PowerBand Granted Approval for MCTO

TORONTO, ON / ACCESSWIRE / May 1, 2024 / PowerBand Solutions Inc. (TSXV:PBX)(OTC PINK:PWWBF) ("PowerBand" or the "Company") announces that its principal regulator, the Ontario Securities Commission, has granted the Company its request for a management cease trade order (the "MCTO").

As previously announced on April 16, 2024 (the "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 restricts the Company's management from all trading in securities of the Company until such time as the Filings have been filed by the Company and the MCTO is no longer in effect. The MCTO does not affect the ability of other shareholders of the Company to trade in securities of the Company. The Company and its auditor continue to work diligently toward completing the Filings as soon as possible with the goal of filing the Filings on or about June 15, 2024.

The Company confirms that since the date of the Announcement: (i) there has been no material change to the information set out in the Announcement that has not been generally disclosed, (ii) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the "alternative information guidelines" under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203") and issue bi-weekly default status reports for so long as the delay in filing the Filings continues, each of which will be issued in the form of a news release, (iii) there has not been any other specified default by the Company under NP 12-203, (iv) the Company is not subject to any insolvency proceedings, and (v) there is no material information concerning the affairs of the Company that has not been generally disclosed.

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 DRIVRZTM - is being made available across the United States of America.