Banxa Achieves Positive Operating Cashflow In February and Leadership Executes On-Market Buy

TORONTO and MELBOURNE, Australia, April 9, 2024 /CNW/ - Banxa Holdings Inc. (TSXV: BNXA) (OTCQX: BNXAF) (FSE: AC00) ("Banxa'' or the "Company") is pleased to announce achieving sustainable positive operating cashflow in February 2024.

Holger Arians, Chairman and CEO, said: "This is yet another major milestone for Banxa and its shareholders. Under the new leadership, the business is moving from strength to strength. We have achieved strong February results with our focus on disciplined operations and investing in our platform - improving pricing, payment conversions, and removing friction in the user journey. It's encouraging to see that March and April are looking even better. As I look forward, I believe Banxa is well positioned to scale profitably via our 300+ strong partner base, sales pipeline and evolution of our embedded crypto offering."

Zafer Qureshi, Executive Director and Head of Corporate Affairs, said: "I am very pleased to see Banxa executing on all fronts and achieving positive operating cashflow in February is another step in the right direction. We have continued to make tremendous progress on many fronts - reducing our cost of capital to below 20%, sourcing scaleable trade financing, such as the recently announced DeFi lending pool on the Clearpool platform, and instilling a disciplined operating culture. In addition to strengthening the business, we are actively exploring various avenues to unlock shareholder value and expand our shareholder base to new investors."

ON-MARKET BUY

The Company is announcing that members of the Leadership team, including Holger Arians, (Chairman and CEO) and Zafer Qureshi (Executive Director and Head of Corporate Affairs) have purchased shares on the open market. Kaushik Sthankiya (Non-Executive Director) plans to purchase Banxa shares on the open market. These purchases are made in adherence with Banxa's share trading policies, and have been pre-approved by the Chairman of the Board of Directors. Participating team members will file reports with Sedi in a timely manner.

ABOUT BANXA HOLDINGS INC.

Banxa is the leading infrastructure provider for enabling embedded crypto - empowering businesses to take control of their crypto journey. Through an extensive and growing network of global and local payment solutions and regulatory licenses, Banxa helps businesses provide seamless integration of crypto and fiat for global audiences with lower fees and higher conversion rates. Headquartered in the USA, Europe, and Asia-Pacific, the Banxa team is building for a world where global commerce is run on digital assets. For further information visit www.banxa.com.

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.

ON BEHALF OF THE BOARD OF DIRECTORS
Per: "Zafer Qureshi"
Zafer Qureshi = Executive Director and Head, Corporate Affairs, +1-888-332-2692

Forward-Looking Information

This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions.

These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

SOURCE Banxa Holding Inc

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2024/09/c5290.html