PowerBand Solutions (TSXV: PBX) announced this morning that its Chief Executive Officer, whom is also the firms largest shareholder, has entered into a voluntary escrow arrangement with that of Computershare related to his holdings in the company. The move comes as the firm nears the operationalization of its cloud based platform to buy, sell, trade, and auction vehicles.
The move effectively locks up 41,865,283 common shares of PowerBand Solutions, or approximately 37% of the total outstanding shares of the firm. Jennings indicated he is doing so to make investors aware that he is fully committed to the long term success of the firm as it nears its beta launch. Under the voluntary lockup agreement, these 41.8 million shares of the firm will be restricted from sale for a period of twelve months, until January 29, 2021.
I want people to know I am invested in PowerBand for the long run as we revolutionize how cars and trucks are bought, sold, leased and auctioned. PowerBand intends to make buying, selling and leasing a car as easy as ordering an Uber on your smart phone or buying a product from Amazon. This is a transformational solution, removing unnecessary middlemen, to benefit consumers, dealers, rental and commercial fleets, OEM’s and funders.Kelly Jennings, CEO & Founder of PowerBand Solutions
Jennings himself has over 27 years of experience in the automotive sector, which includes dealership ownership and management experience, winning major awards from multiple OEM’s along the way for industry leading performance and customer satisfaction. He founded PowerBand Solutions over nine years ago as a means of cutting out the middleman in vehicle transactions.
PowerBand Solutions last traded at $0.26 on the TSX Venture.
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