Abaxx Technologies Announces Share Consolidation

This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated April 26, 2023 to its short form base shelf prospectus dated November 4, 2021

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TORONTO, May 18, 2023 (GLOBE NEWSWIRE) -- Abaxx Technologies Inc. (NEO: ABXX) (OTCQX: ABXXF) (the “Company” or “Abaxx”) announces that it intends to complete a consolidation (the “Consolidation”) of its common shares (“Common Shares”) on the basis of three (3) pre-Consolidation Common Shares for one (1) post-Consolidation Common Share. As of the date hereof, there are 73,548,185 Common Shares issued and outstanding. On a post-Consolidation basis, the Company shall have approximately 24,516,061 Common Shares issued and outstanding. It is expected that the Common Shares reflecting the Consolidation will commence trading on the NEO Exchange on or around May 23, 2023. The Company will not be changing its name in connection with the Consolidation. Completion of the Consolidation is subject to the receipt of all necessary regulatory approvals including the approval of the NEO Exchange. Shareholder approval for the Consolidation was obtained at a special meeting of the shareholders held on April 14, 2023.

No fractional Common Shares will be issued as a result of the Consolidation. Any fractional interest in Common Shares resulting from the Consolidation will be rounded down to the nearest whole Common Share. Registered shareholders will receive a letter of transmittal from the Company’s transfer agent, Odyssey Trust Company, providing instructions on how to exchange their share certificates representing pre-Consolidation Common Shares for new share certificates or Direct Registration Advice (DRS) representing post-Consolidation common shares to which they are entitled as a result of the Consolidation. No action is required by non-registered shareholders (shareholders who hold their common shares through an intermediary) to receive post-Consolidation Common Shares in connection with the Consolidation.

About Abaxx Technologies

Abaxx is a development stage financial software and market infrastructure 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 Inc. and the creator and producer of the SmarterMarkets podcast.