Powerband Announces DTC Eligibility of Its Common Shares in the United States
Vancouver, British Columbia -- (Newsfile Corp. – September 19, 2018) - PowerBand Solutions Inc. (TSXV: PBX) (OTCQB: PWWBF) (Frankfurt: 1ZVA) ("PowerBand" or the "Company"), a leading online auction and remarketing platform to buy and sell used vehicles, is pleased to announce that the Company's common shares traded in the United States, under the symbol PWWBF, are Depository Trust Company ("DTC") eligible.
DTC is a subsidiary of The Depository Trust & Clearing Corporation, which manages electronic clearing and settlement of publicly traded companies. Securities, such as PWWBF’s, that are eligible to be electronically cleared and settled through the DTC are considered "DTC eligible." Trading of securities through DTC allows for cost-effective clearing and guaranteed settlement, in turn simplifying and accelerating the settlement process for investors trading PWWBF's shares.
Securities that do not have DTC eligible status are often not accepted for trading at many brokerages due to the amount of paperwork and staff required to execute and settle trades, which makes it more difficult for a significant percentage of investors to easily access the shares in question.
PowerBand’s CEO, Kelly Jennings, commented, "We are very pleased to have obtained DTC eligibility. This status will greatly simplify the process of investors and brokers trading and exchanging our stock in the United States, which will benefit PowerBand and our shareholders. We also expect that being DTC eligible will improve our overall share liquidity and the attractiveness of PowerBand's shares on the market, particularly as we introduce our online auction vehicle remarketing marketplace into the United States."
DTC is a member of the U.S. Federal Reserve System, a limited-purpose trust company under New York State banking law, and a registered clearing agency with the U.S. Securities and Exchange Commission.
In addition to the trading in the U.S., PowerBand’s shares continue to trade on the TSX Venture Exchange (TSXV: PBX) and the Frankfurt Stock Exchange (Frankfurt: 1ZVA).
PowerBand 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 online auction platform that increases revenues and profit margins for its automotive dealership, Original Equipment Manufacturer, commercial fleet and rental company customers. PowerBand's remarketing platform, the PowerBand Exchange, incorporates the industry's latest auction technologies, inventory management, market intelligence, and appraisal processes.
For further information, please contact:
Patrick Piette, Investor Relations
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.