Abaxx Technologies Inc., (NEO: ABXX) (OTCQX:
ABXXF) (“Abaxx” or the “Company”), a financial software company,
majority shareholder of
Abaxx Singapore Pte. Ltd.,
the Abaxx Commodity Exchange (ACX), and producer of the
SmarterMarkets™ Podcast, updates shareholders on
the progress of the Company’s business plan and anticipated
milestone road map for Q1 2022.
Highlights:
- Abaxx Technologies ID++
Verifier product in commercial alpha phase
- Abaxx Exchange Trading
Client phase 1 technology in commercial alpha testing
phase
- Abaxx Exchange planning
official launch timeline in preparation with prospective clearing
members, subject to clearing member onboarding, and final
regulatory approvals
- Base Carbon Corp. completed
Q4 $50M pre-listing equity financing with co-bookrunners Bank of
Montreal and Raymond James, prepares for Q1 2022 listing, subject
to exchange and all regulatory approvals
- Abaxx preparing plans for a
dividend distribution of a portion of its holdings in Base Carbon
shares to Abaxx shareholders in advance of Base Carbon listing
debut, subject to all appropriate regulatory, exchange, corporate,
and other approvals
- SmarterMarkets™ Media
starts 2022 with a 3-part series: What are Smarter
Markets? followed by an Industry Primer Series on
the Voluntary Carbon Markets in February
Dear Shareholders,
We closed Q4 2021 with further development of our
technology suite and Abaxx Exchange pre-alpha tests of integrations
and core features related to agreement handling, proprietary login
using ID++, and bilateral trade functionality.
In addition to digital product development, our
team has been identifying new business models to support the
commercialization of the Abaxx Tech self-sovereign identity
protocol (ID++) and demonstrate use cases for redefining global
commodity markets, including more trustworthy measurement,
reporting, and verification in the Voluntary Carbon Markets as part
of the partnership with Base Carbon Corp.
At the core of our company is our belief in
building Smarter Markets: a vision for technology to redesign and
improve capital markets to meet society’s biggest challenges,
including cleaner energy growth, and a transition to a more
sustainable balance of profitable commodity production while
minimizing environmental risks and externalities.
The company will plan to hold an investor webinar
in mid-February, to be announced separately, where shareholders and
interested stakeholders may ask questions directly to company
executives.
Abaxx Technology Suite During Q4
2021, we made great strides towards the final phases of launching
new markets, with technology integrations and commercial engagement
activities proceeding according to the business plan. Pre-alpha
testing completed in Q4 further informed use cases, features,
client utility, and the applicability of Abaxx Verifier, in
addition to bilateral trade tools, messaging, and digital document
contract and signature handling.
Abaxx plans to initially commercialize the Abaxx
Technologies software suite bundled together with the launch of the
Abaxx Exchange derivative trading platform, forgoing our previous
2-phase roll out in favor of a more advanced product
suite-integration for the LNG trading industry. Importantly, the
software suite includes new tools for the LNG industry to calculate
and bundle voluntary carbon offsets in bilateral or derivative
exchange-for-physical (EFP) trades, as well as blockchain
time-stamped and documented ESG data capture.
Abaxx Exchange Product
Developments The launch of the Abaxx Exchange remains in
process pending the satisfaction of the regulatory conditions
listed in the Approval In Principle (AIP) letters. Abaxx Exchange
has received regulatory AIP, as a Recognized Market Operator
(“RMO”) and Approved Clearing House (“ACH”) with the Monetary
Authority of Singapore (“MAS”), on September 7, 2020, and August
25, 2021, respectively. The precise launch milestones for the
futures product offerings are without significant technical updates
at the time of this release. The Company is continuing its
engagement with regulators regarding timelines for final regulatory
license approvals in coordination with clearinghouse finalization
and technical integration with launch members.
The Company is executing ongoing testing of trade
cycles for non-cleared services using the Company's front end
software applications. Testing the pre-alpha version in Q4 was
successful and is advancing to alpha test groups in Q1 2022.
