Powerband Announces Shareholder Meeting and Proposed Consolidation
March 16, 2018
Vancouver, British Columbia – (Newsfile Corp. – March 16, 2018) - PowerBand Solutions Inc. (TSXV: PBX) (“PowerBand” or the “Company”) is pleased to announce that it will hold its annual general and special meeting of shareholders on Tuesday, April 10, 2018 (the “Meeting”). The Information Circular and Proxy for the Meeting was mailed to shareholders of record as at March 7, 2018.
In addition to the regular matters considered at annual meetings, shareholders of the Company will be asked to approve the adoption of new articles containing Advance Notice Provisions relating to the nominations of directors for election at shareholder meetings, as more particularly described in the Company’s Information Circular, and as further described in the Company’s news release dated March 9, 2018.
PowerBand will also seek shareholder approval for a proposed consolidation of its shares on a four (4) for one (1) basis. The consolidation is subject to approval of the TSX Venture Exchange and the approval of shareholders of the Company by special resolution. The Company currently has issued and outstanding 218,981,402 common shares, and if the consolidation is approved and carried out as proposed, the Company will have approximately 54,745,350 common shares issued and outstanding. The Company will not be changing its name in conjunction with the consolidation.
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 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.