Banxa Provides Expected Completion Date For Audit Of FY

TORONTO, March 22, 2023 (GLOBE NEWSWIRE) — Banxa Holdings Inc. (TSXV: BNXA) (OTCQX: BNXAF) (FSE: AC00) (“Banxa” or the “Company”), the leading on-and-off ramp solution for Web3, announces today an update on the progress of the ongoing audit process for its annual financial statements for the fiscal year ended June 30, 2022. The Company is pleased to report that it has confirmation from RSM Canada that the process will be finalised by 5th April 2023 ET.

​​The interim financial statements for Q1 (Sep-2022) and Q2 (Dec-2022) for fiscal year ending 2023 will be lodged shortly thereafter.

Following the completion of the audit and the submission of the outstanding annual and interim financial statements, the Company will apply to the British Columbia Securities Commission (“BCSC”) for a revocation of the failure-to-file cease trade order (the “FFCTO”) that has been in effect since November 3, 2022. Once the revocation order is granted, the Company will contact the TSX Venture Exchange (the “TSXV”) regarding the resumption of trading of the Company’s common shares (the “Common Shares”).

Despite the challenges posed by the evolving regulatory landscape, of which Banxa remains at the forefront of now more than ever, Banxa’s day to day business operations have not been affected and the business continues to make significant advancements in its product development and execution of key partnerships, which are having a positive financial flow-on effect. The Company will provide a detailed general business update via an investor webinar once the aforementioned financial matters have been finalised.

Finally, the Company confirms that it has no exposure to Silicon Valley Bank (SVB) and Signature Bank, and only had exposure of USD$110,000 for operational reasons with Silvergate Bank that recently decided to close its operations last week, and the Company expects to receive 100% of its monies due to them being fully insured by FDIC.

CONTACTS

Media:
Wachsman
Ethan Lyle
banxa@wachsman.com

ON BEHALF OF THE BOARD OF DIRECTORS
Per: “DOMENIC CAROSA” https://twitter.com/DomCarosa
Domenic Carosa = Chairman (1-888-218-6863)

Neither 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 and Statements

This news 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”, “expects” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or will “potentially” or “likely” 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 the completion of the audit by the Company’s auditor, timing for the filing of the Annual Filings and interim financial statements by the Company; expected revenue; completion of the Company’s review of audit procedures needed to validate the accounting treatment of digital assets; and that the Company will satisfy the conditions of the BCSC to have the CTO lifted.

These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, risks related to the completion of the audit by the Company’s auditor within the timeframe expected by management, and risks relating to the filing of the Annual Filings and interim financial statements within the timeframe expected by management, risks relating to the BCSC’s removal of the CTO, and risks related to changes in general economic, business and political conditions, including changes in the financial markets, changes in applicable laws, and compliance with extensive government regulation, as well as those risk factors discussed or referred to in the Company’s disclosure documents filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com.

In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, assumptions regarding the completion of the audit by its auditor in a timely manner and the filing of the Annual Filings and interim financial statements by the Company in a timely manner; assumptions that the Company will satisfy the conditions of the BCSC to lift the CTO; revenue numbers will be reported as stated herein and that the Company will complete the review of audit procedures needed to validate the accounting treatment of digital assets.

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.