Successful Q4 2021 tests of the core pre-alpha features included:
user testing of proprietary self-sovereign identity,
credentialed-user login built on ID++, secure upload/management of
test agreements, and tests of two-party bilateral trades linked to
the GreenHouse Gas (GHG) Protocol. The rollout and beta launch of
features and functionality that are core to the exchange user
experience design may precede the futures products and accelerate
LNG client activity. Concurrently, commercialization and launch
plans remain in planning status in Q1. The objective of the beta
testing phase is to identify and quantify key performance
indicators of the Abaxx tools and functionality relative to the
clients’ operational trading procedures. Abaxx Exchange
is sponsoring and will be participating in panels at the Financial
Times Commodities Global Summit in Lausanne Switzerland in March.
Details of the event can be found at:
https://commodities.live.ft.com/home
Base Carbon Update and Share Distribution
PlanIn December 2021, Base Carbon completed a $50M CAD
pre-listing financing brokered by BMO Capital Markets, Raymond
James, Cormark Securities and Canaccord Genuity. Subject to all
regulatory approvals, the company is proceeding with its previously
announced plan for a Reverse Take-Over (RTO) listing onto the NEO
Stock Exchange in Canada.
Use of proceeds includes the execution and
allocation capital to initial voluntary carbon emission reduction
project investments. The investment pipeline is focused on
nature-based carbon credit projects in reforestation, and
large-scale distribution of carbon efficient cookstoves.
Abaxx is working with legal advisers and is
planning a dividend distribution of a portion of its non-escrowed
holdings of Base Carbon shares to Abaxx shareholders of record,
tentatively ahead of the Base Carbon listing, and subject to all
regulatory, exchange, corporate and legal approvals. The Company
anticipates a plan to distribute as a dividend, Base Carbon shares
on a minimum 1 for 15 basis, (Abaxx shareholders may receive one
share of Base Carbon for every full fifteen shares held in Abaxx).
The dividend distribution is still subject to all regulatory,
exchange, and corporate approval and Abaxx anticipates announcing
details and a shareholder of record date contemporaneously with the
conditional listing approval for Base Carbon.
Abaxx and Base Carbon investee AirCarbon Exchange
is proud to have been recognized as the Best Carbon Exchange in
Environmental Finance's prestigious Voluntary Carbon Market
Rankings 2021 - the largest and most closely watched survey of the
world's Voluntary Carbon market. In addition, UN Climate Change has
begun a new partnership with the AirCarbon Exchange to promote
carbon offsetting via emission reductions certified by the
secretariat of the UN Framework Convention on Climate Change
(UNFCCC).
Base Carbon will begin corporate press releases
over the next few weeks.
SmarterMarkets™ Media Our podcast
has fostered a community around our mission to build smarter
markets for the energy transition. With each episode, we continue
to inform listeners on the economic, political and technological
challenges facing commodity markets and encourage open dialogue on
ideas for how to solve them. The subject matter espoused by
esteemed guests affirmed the need for the products and tools Abaxx
is building for global commodity markets. We are experiencing
continued organic growth in brand awareness and advocacy through
this channel.
To start the new year, we began the next series on
“What are SmarterMarkets?” with renowned commodity market thinkers
including Jeff Currie, Josh Crumb, and Erik Townsend, hosted by
Grant Williams. To coincide with the launch of Base Carbon on the
NEO Stock Exchange anticipated this coming February, the podcast is
beginning a new series on February 5th, hosted by Abaxx Chief
Economist David Greely on “Demystifying Carbon Markets”.
About Abaxx TechnologiesAbaxx is a
development stage financial software 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 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 a founding shareholder in
Base Carbon Corp. and the creator and producer of the
SmarterMarkets™ podcast.For more information, please visit
abaxx.tech, abaxx.exchange and SmarterMarkets.media
About Base CarbonBase (for the
Benefit of Air, Sea, Earth) Carbon is a globally diversified asset
development firm in the business of sourcing, developing and
financing carbon credits. The firm’s mandate is to be the preferred
project partner for financing, access to markets and technology.
Base intends to deploy capital across the carbon ecosystem in a
risk-adjusted manner as carbon markets evolve with heightened
societal awareness coupled with increased industry and consumer
demand for carbon offsetting. Base management and directors have
decades of experience in financial structuring, technology
development, capital markets, environmental and carbon markets. For
more information, please visit basecarbon.com
Media and investor inquiries:
Abaxx Technologies Inc.
Paris Golab, Head of Investor Relations
Tel: +1 246 271 0082
E-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 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.
Abaxx Technologies (NEO:ABXX)
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Abaxx Technologies (NEO:ABXX)
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