PowerBand Solutions Inc. announced the appointment of Darrin Swenson as President, thereby removing "Interim" from his title, and the appointment of J. Bryan Hunt Jr. as Chairman of the Board. Powerband also announces that Jon Lamb, who served as the President and CEO of Drivrz Financial LLC, has left the Company for personal reasons. Kelly Jennings, the Company's former Chairman, President, has resigned, and signed a separation agreement providing for the repayment to Mr. Jennings by the Company of CAD 2 million of his loans, with the balance of CAD 2.6 million being repayable within 18 months, subject to Mr. Jennings complying with certain non-compete and confidentiality clauses in the Separation Agreement.

These loans are non-interest bearing and were previously disclosed by the Company.