Abaxx Provides Corporate Update

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, Sept. 29, 2023 (GLOBE NEWSWIRE) -- Abaxx Technologies Inc. (NEO:ABXX)(OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software and market infrastructure company, majority shareholder of the Abaxx Commodity Exchange and Clearinghouse (“Abaxx Singapore”), and producer of the SmarterMarkets Podcast, summarizes development activities over the past quarter and the general progress of the Company’s business plans. Abaxx also announces that it completed a financing of approximately CAD $1,013,000 through the private placement of an unsecured convertible debenture of the Company with an existing shareholder. Further details of these updates are provided below.

Corporate Milestone Highlights

• Risk and Regulatory: Concluded public consultation on Exchange and Clearinghouse rules; ongoing engagement with the Monetary Authority of Singapore (“MAS”) to complete remaining conditions for final AHC, ACH, and RMO licensing in Q4 2023.
• Commercial: Began a commodity broker engagement program in advance of initial trading, has executed a first cooperation agreement with Vanir Global Markets Pte. Ltd, a global energy and environmental interdealer brokerage (IDB) firm providing market participants further access to Abaxx Exchange's suite of products via their extensive relationships in global energy and environmental markets.
• Exchange Product Development: Submitted a Notification of Impending Listing of Futures Contracts to the MAS for Nickel Sulphate Futures; efforts on carbon and precious metals market solutions continue. Abaxx has also begun initial product scoping for lithium benchmark contracts following constructive engagement with market participants in recent battery metal market events.
• Systems and Operations: Continued integration and certification testing of third-party clearing and exchange independent software vendors (ISVs) in production environments.
• Strategic Financing: The strategic financing process for Abaxx Singapore is progressing, with an expected conclusion in early Q4. Abaxx has signed non-binding term sheets as well as definitive agreements with corporate strategic investors, as previously disclosed on August 14th, 2023.
• Abaxx Console Apps and ID++ Protocol: Advanced design and development work on prototyping of tools for carbon and commodity markets. Held initial pilot project discussions during the quarter with a number of prospective stakeholders, including a global commodity trading firm, voluntary carbon market registry, and a sovereign jurisdiction looking to enhance identity credential technology in financial markets.

Abaxx has made significant progress in its strategic initiatives over the recent months. The Company's efforts have been centered around technological advancements, regulatory engagements, and expanding its market presence, all of which are crucial in addressing global challenges, including the ongoing energy transition and global supply chain investment cycle.