Abaxx Technologies Inc. (NEO:ABXX) (OTCQX:ABXXF)
(“Abaxx” or the “Company”), a financial software (fintech) company,
majority shareholder of
Abaxx Singapore Pte. Ltd.
the Abaxx Commodity Exchange (ACX), and producer of the
SmarterMarkets™ Podcast, announces updates to the
Company’s Executive Management, appointing Steve Fray as Chief
Financial Officer (CFO), and Cyrus Hiramanek who will join the
Abaxx Board of Directors, both effective August 17, 2021.
Mr. Fray will replace interim CFO Wes Fulford
who will resume a previous role as corporate finance adviser to
Abaxx, leading the financing of Base Carbon Corp. and a strategic
review of Abaxx iron ore assets. Cyrus Hiramanek is appointed as a
new Independent Board Director.
Mr. Fray brings over 20 years' experience
building and leading finance teams in global companies with
significant operating scale and complexity. Most recently, he
served as CFO at Goldmoney Inc, (TSX: XAU), a precious metal
financial service and technology company. In addition, Mr. Fray
spent 4 years at GuestLogix Inc (TSX: GXI) as VP Finance, 3 years
as a senior finance manager at Accounting General’s Department of
Bermuda, and he held numerous audit roles at KPMG.
Mr. Fray holds several designations and
professional affiliations namely a Master of Business
Administration (MBA) in Finance from the University of Manchester,
Certified Professional Accountant, Certified General Accountant,
(CPA, CGA), and is a Fellow of the Association of Certified
Chartered Accountants, (FCCA-UK).
Cyrus Hiramanek is a Senior Coverage Officer and Managing
Director at M. Klein and Company, a boutique investment bank in
North America. Mr. Hiramanek has worked in investment banking for
over 15 years with focus on the natural resources sector,
specifically oil and gas, metals and mining, and for industrial
technology clients throughout North and South America, Europe, Asia
and the Middle East. Prior to M. Klein and Company, Mr. Hiramanek
performed investment banking roles at Deutsche Bank, Goldman Sachs
and Toronto Dominion Securities. Mr. Hiramanek’s investment banking
resume includes notable advisory work on the landmark Saudi Aramco
IPO, the sale of SABIC by PIF to Aramco, the Barrick Randgold
merger, and IHS Markit merger.
Mr. Hiramanek holds professional designations including CFA and
FRM Charter Holder, with an undergraduate honours degree in
Economics, Finance and Math in addition to a graduate diploma in
Public Accounting from McGill University.
“I am pleased to have Steve and Cyrus joining the Abaxx senior
leadership team and board, respectively,” said Josh Crumb, Abaxx
CEO. “Having worked with Steve over the years at other global
companies I helped build, including Goldmoney Inc. and Menē Inc.,
our effective working relationship and his level of expertise in
multi-dimensional corporate finance structures positions him to
understand and support Abaxx’s growth plan. Similarly, Cyrus has
been a highly regarded colleague and mentor for me in financial
markets for many years; his knowledge and background in corporate
strategy and international resource markets will provide valuable
guidance to the Abaxx board and Abaxx Exchange business development
team.”
About Abaxx Technologies
Abaxx is a development stage financial software
company that has created proprietary technological infrastructure
for both global commodity exchanges and the digital marketplace.
The Company’s formative technology increases transaction velocity,
data security, and facilitates improved risk management for the
majority owned, Abaxx Singapore Pte. Ltd. (“ACX”, “Abaxx Commodity
Exchange”, or “Abaxx.Exchange”) - a commodity futures exchange that
is seeking final regulatory approvals as a Recognized Market
Operator (“RMO”) and Approved Clearing House (“ACH”) with the
Monetary Authority of Singapore (“MAS”). Abaxx is also the owner of
the LabMag and KeMag iron ore assets, resulting from the reverse
take-over of New Millennium Iron Corp, and the creator and producer
of the SmarterMarkets™ podcast.
For more information please visit abaxx.tech,
abaxx.exchange and SmarterMarketsPod.com
Media and Investor
Inquiries:
Abaxx Technologies Inc.Paris Golab, Head of
Investor RelationsTel: +246 243-3390E-mail: ir@abaxx.tech
Forward-Looking Statements
This News Release includes certain
"forward-looking statements" which do not consist of historical
facts. Forward-looking statements include 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 statements may be
identified by such terms as “seeking”, “believes”, “anticipates”,
“expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”.
Since forward-looking statements are based on assumptions and
address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Although these statements
are 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’ objectives, goals or future
plans, statements, timing of the commencement of operations 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; 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; 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, third party risk;
clearinghouse risk, malicious actor risks, third-party software
license risk, system failure risk, risk of technological change;
dependence of technical infrastructure, an inability to predict and
counteract the effects of COVID-19 on the business of the Company,
including but not limited to the effects of COVID-19 on the price
of commodities, capital market conditions, restriction on labour
and international travel and supply chains. Abaxx has also assumed
that no significant events occur outside of Abaxx’ 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 forward-looking statements and 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 statements
and 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. The NEO Exchange does not accept responsibility
for the adequacy or accuracy of this press release.
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