BANXA Announces Audit Update

TORONTO and MELBOURNE, Australia, Nov. 29, 2023 (GLOBE NEWSWIRE) -- Banxa Holdings Inc. (TSXV: BNXA) (OTCQX: BNXAF) (FSE: AC00) ("Banxa" or the "Company") announces an update on the FY23 audit. Banxa’s audit partner, PKF Antares (“PKF”), has continued to make good progress in the final review stage with its Senior Partners. The revised anticipated timeline for the FY23 audit completion is December 8, 2023.

The timeline has been revised due to the additional substantiation needed by PKF on Banxa’s agency revenue recognition policy. Banxa has engaged a reputable third party accounting firm to provide an independent opinion on the agency revenue recognition policy. The independent opinion on Banxa’s agency revenue recognition policy is expected to be finalized this week. If this independent review does not support Banxa’s agency revenue recognition policy or PKF is not satisfied with the independent review, then the audit sign-off may be delayed further. However, Banxa’s Board and Management anticipate the independent review to be in support of Banxa’s agency revenue recognition policy - which has been reviewed and signed off across multiple prior audits - and at this time do not anticipate further delays to arise in the audit’s completion.

The agency revenue recognition policy has no impact on Banxa’s gross profit, net income, or cash position. Banxa has a healthy sales pipeline and is in a stronger financial position after raising CAD$5.5M.

Annual General Meeting (AGM) Live Broadcast
Banxa’s AGM will be held at 2pm PST, Thursday, November 30, 2023. Shareholders and investors are encouraged to register here for the live broadcast: https://tinyurl.com/BanxaAGM

CONTACTS

Investors:
Zafer Qureshi
[e-mail]

ON BEHALF OF THE BOARD OF DIRECTORS
Per: "Holger Arians”
Holger Arians = Chairman and Chief Executive Officer (1-888-218-6863)

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This press release contains statements including “forward-looking information” (“Forward-looking statements”). Forward-looking statements in this news release include statements regarding the date of the Meeting. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company will hold the Meeting on the expected date. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks may include, among others that the Company will hold the Meeting on the expected date. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.