PowerBand Announces Strategic Advisor Appointment and $10 Million Private Placement

PowerBand Solutions Inc. has appointed John Wimsatt as a Strategic Advisor to the Board. Wimsatt has a background with ECN Capital Corp., boasting over 20 years of experience in investment. His primary duties will include securing lease origination funding facilities and advising on financial transactions. Wimsatt's expertise is expected to guide the company's growth and fund formation endeavors.

Additionally, PowerBand has initiated a non-brokered private placement of up to CAD $10 million through the offering of 200,000,000 common shares at $0.05 each. The proceeds will be allocated to growth initiatives and working capital requirements. Insiders and shareholders, including Wimsatt, have expressed interest in participating in this offering.

CEO Jeff Morgan highlighted the benefits this move brings to the company, emphasizing the potential for better positioning in securing funding facilities. The infusion of capital from the private placement is expected to strengthen PowerBand's operational capabilities and market position.

The offering's closing is subject to customary conditions, including TSX Venture Exchange approval, with the common shares issued subject to statutory hold periods.