CEO.CA Chairman's Briefing

TORONTO, ON / ACCESSWIRE / October 2, 2024 / PowerBand Solutions Inc. (TSXV:PBX)(OTC Pink:PWWBF)(Frankfurt:1ZVA) ("PowerBand" or the "Company"), a fintech platform targeting the formation of lease originations for the automotive industry, is pleased to announce it has completed its non-brokered private placement of common shares (each, a "Common Share") in the capital of the Company, previously announced on September 3, 2024, pursuant to which it has issued an aggregate of 217,690,000 Common Shares at a price of CAD$0.05 per Common Share raising gross proceeds of CAD$10,884,500 (collectively, the "Private Placement").

The aggregate gross proceeds from the Private Placement will be used to fund growth initiatives, and for general corporate and working capital purposes.

Jeff Morgan, PowerBand's CEO, commented: "We are thankful to the many existing and new investors who participated in the over-subscribed private placement financing and for their commitment that they have shown to the Company. With the infusion of capital the Company, soon to be re-branded as AmeriTrust, will be better positioned to develop the capacity to expand the portfolio of leases that it services, to implement a "Lender Remarketing" division that will provide banks, credit unions and lenders nationwide with a more profitable solution to remarketing repossessions and end-of-term leases, and to develop innovative hybrid finance alternatives that we intend to introduce to the market in the future."

The Common Shares issued pursuant to the Private Placement are subject to applicable statutory hold periods.

In connection with the Private Placement, and as approved by the TSXV, PowerBand has agreed to pay certain commissions to the following persons: Canaccord Genuity Corp., PowerOne Capital Markets Limited, Research Capital Corporation, Clarus Securities Inc. and RBC Dominion Securities.

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 is being made available across the United States.

For further information, please visit the PowerBand website or contact:

Shibu Abraham
Chief Financial Officer and Director
E: info@powerbandsolutions.com
P: 1-800-600-6872

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.

Forward-looking information in this document includes: future financial position, anticipated use of proceeds from the Private Placement, anticipated timing of the Company's name change and payment of certain commissions.

Forward-looking information is provided for the purpose of providing information about management's expectations and plans about the future and may not be appropriate for other purposes. Forward-looking information herein is based on various assumptions and expectations that PowerBand believes are reasonable in the circumstances. No assurance can be given that these assumptions and expectations will prove to be correct. Those assumptions and expectations are based on information currently available to PowerBand, including information obtained from third party industry analysts and other third-party sources, and the historic performance of PowerBand's businesses. Such assumptions include the timing of receipt of necessary regulatory approvals, anticipated financial performance, current business and economic trends, the amount and timing of future dividends paid by PowerBand, business prospects, utilization of tax basis, regulatory developments, currency, exchange and interest rates, commodity prices relating to the automotive industry, trading data, cost estimates, our ability to obtain financing on acceptable terms, and statements regarding net working capital, anticipated operational and capital expenditure reductions, the length and impact of COVID-19 on PowerBand's businesses and customers and capital expenditure requirements of PowerBand, the assumptions set forth under the "Financial Outlook" sections of our MD&A. The forward-looking information is also subject to the risks and uncertainties set forth below.

By its very nature, forward-looking information involves numerous assumptions, risks and uncertainties, both general and specific. Should one or more of these risks and uncertainties materialize or should underlying assumptions prove incorrect, as many important factors are beyond our control, PowerBand's actual performance and financial results may vary materially from those estimates and intentions contemplated, expressed or implied in the forward-looking information. These risks and uncertainties include those relating to incorrect assessments of value when making acquisitions, increases in debt service charges, the loss of key personnel, the anticipated impact of the COVID-19 pandemic, the impact of increased inflation and the expected economic recession, fluctuations in foreign currency and exchange rates, inadequate insurance coverage, liability for cash taxes, counterparty risk, compliance with environmental laws and regulations, reduced customer demand, operational risks involving our facilities, force majeure, labour relations matters, our ability to access external sources of debt and equity capital, and the risks identified in our MD&A under the heading "Risk Factors". The preceding list of assumptions, risks and uncertainties is not exhaustive.

When relying on our forward-looking information to make decisions with respect to PowerBand, investors and others should carefully consider the preceding factors, other uncertainties and potential events. Any forward-looking information is provided as of the date of this document and, except as required by law, PowerBand does not undertake to update or revise such information to reflect new information, subsequent or otherwise. For the reasons set forth above, investors should not place undue reliance on forward-looking information.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.

SOURCE: PowerBand Solutions Inc.