Vancouver, British Columbia – (Newsfile Corp. – April 11, 2018) - PowerBand Solutions Inc. (TSXV: PBX) (“PowerBand” or the “Company”) announces it is proceeding with a consolidation of its issued and outstanding common shares on the basis of one (1) new post-consolidation common share for every four (4) pre-consolidated common shares (the “Consolidation”). The Consolidation was approved by a special resolution of the shareholders at the Company’s Annual General and Special Meeting held on April 10, 2018 (the “Meeting”). All other matters brought before the Meeting were also approved, further particulars of which are available in the Company’s Meeting materials filed on SEDAR.
The Board of Directors of PowerBand believe the Consolidation is in the best interest of its shareholders and sought its approval in order to provide the Company with greater flexibility to arrange additional equity financings. At a meeting of the Company’s Board of Directors immediately following the Meeting, the Board resolved to proceed with the Consolidation approved by the shareholders.
Currently, a total of 218,981,402 common shares of the Company are issued and outstanding, and after the Consolidation the Company will have 54,745,350 issued and outstanding common shares. PowerBand will obtain a new CUSIP number for the Company’s shares, however the Company’s current name and trading symbol will remain unchanged.
The Consolidation is subject to receipt of TSX Venture Exchange approval.
About PowerBand Solutions Inc.
PowerBand Solutions Inc. is a technology provider listed on the TSX Venture Exchange that is developing solutions for automotive and other industries that drive efficiency and transparency in the marketplace. PowerBand has developed and commercialized a leading-edge Software-as-a-Service auction and finance portal platform that increases revenues and profit margins for its automotive dealership, Original Equipment Manufacturer, commercial fleet and rental company customers.
PowerBand’s auction platform, the PowerBand Exchange, incorporates the industry’s latest auction technologies, market intelligence, and appraisal processes to increase its customers’ control and productivity.
For further information, please contact:
Richard Goldman, Vice President, Finance
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.