updates on third quarter activities TORONTO, Oct. 06, 2021 (GLOBE NEWSWIRE) -- 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, is updating shareholders on the progress of the Company’s business plan and anticipated milestone road map for Q4 - 2021 through Q1 2022.
Highlights:
- Central Clearing House Approval In Principle granted August 25, 2021
- Pilot testing of technology applications including GHG protocol tradeflow commencing
- Key new executives onboarded during Q3
- New launch timeline pending, subject to clearing member onboarding and final approval
- Preliminary Abaxx Technologies Inc. Base Shelf Prospectus Filed
- Base Carbon Corp. initial financing complete
Dear Shareholders,
Abaxx was founded to develop new tools for smarter market coordination and risk management as commodity markets navigate a complex global energy transition. Ongoing discussions with our industry partners highlight the acute need for our buyer and seller of last resort solutions as countries across Europe and Asia seek to lower their energy import risks and finance cleaner, more flexible energy sources.
During the quarter we made great strides towards the final phases of launching our new markets, with technology integrations and commercial engagement activities proceeding according to the business plan. The precise launch timeline is now pending clearing member onboarding, and finalizing our remaining requirement conditions for both Central Clearing House and Recognized Market Operator final regulatory approvals. The financial institution integrations and regulatory related delays have not created a dependency impeding the introduction of our technology suite of applications in pilot test trading programs.
The decision to pursue both trading and clearing licenses from the start, while more uncertain in terms of the regulatory application timing and clearing member integration dependencies somewhat beyond our control, is proving to be prescient in that it positions the Company to deliver a more comprehensive level of products and services to an expanded addressable market of clients and partners. The Abaxx commercial team is actively engaged with the energy industry on refining the products to launch the exchange. The global economy is experiencing a transition-energy challenge which is certain to expand in complexity. The recent spikes in global natural gas prices, exacerbated by inefficient market structures and a lack of environmental impact transparency in the financing and offtake of long term gas supply, is one of the key problems Abaxx is working to solve.
The closing of our bought deal financing earlier in Q2 solidified our initial launch funding and minimum regulatory capital enabling the Company to add new executives and achieve a key regulatory milestone. The Company also filed a Preliminary Base Shelf Prospectus with the Ontario Securities Commission on September 22, 2021, qualifying the distribution of securities for the 25 months it is in effect. Pending regulatory review and acceptance, this facility would provide flexibility in future financing options, if so needed, and additional comfort to our clearing members and regulators that the Company has ready access to capital in the event of a quickly growing market.
https://www.globenewswire.com/news-release/2021/10/06/2309571/0/en/Abaxx-updates-on-third-quarter-activities-in-preparation-for-launch-of-the-Abaxx-Exchange.html