PowerBand Solutions Inc. Announces Delay in Financial Filings

PowerBand Solutions Inc., a company traded under TSXV:PBX and OTC Pink:PWWBF, has announced a delay in the filing of its annual financial statements for 2023 and 2022. The Toronto-based company cites the audit delays caused by the resignation of its previous auditor and the onboarding of HDCPA Professional Corporation as reasons for not meeting the April 29, 2024 deadline. This delay breaches the filing periods mandated by National Instrument 51-102 - Continuous Disclosure Obligations.

Due to this delay, PowerBand has applied for a management cease trade order (MCTO) from the Ontario Securities Commission, which, if granted, will restrict company management from trading securities until the filings are completed. The decision on the MCTO is still pending. In compliance with National Policy 12-203, PowerBand will issue bi-weekly default status reports until the annual filings are submitted, which is expected by June 29, 2024.

Additionally, the company has enforced an insider trading black-out policy in line with its Internal Insider Trading Policy until the filings are completed. PowerBand assures that, apart from the details previously disclosed in press releases, there have been no significant developments since their last interim financial report as of September 30, 2023.