Abaxx updates shareholders on first quarter activities in preparation for launch of the Abaxx Exchange
TORONTO, Jan. 27, 2021 (GLOBE NEWSWIRE) -- *Abaxx Technologies Inc.*, (ABXX:CN) (“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 *Smarter Markets Podcast*, is updating shareholders on the progress of the company’s business plan and anticipated milestone road map for H1 - 2021.Dear Shareholders,
Our primary business activities are proceeding according to plan and we are maintaining our timelines and preparedness to launch the Abaxx Exchange as early as Q2 - 2021; the first commercial phase in the Abaxx vision to advance Smarter Markets, where continuous improvements in software technology and better coordination and transparency of market activities can enable participants to advance the needs of both commodity markets specifically and society as a whole.
Fundamentally, the Smarter Markets vision that Abaxx has heavily invested in over the past three years is well-timed and well-aligned with the accelerating economic priorities of the global energy transition, in addition to capital market demands for increased transparency around environmental, social, and governance (“ESG”) risks and opportunities. Though the company is less than a full month into our launch year preparations, we’ve already seen dramatic price movements prompting renewed questions about the structure of LNG pricing - a key driver of the energy transition in which Abaxx has focused its first product efforts. We’ve also heard louder calls from both governments and investors for more transparency around ESG related metrics; an inceptive use case for the innovative software that Abaxx has engineered alongside the development of our exchange.
The first stage of the Abaxx business plan is to launch a traditional, regulated commodity-futures exchange for key commodity markets required for the global energy transition. Concurrently, the Abaxx Command Console suite of software applications is in beta testing and pilot projects are in formulation including but not limited to implementing Measurement, Verification and Reporting (MVR) activities related to ESG externality pricing considerations in the exchange business. In accordance with the Abaxx vision and second stage of the business plan for H2 2021, these tools are designed and will be commercialized broadly for use in multiple commerce and marketplace segments that will benefit from increased data privacy, security, digital identity, multi-party signature, document management and custody.
This update summarizes the overview of first quarter activities in preparation for launch of Abaxx Exchange, as well as reveals the successful launch of the Smarter Markets podcast and other activities Abaxx has undertaken to raise market awareness for our projects and company. This update was drafted by Josh Crumb Founder and Chief Executive Officer of Abaxx Technologies Inc. and Abaxx Exchange.
*Abaxx Exchange Development Update *
The launch of the Abaxx Exchange, is proceeding pending regulatory approvals and technical integrations with global energy trading market participants.
Abaxx Exchange is awaiting regulatory approvals as a Recognized Market Operator (“RMO”) and Approved Clearing House (“ACH”) with the Monetary Authority of Singapore (“MAS”). On September 7, 2020, Abaxx received Approval in Principle of its RMO application, subject to various terms and conditions. The Company is in frequent contact with the MAS and is working toward the completion of the Approval in Principle process for an ACH licence in Q2, with the commencement of the commercial launch phase thereafter. Planning meetings are ongoing with participants and members ahead of the launch.
Fortuitously, our approach of product and technology design driven by close collaboration with market participants over the past three years is proving successful in that the solutions we have in beta testing have the potential to resolve many of the problems in the global economy today. Abaxx is strategically positioning for the future of clean energy security, and in support of the energy transition by implementing our plan enabling the organization and standardization of the terms of trade and for market participants to trade commodities based on their ESG-attributes. This is a foundational principle of developing what we refer to as Smarter Markets, which encompasses three primary components including commodity contract design; technology innovation; and environmental, social and governance (ESG) considerations.
*Remarks on recent LNG market activity*
Recent LNG market volatility has underscored the necessity of new benchmarks for energy traders to manage risk. Abaxx has invested three years designing contracts to address the shortcomings in constrained markets for buyers and sellers of last resort to emerge. The initial Abaxx contracts are intended to add depth, diversity and demand responsiveness which will begin to address the recent acute situations of first, too few buyers for LNG contracts in early 2020, followed by the situation of too few sellers in early 2021.
*Industry Consensus *
Our prospective exchange participants share our vision for a carbon-considerate future and recognize the need for improved organization, global standardization and scaling abilities in global carbon markets. With numerous carbon registries, brokers, otc platforms, credit generators and other participants, standardization of the terms of trade have yet to form, and on this basis Abaxx is positioning itself as a leader in market organization by providing the technology tools and platform required for efficient coordination and operation. This ‘scaling up’ of markets has the potential to help support financial flows to developing countries, as activities and projects in these countries can provide a cost-effective source of these carbon emission reductions.
The Abaxx executive team has extensive experience in organizing markets via various market advisory committees at global commodity exchanges. Abaxx believes the working group approach is the most effective way to create feedback loops, and form industry consensus and has or will form such groups to advise on matters including ESG, transition energy and metals, clearing and risk advisory committees to ideate on innovations in global commodity futures markets.
*Smarter Markets Podcast*
Assembling, understanding and implementing the aggregate knowledge of global commodity, finance and technology experts is the gathering principle of the Smarter Markets podcast. The response to the podcast has been overwhelmingly positive to date; evident in the consistently high caliber of guests, quality of content and rapidly growing listenership. With a focus on redesigning markets with smarter technological tools that embed ESG-attributes into all parts of the energy and financial market value chains, the podcast has instigated a unique discourse supportive of environmental, data privacy and social impact issues.
Guests have included several notable thought leaders from the commodity, technology and financial market industries, including Goldman Sachs’ Head of Commodities Research, a former Shell Executive and a 50-year veteran of global commodities markets. The conversations have inspired a network effect of finance and technology professionals who are actively engaging in our community, serving as a powerful, 100% organic engine of identifying the structural shortcomings and commercial needs of the marketplace.
In just seven weeks, the podcast has garnered over 100,000 downloads across 10 different countries and has already attracted 11,000 active weekly subscribers. Over 60% of the traffic acquisition to, and interest in, Abaxx Tech and Abaxx Exchange has been funneled through Smarter Markets and various podcast activities across social media and PR channels.
*Stock Listing Update*
On December 18th, we announced the listing of Abaxx on Canada’s NEO Stock Exchange listing under the symbol ABXX, also accessible to American resident investors over the counter (“OTC”) as ABXXF, with applications filed to begin trading in the US under a more formal OTCQX listing sponsored by a US based financial institution. The Company has started a review of additional senior stock exchange listings to provide increased access to global investors as the Company prepares to launch the ACX.
*About Abaxx Technologies*
Abaxx is a development stage financial software company that has created proprietary technological infrastructure for both global commodity exchanges and digital marketplaces alike. The company’s formative technology increases transaction velocity, data security and facilitates improved risk management in the majority owned Abaxx Singapore Pte. Ltd. (“ACX”, or “Abaxx.Exchange”) - 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 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.
Robert Brennan Hart, Chief Communications Officer
Tel: +1 246 271 0082
E-mail: info@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 “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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