Abaxx Provides Q1 Corporate Update

TORONTO, Feb. 01, 2024 (GLOBE NEWSWIRE) -- Abaxx Technologies Inc. (NEO:ABXX)(OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software and market infrastructure company, majority shareholder of Abaxx Singapore Pte Ltd. (“Abaxx Singapore”), the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), and producer of the SmarterMarkets Podcast, summarizes development activities over the past quarter and the general progress of the Company’s business plans.

The Company plans to host an investor call and presentation on Tuesday, February 6th, with details outlined in this release.

Abaxx Corporate Milestone Highlights

• Risk and Regulatory: Received three regulatory licenses from the Monetary Authority of Singapore (“MAS”) in December 2023 to operate a recognised market operator, an approved clearing house and an approved holding company. Engaged with prospective members on onboarding processes and sharing of risk frameworks.
  
• Commercial: Approved applications for two initial clearing members and announced Abaxx Singapore’s membership approval into the Futures Industry Association (FIA). Began onboarding global inter-dealer broker networks — key in building market liquidity for the debut of Abaxx product verticals. Conducted extensive series of demos intended to familiarize brokers with the Abaxx Trade Registration Platform for block trade entry. Finalizing additional membership approvals to build a key group of clearing members at launch.
  
• Exchange Product Development: Continued to enhance readiness of trading participants by ensuring adequacy of product knowledge of our launch suite of LNG, Carbon and Nickel Sulphate futures contracts. Lithium futures progressed to Stage 2 (Scoping/Design/Drafting). Precious Metals solutions in Stage 3 (Industry Review/Risk/Regulatory).
  
• Systems and Operations: Completed Abaxx Exchange and Abaxx Clearing ISV certification process. Integration, training and onboarding of all user classes (trading firm, broker firm and clearing firm) into production and payment network underway and on time for targeted 1Q -2024 launch. Abaxx Singapore completed the onboarding of a multinational bank as Abaxx Clearing’s second settlement bank and Abaxx Clearing is now active on the Swift network.