Abaxx Technologies Inc. appoints CFO
TORONTO, Aug.23, 2021 (GLOBE NEWSWIRE) – Abaxx Technologies Inc. (NEO: ABXX) (OTCQX: ABXXF) (âAbaxxâ or the âCompanyâ), a financial software company (fintech), majority shareholder of Abaxx Singapore Pte. Ltd.. the Abaxx Commodity Exchange (ACX), and producer of SmarterMarkets â¢ Podcast, announces company management updates, appointing Steve Fray as Chief Financial Officer (CFO) and Cyrus Hiramanek who will join the Abaxx Board of Directors, both effective August 17, 2021.
Mr. Fray will replace interim CFO Wes Fulford, who will return to his former role as a corporate financial advisor to Abaxx, leading the financing of Base Carbon Corp. and a strategic review of Abaxx’s iron ore assets. Cyrus Hiramanek is appointed as a new independent director.
Mr. Fray brings over 20 years of experience building and leading finance teams in global companies of significant operational scale and complexity. Most recently, he served as Chief Financial Officer at Goldmoney Inc (TSX: XAU), a precious metals technology and financial services company. In addition, Mr. Fray spent 4 years at GuestLogix Inc (TSX: GXI) as Vice President of Finance, 3 years as Senior CFO in the Bermuda General Accounting Department, and has held numerous audit roles at KPMG.
Mr. Fray holds a number of professional titles and affiliations including a Master of Business Administration (MBA) in Finance from the University of Manchester, Chartered Professional Accountant, Chartered General Accountant (CPA, CGA) and is a member of the Association of Certified Chartered. Accountants, (FCCA-UK).
Cyrus Hiramanek is Senior Coverage Officer and Managing Director at M. Klein and Company, a boutique investment bank in North America. Mr. Hiramanek has worked in investment banking for over 15 years focusing on the natural resources sector, particularly oil and gas, metals and mining, and for industrial technology clients in North America. North and South, Europe, Asia and the Middle East. Prior to Mr. Klein and Company, Mr. Hiramanek held investment banking positions with Deutsche Bank, Goldman Sachs and Toronto Dominion Securities. Mr. Hiramanek’s investment banking resume includes notable advisory work on the Saudi Aramco IPO, PIF’s sale of SABIC to Aramco, the Barrick Randgold merger and the IHS Markit merger.
Mr. Hiramanek holds professional designations including CFA and FRM Charter Holder, with an Honors BA in Economics, Finance and Mathematics in addition to a graduate degree in Public Accountancy from McGill University.
âI am delighted that Steve and Cyrus are joining the management team and the board of directors of Abaxx, respectively,â said Josh Crumb, CEO of Abaxx. “Having worked with Steve over the years at other global companies that I have helped build, including Goldmoney Inc. and MenÄ Inc., our effective working relationship and level of expertise in corporate finance structures. This multidimensional company has positioned him to understand and support Abaxx’s growth plan. Similarly, Cyrus has been a highly valued colleague and mentor to me in the financial markets for many years; his knowledge and experience in business strategy he corporate and international resource markets will provide valuable advice to the Abaxx board of directors and the Abaxx Exchange business development team.
About Abaxx Technologies
Abaxx is a developing-stage financial software company that has created a proprietary technology infrastructure for global commodity exchanges and the digital marketplace. The company’s training technology increases transaction speed, data security and facilitates better risk management for the majority-owned company, Abaxx Singapore Pte. Ltd. (“ACX”, “Abaxx Commodity Exchange” or “Abaxx.Exchange”) – a commodity futures exchange that seeks final regulatory approvals as a Recognized Market Operator (“RMO”) and Authorized Clearing House ( âACHâ) with the Monetary Authority of Singapore (âMASâ). Abaxx also owns the iron ore assets LabMag and KeMag, resulting from the reverse takeover of New Millennium Iron Corp, and the creator and producer of the SmarterMarkets â¢ podcast.
For more information, please visit abaxx.tech, abaxx.exchange and SmarterMarketsPod.com
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Abaxx Technologies Inc.
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This press release includes certain “forward-looking statements” which are not historical facts. Forward-looking statements include estimates and statements that describe Abaxx or the Company’s future plans, objectives or goals, including words indicating that Abaxx expects a condition or reported result to occur. Forward-looking statements may be identified by words such as “research”, “believes”, “anticipates”, “plans”, “believes”, “may”, “could”, “should”, “will”, or “plan” . Because forward-looking statements are based on assumptions and deal with future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Abaxx, Abaxx provides no assurance that actual results will meet management’s expectations. The risks, uncertainties and other factors involved in forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information contained in this press release includes, without limitation, Abaxx’s objectives, goals or future plans, statements, timing of commencement of operations and estimates of market conditions. These factors include, but are not limited to: risks associated with the global economic climate; dilution; the limited operating history of the Company; future capital requirements and the uncertainty of additional funding; the competitive nature of the industry; currency risks; the need for Abaxx to manage its planned growth and expansion; the effects of product development and the need for continuous technological change; protection of property rights; the effect of government regulation and compliance on Abaxx and the industry; network security risks; Abaxx’s ability to maintain properly functioning systems; dependence on key personnel; deterioration of global economic and financial markets preventing access to capital or increasing the cost of capital; and volatile stock markets affecting the price of securities unrelated to operational performance. In addition, particular factors that could affect the future results of Abaxx’s business include, but are not limited to: operations in foreign jurisdictions, protection of intellectual property rights, contractual risk, risk of third ; clearinghouse risk, malicious actor risk, third-party software license risk, risk of system failure, risk of technological change; reliance on technical infrastructure, an inability to predict and counteract the effects of COVID-19 on the Company’s business, including, but not limited to, the effects of COVID-19 on the price of commodities , capital market conditions, labor restriction and international travel and supply chains. Abaxx also assumed that no material event occurred outside of the ordinary course of Abaxx’s business.
Abaxx cautions that the foregoing list of important factors is not exhaustive. In addition, although Abaxx has attempted to identify material factors that could cause actual results to differ materially, other factors may cause results not to be as anticipated, estimated or anticipated. When relying on Abaxx’s forward-looking statements and information in making decisions, investors and others should carefully consider the above factors as well as other uncertainties and potential events. Abaxx has assumed that the important factors mentioned in the previous paragraph would not cause these forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that these assumptions will reflect the actual result of such items or factors. The forward-looking information contained in this press release represents Abaxx’s expectations as of the date of this press release and, therefore, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely on such information as of any other date. Abaxx does not undertake to update this information at any time, except as required in accordance with applicable laws. The NEO Exchange accepts no responsibility for the adequacy or accuracy of this press release.