Powell Max Limited Successfully Repositions for Its Next Phase of Growth
Hong Kong, TX, March 09, 2026 (GLOBE NEWSWIRE) -- Powell Max Limited (NASDAQ:PMAX) ("Powell Max" or the "Company"), a financial communications services provider, is pleased to provide the following corporate update regarding its successful repositioning.
Key Highlights:
- Raised $17 million in capital from new investors
- Appointed new Chairman and Chief Executive Officer Geordan Pursglove
- Reconstituted the Board of Directors
- Regained compliance with Nasdaq listing requirements
Powell Max Chairman and Chief Executive Officer Geordan Pursglove commented, "My first month at Powell Max has been extremely productive. We successfully completed a corporate restructuring in a short timeframe, raised substantial capital from new investors, reconstituted the Board of Directors, and regained Nasdaq compliance, all by the end of February. I sincerely thank Spartan Capital Securities, LLC and our new investors for their trust and support in repositioning Powell Max for its next phase of growth. We look forward to collaborating with all our partners to build the company and drive long-term shareholder value."
On January 30, 2026, the company completed a $17 million private placement financing with Spartan Capital Securities, LLC.
On January 30, 2026, the Company appointed Mr. Andrew Hancox, Mr. Phillip Balatsos, Ms. Caroline Castleforte, and Ms. Lourdes Felix to its Board of Directors. On February 6, 2026, the Board reconstituted the Audit Committee to consist of three independent directors.
On February 12, 2026 the Company successfully regained compliance with Nasdaq's audit committee requirements, as stated in Listing Rule 5605(c)(2) (the "Rule"), as confirmed by Nasdaq in a letter dated February 12, 2026.
Powell Max Board of Directors:
Geordan Pursglove is Chief Executive Officer and Chairman of Lixte Biotechnology Holdings, Inc. (NASDAQ:LIXT), a clinical-stage biopharmaceutical company advancing innovative oncology and immunotherapy solutions. Under his leadership, Lixte has raised significant capital, maintained Nasdaq compliance, and executed strategic initiatives, including the 2025 acquisition of Liora Technologies, expanding its presence in the global oncology and advanced radiation therapy markets. He also serves on the boards of GridAI (NASDAQ:GRDX) and CyberScope Web3 Security Inc., and is Managing Director of 2GP Group LLC, an industry-agnostic investment and advisory firm. Previously, he played a key role at SemiCab Holdings the primary subsidiary of Algorhythm Holdings, Inc., driving its strategic merger, capital raises, and international expansion. Geordan brings extensive expertise in capital markets, M&A, corporate governance, and scaling public companies, with a proven ability to create long-term value at the intersection of innovation, finance, and execution.
Andrew Hancox is the Founder and Managing Member of Block 8 Ventures, where he focuses on investments and operational and strategic advisory services for early-stage and blockchain focused companies. From 2013 to 2017, Mr. Hancox served as Co-Founder and Chief Operating Officer of Katapult, a publicly traded fintech company, where he helped scale the business and participated in raising over $250 million in debt and equity capital. Earlier, he was an investment analyst at Permian Investment Partners, a global equity hedge fund, and previously co-founded Anderson Audio Visual, which grew into one of the largest AV systems integrators in California. Mr. Hancox studied Law and Mathematics at Victoria University in New Zealand and completed a Private Equity and Investment Banking program at the Institute of Banking and Finance in New York. The Board selected Mr. Hancox based on his experience in finance, capital markets, operational leadership, and scaling high-growth companies.
Caroline Castleforte has experience in organizational leadership, operations, and advisory roles across regulated and service-oriented industries. She has held senior advisory and consulting positions with healthcare-focused organizations, where she has worked with executive teams on business development, strategic planning, and stakeholder engagement. Ms. Castleforte has extensive experience serving in leadership and governance roles within national professional organizations, including multiple executive committee positions, providing oversight of complex programs and cross-functional initiatives. She received her M.D. from Wright State University School of Medicine and completed postgraduate training at Children's Hospital Los Angeles. The Board selected Ms. Castleforte based on her leadership experience, operational perspective, and ability to provide informed oversight and strategic guidance.
