PowerBand Solutions enters strategic advisory agreement with John Wimsatt

PowerBand Solutions has entered into a Strategic Advisory Agreement with John Wimsatt, former CIO at ECN Capital Corp., to act as an advisor to the Board of PowerBand Solutions Inc. The Company has also approved, up to a CAD $10 million non-brokered, private placement of common shares of the Company. In his role as Advisor to the Board, Mr. Wimsatt will primarily be focused on leading the process to identify and secure the formation of additional lease origination funding facilities and advise the Company with respect to negotiations of structure, price, terms and consideration applicable to any potential transaction. He will also provide strategic oversight, diligence and financial advisory services relating to the Company’s automotive leasing origination business. The Company is also pleased to announce the Offering, on a non-brokered private placement basis, of up to 200,000,000 common shares of the Company at a price of $0.05 per Common Share for aggregate gross proceeds of up to CAD $10,000,000. The Company also announces that Mr. Wimsatt, along with insiders, management and existing shareholders, have indicated that they will be participating in the Offering. The net proceeds of the Offering will be used to fund growth initiatives, and for general corporate and working capital purposes, including supporting the restart of lease originations. The Company also reserved the right, in its sole discretion, to increase the Offering size by up to $2,000,000 based on market demand.