TORONTO, Aug. 23, 2021 — 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.
Media and investor inquiries:
Abaxx Technologies Inc.
Paris Golab, Investor Relations
Tel: +246 243-3390
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.
RELATED PRESS RELEASES
Related Press Releases
TORONTO, September 8, 2021 — Abaxx Technologies Inc., (NEO:ABXX) (OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial technology company, majority shareholder of Abaxx Singapore Pte. Ltd., the Abaxx Commodity Exchange, and producer of the SmarterMarkets™ Podcast, has...
TORONTO, August 25, 2021 — 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™...
Abaxx Expands Carbon Market Investments with Base Carbon Corp. Formation, AirCarbon Follow-on Investment
TORONTO, July 15, 2021 — Abaxx Technologies Inc., (NEO:ABXX) (OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial technology (fintech) company, majority shareholder of Abaxx Singapore Pte. Ltd., the Abaxx Commodity Exchange, and producer of the SmarterMarkets™...