Mr. Shibu Abraham reports

POWERBAND SOLUTIONS ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT

Powerband Solutions Inc. has completed a first tranche of its non-brokered private placement of common shares in the capital of the company, previously announced on April 4, 2024, pursuant to which it has issued an aggregate of 69,333,332 common shares at a price of 1.5 cents per common share raising gross proceeds of $1.04-million.

The aggregate gross proceeds from the first tranche will be used to finance growth initiatives, and for general corporate and working capital purposes, including supporting lease origination.

All securities issued in connection with the first tranche are subject to applicable statutory hold periods.

About Powerband Solutions Inc.

Powerband Solutions, listed on the TSX Venture Exchange, OTC Pink and Frankfurt Stock Exchange, is a fintech provider disrupting the automotive industry. Powerband's integrated, cloud-based transaction platform facilitates transactions amongst consumers, dealers and financers. Powerband's transaction platform -- trademarked under Drivrz -- is being made available across the United States.

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