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PowerBand Solutions Announces Transformative Strategic Partnerships and Financing to Create Leading Automotive Fintech Platform
US$20M Strategic Private Placement by J. Bryan Hunt Jr. and Joe Poulin Proposed Board ...
About this update from Ameritrust Financial Technologies Inc.
[{"type":"text","content":"PowerBand Solutions Announces Transformative Strategic Partnerships and Financing to Create Leading Automotive Fintech PlatformUS$20M Strategic Private Placement by J. Bryan Hunt Jr. and Joe PoulinProposed Board ChangesTORONTO, ON / ACCESSWIRE / May 10, 2022 / PowerBand Solutions Inc. (TSXV:PBX)(OTCQB:PWWBF)(Frankfurt:1ZVA) (\"PowerBand\", \"PBX\" or the \"Company\"), a comprehensive trading and financing technology platform transforming the online experience to sell, trade, lease, and finance vehicles, is pleased to announce a US$20 million private placement (the \"Private Placement\") with an investment vehicle controlled by J. Bryan Hunt Jr. (\"Hunt\") and JPK Capital, an investment vehicle wholly-owned by Joe Poulin. Upon closing of the Private Placement, Mr. Hunt, will assume the role of Chairman of the Board and Mr. Poulin the role of Vice-Chairman.Darrin Swenson, incoming President and CEO commented: \"We are excited to announce the next phase of growth at PowerBand - attracting a generational automotive family like the Hunt Family and an experienced technology entrepreneur like Mr. Poulin reflect the quality and reach of the underlying technology we have at the Company. Powerband has tremendous potential with this strengthened leadership team and sponsorship and is at a critical inflection point as it commercializes its disruptive automotive fintech solutions. Our vision for the Company is a growing and sustainable business model that is self-funded with internally generated cash flow, with several financing strategies available to the Company. We look forward to providing a strategic plan by the end of the third quarter of 2022. We would like to thank Kelly Jennings for his vision and stewardship since the Company's inception and for his confidence in the new management and board of directors to guide us all through the next phases of the Company's growth trajectory.\"Mr. Hunt, incoming Chairman of the Board commented: \"The automotive industry is consistently one of the leading total addressable markets in the U.S. and has been a generational opportunity for the Hunt Family. With the Company now well capitalized and supported by strategic partners, our mission is to be one of the leading automotive technology companies in the space. We have been working diligently on a new strategic vision and look forward to sharing i...