date of grant and will vest over a two year period.
In addition to the options granted to Ivan Buzbuzian the Company has also granted incentive stock options to employees, consultants, officers and directors to acquire 6,300,000 common shares of PowerBand at an exercise price of $0.10. The options expire five years from the date of grant. 2,000,000 of the options vest immediately, with 4,300,000 options vesting over a two year period.
The Company would also like to announce that following approval from disinterested shareholders at the Company’s Annual General Meeting on May 29, 2019 it has issued 3,000,000 shares to the President of the Company, with a hold period expiry date of October 8, 2019.
About PowerBand Solutions Inc.
PowerBand Solutions Inc. is a technology provider listed on the TSX Venture Exchange. The Company has developed and commercialized a leading-edge used vehicle online remarketing auction platform, the PowerBand Exchange, that incorporates the industry's latest auction technologies, inventory management, market intelligence, and appraisal processes. In addition, with receipt of its Exporter Licence, PowerBand is well positioned to actively participate in the USD$10 billion cross-border used vehicle export market.
For further information, please contact:
Richard Goldman, VP Corporate Development
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" 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.
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SOURCE: PowerBand Solutions Inc.