Business
PowerBand Announces Shares For Debt Conversion For Chief Executive Officer
DRIVRZ™ Virtual Marketplace On Track To Meet 2021 Milestones And Profitability VA...
About this update from Ameritrust Financial Technologies Inc.
[{"type":"text","content":"PowerBand Announces Shares For Debt Conversion For Chief Executive OfficerDRIVRZ™ Virtual Marketplace On Track To Meet 2021 Milestones And ProfitabilityVANCOUVER, BC / ACCESSWIRE / April 1, 2021 / PowerBand Solutions Inc. (TSXV:PBX) (OTCQB:PWWBF) (Frankfurt:1ZVA) (\"PowerBand\", \"PBX\" or the \"Company\"), an innovative automotive fintech leader providing digital and virtual platform solutions to buy, sell, trade, lease, or finance vehicles to consumers, dealers and OEMs, announces the settlement of debt owed to Kelly Jennings, the CEO of the Company.The PowerBand Board approved the Company to make a settlement of an outstanding debt of $1,000,000 owed to the CEO of the Company, as of March 31, 2021, through the issuance of 800,000 Common Shares in the capital of PowerBand at a deemed price of $1.25 per Common Share. The closing share price of PBX on the TSX Venture Exchange on March 31, 2021 was $1.03.\"PowerBand wants to thank Mr. Jennings for his generous loan early on which he is now turning into a further equity position in PowerBand and the DRIVRZ™ virtual marketplace, which we believe will transform automotive retail.\" said Jon Lamb, President of North American Operations.DRIVRZ™ is PowerBand's proprietary virtual marketplace for consumers, automotive dealers and OEMs to buy, lease, sell, auction, finance and insure vehicles from smart phones or other digital devices. Itprovides consumers and automotive dealers access to approximately 4.5 million vehicles for sale or lease.The DRIVRZ™ auction component‚ drivrzXchange, is now being piloted in northwest Arkansas and will be rolled out to other states and nationally in the months ahead.\"I believe in this company and I am delighted to turn my loan into share equity,\" said CEO Kelly Jennings. \"We are on track to profitability and the full DRIVRZ™ suite of services will soon be available to millions of drivers, as well as automotive dealers.\"The issuance of the Common Shares to settle the debt is subject to the approval of the TSX Venture Exchange. All securities issued will be subject to a four month hold period which will expire on the date that is four months and one day from the date of issuance.About PowerBand Solutions, Inc.PowerBand Solutions Inc., listed on the TSX Venture Exchange and the OTCQB markets, is a fintech pr...