Abaxx Technologies Announces Additional Director to be Appointed Ahead of AGM

This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated April 26, 2023 to its short form base shelf prospectus dated November 4, 2021


TORONTO, Sept. 19, 2023 (GLOBE NEWSWIRE) -- Abaxx Technologies Inc., (NEO:ABXX)(OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software and market infrastructure company, majority shareholder of the Abaxx Commodity Exchange and Clearinghouse (“Abaxx Singapore”), and producer of the SmarterMarkets™ Podcast, announces that effective October 2nd, economist and commodities strategist, Dr. Jeff Currie will join Abaxx as an independent member of its Board of Directors.

Jeff Currie is a distinguished senior commodity market strategist who rose to prominence during the 2000s by forecasting the last major commodity price cycle and oil spiking above $100 a barrel, and brings exceptional commodities markets expertise to the Abaxx Board of Directors. Dr. Currie began his career teaching undergraduate and graduate level courses in microeconomics and econometrics at The University of Chicago and served as the associate editor of Resource and Energy Economics. In addition, he has advised government agencies across North America and Eurasia.

Dr. Currie earned a PhD in Economics from The University of Chicago in 1996, where he studied alongside Abaxx Chief Economist David Greely, and he currently serves as Chair of the Energy Policy Institute at the University of Chicago (EPIC) Advisory Group. He recently announced his retirement as a Partner at Goldman Sachs, serving as Global Head of Commodity Research and Strategy.

Abaxx also announces that its Annual and Special Meetings of Shareholders will be held on November 16th 2023, at 1:00 p.m. Eastern Standard Time Zone (EST). Registration will be required to access the meeting. Dial-in details and an information circular will be mailed to registered shareholders ahead of the meeting. For any questions, please contact ir@abaxx.tech.

About Abaxx Technologies

Abaxx is a development-stage financial software and market infrastructure company creating proprietary technological infrastructure for both global commodity exchanges and digital marketplaces. The company’s formative technology increases transaction velocity, data security, and facilitates improved risk management in the majority-owned Abaxx Commodity Exchange (Abaxx Singapore Pte. Ltd.) - a commodity futures exchange seeking final regulatory approvals as a Recognized Market Operator (“RMO”) and Approved Clearing House (“ACH”) with the Monetary Authority of Singapore (“MAS”). Abaxx is a founding shareholder in Base Carbon Inc. and the creator and producer of the SmarterMarkets™ podcast.

For more information please visit abaxx.tech, abaxx.exchange and smartermarkets.media.

For more information about this press release, please contact:

Steve Fray, CFO
Tel: 416-786-4381

Media and investor inquiries:

Abaxx Technologies Inc.
Investor Relations Team
Tel: +1 246 271 0082
E-mail: ir@abaxx.tech

Forward-Looking Statements

This News Release includes certain "forward-looking information" (sometimes also referred to as “forward- looking statements”) which does not consist of historical facts. Forward-looking information includes estimates and statements that describe Abaxx or the Company’s future plans, objectives, or goals, including words to the effect that Abaxx expects a stated condition or result to occur. Forward-looking information may be identified by such terms as “seeking”, “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking information is based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although forward-looking information is based on information currently available to Abaxx, Abaxx does not provide any assurance that actual results will meet management’s expectations. Risks, uncertainties, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes but is not limited to, Abaxx’s objectives, goals or future plans, the Company’s expectations concerning listing its common shares on a U.S. exchange, expected timings for appointments of directors to the board of the Company and the expected effects of such appointments, statements regarding anticipated financings and expectations regarding the use of proceeds thereof, both current and future, including the size, pricing, terms, and timing of closing thereof, receipt of regulatory approvals and licenses, including the RMO and ACH licenses, timing of the commencement of operations, financial predictions, and estimates of market conditions. Such factors include, among others: risks relating to the global economic climate; dilution; the Company’s limited operating history; future capital needs and uncertainty of additional financing, including the Company’s ability to utilize the Company’s at- the-market equity offering program (the “ATM Program”) and the prices at which the Company may sell Common Shares in the ATM Program, as well as capital market conditions in general; the competitive nature of the industry; currency exchange risks; the need for Abaxx to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on Abaxx and the industry; failure to obtain the requisite licenses from the regulatory authorities in a timely fashion or at all, including the RMO and ACH licenses; the ability to list the Company’s securities on stock exchanges and receive the necessary approvals therefore in a timely fashion or at all; network security risks; the ability of Abaxx to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors which could impact future results of the business of Abaxx include but are not limited to: operations in foreign jurisdictions; protection of intellectual property rights; contractual risk and third-party risk; clearinghouse risk, malicious actor risks, third-party software license risk, system failure risk, risk of technological change and dependence on technical infrastructure; capital market conditions and share dilution resulting from the ATM Program and from other equity issuances; an inability of Abaxx Tech to raise sufficient funds to complete funding responsibilities in respect of the Abaxx Singapore strategic financing; and restriction on labor and international travel and supply chains. Abaxx has also assumed that no significant events occur outside of Abaxx’s normal course of business.

Abaxx cautions that the foregoing list of material factors is not exhaustive. In addition, although Abaxx has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended. When relying on Abaxx's forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Abaxx has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward- looking information contained in this press release represents the expectations of Abaxx as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date.

Abaxx does not undertake to update this information at any particular time except as required in accordance with applicable laws. CBOE Canada does not accept responsibility for the adequacy or accuracy of this press release.