TORONTO, ON / ACCESSWIRE / July 15, 2022 / PowerBand Solutions Inc. (TSXV:PBX) (OTCQB:PWWBF) (FRA:IZVA) ("PowerBand" or the "Company"), a comprehensive e-commerce solution transforming the online experience to sell, trade, lease, and finance vehicles, announces today the closing of the second tranche (the "Second Tranche") of its private placement financing (the "Financing"), previously announced on May 10, 2022. Pursuant to the Second Tranche, PowerBand issued 17,316,801 units (the "Units") at a subscription price of CAD $0.30 per unit for gross proceeds of CAD $5,195,040.30. Each Unit consists of one common share of the Company (each, a "Common Share") and one warrant (each, a "Warrant"), with each Warrant exercisable for one additional common share at an exercise price of CAD $0.40 for a period of 60 months following the date hereof.

Proceeds from the Financing are being used for general working capital purposes, product development, marketing and advertising and other strategic growth initiatives and transaction fees. The securities issued pursuant to the Financing will be subject to a four-month hold period from their date of issuance.

About PowerBand Solutions, Inc.

PowerBand Solutions Inc., listed on the TSX Venture Exchange and the OTCQB markets, is a fintech provider disrupting the automotive industry. PowerBand's integrated, cloud-based transaction platform facilitates transactions amongst consumers, dealers, funders, and manufacturers (OEMs). It enables them to buy, sell, trade, finance, and lease new and used, electric and non-electric vehicles, on any phone, tablet or PC connected to the internet. PowerBand's transaction platform - being trademarked under DRIVRZ™ - is being made available across North American and global markets.

For further information, please contact:

Darrin Swenson

Chief Executive Officer
E: Darrin.swenson@powerbandsolutions.com
T: 866-768-7653

Early Warning Report

Pursuant to the Second Tranche, JPK Capital Holdings (Barbados) Inc. ("JPK") and Insurance Corporation of Barbados Ltd. (together with JPK, the "Acquirors"), companies controlled by Mr. Poulin, acquired an aggregate of 17,316,801 Units of the Company. Prior to the closing of the Second Tranche, JPK -held 14,556,200 Common Shares and 14,256,200 Warrants of the Company, representing 5.22% of the issued and outstanding Common Shares on an undiluted basis, and 9.83% of the outstanding Common Shares, assuming the exercise of all of the Warrants held by the Acquirors. Following the closing of the Second Tranche, the Acquirors held a total of 31,873,001 Common Shares and 31,573,001 Warrants, representing 10.76% of the Company's issued and outstanding Common Shares on an undiluted basis, and 19.60% of the outstanding Common Shares, assuming the exercise of all of the Warrants held by the Acquirors.

The Acquirors acquired the Units pursuant to subscription agreements executed on closing of the first tranche of the Financing and the Second Tranche for aggregates subscription proceeds of CAD $9,471,900 (of which $5,195,040.30 was closed today pursuant to the Second Tranche).

The Units were acquired by the Acquirors for investment purposes and may, depending on market and other conditions, increase or decrease their beneficial ownership, control or direction over additional securities of the Company, through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise.

A copy of the Acquiror's early warning report will be filed on the Issuer's SEDAR profile at .

For further information, please contact:

Mark Coleman
E: mark@jpkcapital.com
T: 212-503-2855

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.

SOURCE: PowerBand Solutions Inc.