PowerBand Provides Bi-Weekly MCTO Status Update

TORONTO, ON / ACCESSWIRE / May 15, 2024 / PowerBand Solutions Inc. (TSXV:PBX)(OTC PINK:PWWBF) ("PowerBand" or the "Company") is providing a bi-weekly status update in accordance with the National Policy 12-203 - Management Cease Trade Orders ("NP 12-203").

As previously announced on April 16, 2024 (the "Default Announcement"), the Company applied for the MCTO due to a delay in the filing of the audited consolidated financial statements for the year ended December 31, 2023, annual management's discussion and analysis for the same period and management certifications of annual filings (collectively, the "Filings"). The MCTO was granted by the Ontario Securities Commission on April 30, 2024, and the Company continues to work diligently with its auditors and expects to file the Filings as soon as possible and in any event on or about June 15, 2024.

The MCTO restricts the Company's Chief Executive Officer and Chief Financial Officer from trading in the Company's securities but does not affect the ability of other shareholders, including the public, to trade in securities of the Company.

The Company confirms that since the date of the Default Announcement: (i) other than as described above, there has been no material change to the information set out in the Default Announcement that has not been generally disclosed, (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203, and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.

The Company confirms that it will continue to satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it remains in default of the above-noted filing requirements.

About PowerBand Solutions Inc.
PowerBand Solutions Inc., listed on the TSX Venture Exchange, OTC PINK, and Frankfurt markets, is a fintech provider disrupting the automotive industry. PowerBand's integrated, cloud-based transaction platform facilitates transactions amongst consumers, dealers, and funders. PowerBand's transaction platform - trademarked under DRIVRZ - is being made available across the United States of America.