Banxa Announces Key Board Changes and Management Team Additions

TORONTO, Sept. 20, 2023 (GLOBE NEWSWIRE) -- Banxa Holdings Inc. (TSXV: BNXA) (OTCQX: BNXAF) (FSE: AC00) ("Banxa'' or the "Company") is pleased to share important updates regarding its board of directors and management team, aimed at positioning the company for future success.

• Doron Cohen, a non-executive director, will step down from his position immediately. Doron played a crucial role as the founding director of the TSXv shell that facilitated Banxa's reverse listing onto the TSXv, and the Company acknowledges his contributions.
• The Company is excited to announce the appointment of Zafer Qureshi, a large shareholder, as an Executive Director, effective immediately. Zafer will also take on the role as Head of Corporate Affairs within the Banxa Executive team. Zafer's background is detailed below.
• Additionally, the Company is delighted to have Patrick Maguire joining in October 2023 as the new Chief Financial Officer (CFO). Patrick is a tenured CFO of public and private companies. Patrick's background is detailed below.
  

Holger Arians, CEO, remarks, "Management and I are excited with the addition of Zafer and Patrick to our team. We are full steam ahead with the strengthening of our team to embrace the embedded crypto future that we've been diligently building since our mid-year update and look forward to updating shareholders further in the coming days."

Domenic Carosa, Chairman, remarks, "I want to express my gratitude to Doron for his invaluable contributions to our journey thus far. We're also thrilled to welcome Zafer and Patrick, who bring a wealth of experience to our team."

FINANCIAL RESULTS & AGM UPDATE

The Company advises that its preparation of the audited financial statements for the fiscal year ended June 2023 (which includes the April-June quarter) are on track and will be released to the market before the end of October, in line with reporting requirements.

The Annual General Meeting has been approved by the TSXv to be rescheduled until 30th November to allow time to strengthen the composition of the Board of Directors and position the Company for continued future success.

The Company intends to provide further positive business updates to shareholders in the coming days.

Zafer Qureshi's Bio:
Zafer Qureshi has 10+ years as an investor and is the Founder and CEO of the Qureshi Family Office (Alam Group of Companies Inc.). Prior to this role, he made a significant impact in the world of finance during his tenure at Royal Bank of Canada (RBC). At RBC, Zafer specialized in mergers and acquisitions (M&A) investment banking and enterprise strategy, where he played a pivotal role in structuring and executing strategic financial transactions and leading critical corporate initiatives. His appointment as an Executive Director and Head of Corporate Affairs at Banxa brings a wealth of financial acumen and strategic vision to the team.

Patrick Maguire's Bio:
Patrick is an experienced Chief Financial Officer with a global career gained with both public and private businesses leading all aspects of the finance function as well as strategy development, capital raising, M&A and risk management to deliver business growth. Patrick previously held executive positions with technology businesses such as The Yield Technology Solutions, QSR International, Digicel Pacific and Euronet Worldwide Inc. Under Patrick's leadership the finance function will have significant depth to unlock Banxa's next phase of growth.

CONTACTS

Investors:
Zafer Qureshi
[email protected]

Media:
Wachsman
Ethan Lyle
[email protected]

ON BEHALF OF THE BOARD OF DIRECTORS
Per: "Zafer Qureshi"
Zafer Qureshi = Director and Head, Corporate Affairs, +1 416-347-4192

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.