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  • PowerBand Solutions (PBX) CEO Kelly Jennings will enter into a voluntary escrow agreement, and will not sell his company shares for at least a year.
  • Mr Jennings, who founded PowerBand 9 years ago, is currently the company’s largest shareholder.
  • PowerBand is advancing its plans to transfer its cloud-based transaction platform to dealerships and customers in North America.
  • PowerBand’s share price is up 9.62 per cent, with shares trading at $0.28 apiece.

CEO of PowerBand Solutions (PBX), Kelly Jennings, will enter into a voluntary escrow agreement with financial administration company Computershare.

Mr Jennings has stated that he will not sell his shares in PowerBand for at least a year, until January 29th 2021.

Kelly Jennings, who founded the company 9 years ago, is also their largest shareholder. He currently holds 41,865,283 shares, roughly 37% of PowerBand’s outstanding shares.

PowerBand is an online Auction and Finance portal, which allows users to buy, sell, and source various vehicles.

Currently, the company is advancing plans to transfer the cloud-based transaction platform to dealerships and customers across North America.

During his announcement, Mr Jennings spoke with pride about his company. “I want people to know I am invested in PowerBand for the long run, as we revolutionise 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.”

PowerBand’s share price is up 9.62 per cent, with shares trading at $0.28 apiece.

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