Powerband Appoints Gordon Cummings as CFO
Vancouver, British Columbia -- (Newsfile Corp. – November 5, 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 it has appointed Gordon Cummings, CPA, CA, FCA (UK), as Chief Financial Officer of the Company.
Gordon has over 29 years of experience in finance and management including: senior managerial positions in 2 of the Big 4 audit firms; the positions of CFO and then subsequently CEO of a Canadian alternative investment manager; the roles of CFO followed by CEO of a gold-silver exploration and development company listed on the TSX and NYSE Amex; and most recently a senior finance role with one of Canada’s largest pension asset managers, with assets under management of over $140 billion. Gordon holds a Bachelor of Accountancy degree from the University of Glasgow and is a Chartered Professional Accountant (CPA, CA) and Fellow of the Institute of Chartered Accountants in England & Wales. Gordon will be responsible for leading the finance and treasury functions for the Company, as well as playing a key role in future corporate finance activities.
Mike Moen, President and COO of PowerBand, commented: “We are very pleased that Gordon has decided to join our team as we start to capitalize on the many opportunities presented to PowerBand in Canada, the United States, and globally. Gordon has considerable experience in cross-border financing and M&A activities and we are looking forward to his leadership in these areas.”
“Taking on the role of CFO of PowerBand Solutions is a tremendous opportunity,” said Gordon Cummings. “I look forward to working with Mike Moen and all the members of the team to strengthen corporate strategy and governance, improve cost controls, and drive towards profitability.”
Mike Moen also stated: “I would like to thank Joe Mastrogiacomo for his service as CFO over the past several months, and wish him well with his future endeavors.”
Gordon Cummings has been granted an option to acquire 400,000 common shares (“Shares”) at an exercise price of $0.125, being the closing trading price of the Shares on the TSX-V on November 2, 2018. The options will expire five years from the date of grant and vest over three years.
In addition, a consultant has been granted an option to acquire 500,000 Shares at an exercise price of $0.125, being the closing trading price of the Shares on the TSX-V on November 2, 2018. The options will expire five years from the date of grant of these options. 81,034 will vest immediately and the remaining 418,966 have been conditionally granted and will vest over three years after certain grant conditions are met.
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 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:
Richard Goldman, VP Corporate Development
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.
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