Lourdes Felix is a corporate finance executive with more than fifteen years of experience offering financial, accounting, and governance leadership to public and private companies, with expertise in SEC reporting, securities law compliance, SOX requirements, internal controls over financial reporting, capital formation, and audit committee oversight. She currently serves as Chief Executive Officer and Chief Financial Officer of BioCorRx, Inc. (OTCQB:BICX) and has been a director of BioCorRx since March 7, 2013. Ms. Felix also serves on the boards of Lixte Biotechnology Holdings, Inc. (NASDAQ:LIXT), where she serves as Audit Committee Chair, Avalon GloboCare Corporation (NASDAQ:ALBT), where she serves as Compensation Committee Chair, and La Rosa Holdings Corp. (NASDAQ:LRHC), where she serves as Audit Committee Chair. Earlier in her career, Ms. Felix served as controller of a mid-sized public accounting firm for more than seven years, overseeing financial operations and advising clients across multiple industries, including manufacturing and SEC reporting companies. Ms. Felix holds a Bachelor of Science degree in Business Management and Accounting from the University of Phoenix and is fluent in Spanish. The Board selected Ms. Felix based on her public company financial expertise, audit committee leadership experience, and experience overseeing SEC reporting, internal controls, and risk management. The Board has determined that Ms. Felix qualifies as an "audit committee financial expert" and satisfies Nasdaq 5605(c)(2)(A) sophistication.
Phillip Balatsos is a senior financial markets executive and board director with over 25 years of experience across foreign exchange, emerging markets, institutional sales and trading, and public company governance. He has held leadership roles at global financial institutions including Barclays Capital, Credit Suisse, and XP Investments, and currently operates within an independent trading platform at Oscar Gruss & Son. In addition to his capital markets career, Mr. Balatsos brings entrepreneurial and operating experience, having founded and scaled a multi-location hospitality business and advised national restaurant groups on procurement, pricing, and operational efficiency. This background provides a pragmatic operator's perspective on margins, cost structures, and execution. Mr. Balatsos currently serves on the Boards of Directors of Inspire Veterinary Partners, Inc. (OTC:IVPR), where he is a member of the Audit Committee, and CISO Global, Inc. (NASDAQ:CISO), a cybersecurity and risk management company. He previously served on the Board of Sadot Group Inc., contributing to its transformation from a restaurant operator into a global Agri-commodity trading and food supply chain business, and serving both the Audit and Executive Compensation Committees. He holds a Bachelor of Science in Business Administration from Skidmore College, with a minor in International Relations and a concentration in Spanish.
About Powell Max Limited
Powell Max Limited is a financial communications services provider headquartered in Hong Kong. The Company engages in the provision of financial communications services that support capital market compliance and transaction needs for corporate clients and their advisors in Hong Kong. Its financial communications services cover a full range of financial printing, corporate reporting, communications and language support services from inception to completion, including typesetting, proofreading, translation, design, printing, electronic reporting, newspaper placement and distribution. The Company's clients consist of domestic and international companies listed in Hong Kong, together with companies who are seeking to list in Hong Kong, as well as their advisors.
For more information, please visit our website: http://www.janfp.com/
Forward-Looking Statements
This press release contains certain forward-looking statements, including statements with regard to the Company's repositioning, growth strategy, capital allocation, and future plans. Words such as "will," "future," "expects," "believes," and "intends," or similar expressions, are intended to identify forward-looking statements. Forward-looking statements are subject to inherent uncertainties in predicting future results and conditions. Actual results could differ materially from those described in these forward-looking statements due to certain risk factors detailed in the Company's filings with the United States Securities and Exchange Commission (the "SEC"). You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading "Risk Factors" in our most recent annual report on Form 20-F and other reports and documents that we file from time to time with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
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