TORONTO, Jan. 29, 2024 (GLOBE NEWSWIRE) -- Abaxx Technologies Inc. (NEO:ABXX)(OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software and market infrastructure company, producer of the SmarterMarkets™ Podcast, and indirect majority shareholder of Abaxx Singapore Pte Ltd. (“Abaxx Singapore”), the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), announces that Abaxx Singapore Pte. Ltd has been approved for membership into the Futures Industry Association (FIA).
The FIA is a global trade organization with a diverse membership base, including clearing firms, exchanges, clearing houses, and trading firms from over 48 countries, along with various professionals serving the industry with the mission to support open, transparent and competitive markets, protect and enhance the integrity of the financial system and promote high standards of professional conduct.
The newly-granted membership reflects Abaxx’s readiness to meet the commercial needs of global futures markets participants. Abaxx Exchange and Abaxx Clearing will be introducing centrally cleared, physically-delivered futures contracts and derivatives to deliver better price signals and better risk management tools, as well as an enhanced market ecosystem enabling energy and commodity markets to accelerate the energy transition.
“Joining the FIA marks an important step in our timeline toward the launch of the Abaxx Exchange and Clearinghouse,” said Abaxx Exchange Chief Commercial Officer, Joe Raia. “The FIA has long been a leading industry advocate for better risk policies in global regulated markets. As a member of the FIA, Abaxx Exchange and Clearing looks forward to advocating for smarter markets and better energy transition products.”
About Abaxx
Abaxx is building Smarter Markets — markets empowered by better financial technology and market infrastructure to address our biggest challenges, including the energy transition. In addition to developing and deploying financial technologies that make communication, trade, and transactions easier and more secure, Abaxx is a majority-owner of Abaxx Exchange and Abaxx Clearing, subsidiaries recognized by MAS as an RMO and ACH, respectively.
Abaxx Exchange and Abaxx Clearing are a Singapore-based commodity futures exchange and clearinghouse, introducing centrally cleared, physically-deliverable commodities futures and derivatives to provide better price discovery and risk management tools for the commodities critical to our transition to a lower-carbon economy.
For more information please visit abaxx.tech, abaxx.exchange and smartermarkets.media.
Media and Investor Inquiries:
Abaxx Technologies Inc.
Investor Relations Team
Tel: +1 246 271 0082
E-mail: ir@abaxx.tech
For more information about Abaxx related to this press release, please contact:
Steve Fray, CFO of Abaxx
Tel: 416-786-4381
Cautionary Statement Regarding Forward-Looking Information
This News Release includes certain “forward-looking information” (sometimes also referred to as “forward-looking statements”) which does not consist of historical facts. Forward-looking information includes estimates and statements that describe Abaxx’s future plans, objectives, or goals, including words to the effect that Abaxx expects a stated condition or result to occur. Forward-looking information may be identified by such terms as “seeking”, “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking information is based on assumptions and addresses future events and conditions, by their very nature they involve inherent risks and uncertainties. Although forward-looking information is 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 and its subsidiaries, goals or future plans, statements regarding Abaxx’s ability to develop and provide its commercial products, the anticipated positive impact of the supply of its commercial products, the positive future effects of joining the FIA, timing of the commencement of operations and financial predictions and estimates of market conditions. Such factors impacting forward-looking information 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, as well as capital market conditions in general; 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; failure to obtain requisite approvals from regulatory authorities in a timely fashion or at all; the ability to list the Company’s securities on stock exchanges in a timely fashion or at all; 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 and third-party risk; clearinghouse risk, malicious actor risks, third-party software license risk, system failure risk, risk of technological change and dependence of technical infrastructure; capital market conditions and share dilution resulting from equity issuances; an inability of Abaxx Singapore to raise sufficient funds; and restrictions on labor and international travel and supply chains. Abaxx has also assumed that no significant events occur outside of Abaxx’s 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’s forward-looking 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 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. CBOE Canada does not accept responsibility for the adequacy or accuracy of this press release.
