TORONTO, ON (October 21, 2024) – PowerBand Solutions Inc. (TSXV:PBX) (OTC Pink:PWWBF) (Frankfurt:1ZVA) (“PowerBand“ or the “Company“), a fintech platform targeting auto finance and specializing in used vehicle lease originations for the automotive industry, is pleased to announce it will be changing its name (the “Name Change”) to AmeriTrust Financial Technologies Inc. (“AmeriTrust”), as previously announced on October 2, 2024. The Name Change was approved by shareholders of the Company at its annual general and special meeting held on September 18, 2024.
Jeff Morgan, PowerBand’s CEO, commented: “Today marks a significant milestone for our Company as we transition from PowerBand Solutions Inc. to AmeriTrust. It symbolizes a new chapter and a fresh beginning, aligning our identity with our mission to deliver trusted, innovative financing solutions to the automotive industry. We are enthusiastic about the future and confident this change will enhance our service and product offering to our customers and stakeholders.”
The Name Change will become effective on October 23, 2024. The Company will begin trading as AmeriTrust on the TSX Venture Exchange the (“TSXV”) with a new ticker symbol, “AMT,” on October 23, 2024. A new CUSIP number has been issued to replace the previous CUSIP number. There is no change in the capitalization of the Company pursuant to the Name Change. Certificates representing the common shares of the Company will not be affected by the Name Change and no further actions are required by shareholders.
About PowerBand Solutions Inc.
PowerBand Solutions Inc., listed on the TSX Venture Exchange, OTC Pink, and Frankfurt markets, is a finance solution and fintech provider disrupting the automotive industry. PowerBand’s integrated, cloud-based transaction platform facilitates transactions amongst consumers, dealers, and funders. PowerBand’s platform is being made available across the United States.
For further information, please visit the PowerBand website or contact:
Shibu Abraham
Chief Financial Officer and Director
E: [email protected]
P: 1-800-600-6872
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Forward-Looking Information
Certain information included herein is forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information may include statements regarding the objectives, business strategies to achieve those objectives, expected financial results (including those in the area of risk management), economic or market conditions, and the outlook of or involving PowerBand, its subsidiaries and its businesses. Such information is typically identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “plan”, “forecast”, “future”, “outlook, “guidance”, “may”, “project”, “should”, “strategy”, “target”, “will” or similar expressions suggesting future outcomes.
Forward-looking information in this document includes: future financial position and anticipated timing of the Company’s Name Change.
Forward-looking information is provided for the purpose of providing information about management’s expectations and plans about the future and may not be appropriate for other purposes. Forward-looking information herein is based on various assumptions and expectations that PowerBand believes are reasonable in the circumstances. No assurance can be given that these assumptions and expectations will prove to be correct. Those assumptions and expectations are based on information currently available to PowerBand, including information obtained from third party industry analysts and other third-party sources, and the historic performance of PowerBand’s businesses. Such assumptions include the timing of receipt of necessary regulatory approvals, anticipated financial performance, current business and economic trends, the amount and timing of future dividends paid by PowerBand, business prospects, utilization of tax basis, regulatory developments, currency, exchange and interest rates, commodity prices relating to the automotive industry, trading data, cost estimates, our ability to obtain financing on acceptable terms, and statements regarding net working capital, anticipated operational and capital expenditure reductions, the length and impact of COVID-19 on PowerBand’s businesses and customers and capital expenditure requirements of PowerBand, the assumptions set forth under the “Financial Outlook” sections of our MD&A. The forward-looking information is also subject to the risks and uncertainties set forth below.
By its very nature, forward-looking information involves numerous assumptions, risks and uncertainties, both general and specific. Should one or more of these risks and uncertainties materialize or should underlying assumptions prove incorrect, as many important factors are beyond our control, PowerBand’s actual performance and financial results may vary materially from those estimates and intentions contemplated, expressed or implied in the forward-looking information. These risks and uncertainties include those relating to incorrect assessments of value when making acquisitions, increases in debt service charges, the loss of key personnel, the anticipated impact of the COVID-19 pandemic, the impact of increased inflation and the expected economic recession, fluctuations in foreign currency and exchange rates, inadequate insurance coverage, liability for cash taxes, counterparty risk, compliance with environmental laws and regulations, reduced customer demand, operational risks involving our facilities, force majeure, labour relations matters, our ability to access external sources of debt and equity capital, and the risks identified in our MD&A under the heading “Risk Factors”. The preceding list of assumptions, risks and uncertainties is not exhaustive.
When relying on our forward-looking information to make decisions with respect to PowerBand, investors and others should carefully consider the preceding factors, other uncertainties and potential events. Any forward-looking information is provided as of the date of this document and, except as required by law, PowerBand does not undertake to update or revise such information to reflect new information, subsequent or otherwise. For the reasons set forth above, investors should not place undue reliance on forward-looking information.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.
