Trading suspension status and deal update

TORONTO, ON / ACCESSWIRE / Nov. 23, 2022 / BANXA Holdings Inc. (TSX-V:BNXA) (OTCQX:BNXAF) (FWB:AC00) (“Banxa” or “The Company”), the leading global Web3 on/off ramp solution, provides another update on trading termination status and general business matters.

Banxa Holdings, Thursday, November 24, 2022, Image of press release

The Company continues to make progress with its auditor, RSM Canada, in the completion of its audited financial statements for the year ended June 30, 2022 and will provide further updates to the market in the coming weeks. Due to the FY22 audit delay, the September quarterly financial report (Q1 to FY23) will also be delayed. The Company will not be able to release the financial statements and MD&A until the fiscal year 22 audit is complete due to the requirement for certified opening balance sheets.

Holger Arians, CEO of Banxa stated, “Volatility is returning to crypto markets given the recent FTX situation. Banxa has seen some of its biggest trading days in the month of November this calendar year. Banxa has quickly seen an increasing adoption of decentralized exchanges and non-custodial platforms and has successfully integrated with several notable partners including decentralized app ZenGo and decentralized exchange dYdX, and is working on several other large scale decentralized finance (DeFi) partner integrations. Paid integrations and token listings continue to contribute positively to gross profit margin, Supporting the company on its path to profitability over the course of this fiscal year.

The Company now has 11 Money Transmitter (MTL) licenses in the US market, with the most recent MTL being approved last week and more MTLs expected to be approved in the coming months.

The company would also like to announce that Konstantin Lichtenwald has resigned from his role as CFO of the public company. The Company thanks Konstantin for his valued contribution and is pleased to announce that he will continue to serve as an advisor to the Audit Committee and Treasury with the aim of completing the audit as soon as possible. The company is continuing its search for a Group CFO and is currently interviewing for the position.

CONTACTS

Investors:

MZ North America
Brian M. Prenoveau, CFA
[email protected]
561-489-5315

Media:

waxman
Ethan Lyle
[email protected]

ON BEHALF OF THE BOARD OF DIRECTORS

Per: “DOMENIC CAROSA” https://twitter.com/dcarosa
Domenic Carosa = Chairman (1-888-218-6863)

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

Forward-Looking Information and Statements

This press release contains certain statements and information that may constitute “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of the Company’s management with respect to future events. Generally, forward-looking statements and information may, through the use of forward-looking terminology such as “intend,” “expect,” or “anticipate,” or variations of such words and phrases, or statements that certain actions, events, or results “may,” “could,” “should.” “, “would” or will “potentially” or “likely” occur. This information and these statements, which are referred to herein as “forward-looking statements,” are not historical facts, are made as of the date of this press release and contain, without limitation, statements on the completion of RSM’s review and filing of the Company’s annual filings.

These forward-looking statements involve numerous risks and uncertainties, and actual results could differ materially from those suggested in the forward-looking statements. These risks and uncertainties include, among other things, risks related to the completion of the audit by RSM within the time frame expected by management and risks related to the filing of the annual reports within the time frame expected by management and risks related to changes in general economic, business and political conditions, including changes in financial markets, changes in applicable laws and compliance with extensive governmental regulations, and the risk factors discussed or mentioned in certain of the Company’s disclosure documents filed with securities regulators in the provinces of Canada and available at www.sedar.com.

In making the forward-looking statements in this press release, the Company has made several material assumptions, including, without limitation, assumptions regarding the timely completion of RSM’s audit and the Company’s timely filing of its annual reports.

Although the Company’s management has attempted to identify important factors that could cause actual results to differ materially from those contained in any forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated , estimated or intended . There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company undertakes no obligation to update any forward-looking statement, forward-looking information or financial outlook, which is incorporated herein by reference, except in accordance with applicable securities laws. We’re looking for a safe haven.

SOURCE: Banxa stocks



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