Abaxx Provides Corporate Update and Quarterly Development Activities

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, Aug. 16, 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.

The Company plans to host an investor call and presentation on Thursday, August 17th, with details outlined in this release.

Highlights:

Abaxx Exchange and Clearing Developments Highlights:

• Risk and Regulatory: Concluded public consultation on Exchange and Clearing House rules; ongoing engagement with MAS for ACH and RMO licensing.
• Commercial: Broad interactions with market participants including significant meetings and interactions at The 20th International Conference & Exhibition on Liquefied Natural Gas (LNG2023), where Abaxx Singapore was the sole global exchange and clearing group represented amongst over 400 LNG Traders and 3,000 delegates; selected to present the Abaxx physical futures white paper and suite of LNG benchmark contracts at the upcoming global GasTech conference in Singapore.
• Systems and Operations: Hired a new Chief Technology Officer with global exchange experience and progressed integration of third-party clearing and exchange independent software vendors (ISVs) into production.
• Exchange Product Development: Advanced development of Nickel futures contract; efforts on carbon and precious metals market solutions continue.
• Abaxx Console Apps and ID++ Protocol: Completed upgrade to ID++ V2 core protocol; prototyping tools for carbon markets with improved privacy and accountability (Abaxx Project Venice).
  

Abaxx Corporate Update Highlights:

• First Revenues from Base Carbon Revenue Royalties: Abaxx Technologies achieved its first revenues from a 2.5% royalty on Base Carbon sales, following the successful issuance and sale of 1,116,221 Verified Carbon Units (VCUs) related to a Vietnam Project's cookstove and water purifier components to the project’s offtaker, Citigroup.
• Signing of Strategic Financing Investor: Abaxx Singapore has executed a definitive investment agreement with a global market infrastructure operator to make a cash investment in Abaxx Singapore, subject to closing conditions, as previously announced on August 14, 2023.
• U.S. Listing Application: Abaxx pursing intralisting on Cboe Global Listings to expand capital markets reach and engage global investors, subject to all regulatory requirements, as previously announced on June 2, 2023.