Abaxx files carbon futures contract notice with Monetary Authority of Singapore to finalize European LNG contract, The Canadian Business Journal

TORONTO, OCTOBER 18, 2022 (GLOBE NEWSWIRE) — Abax Technologies Inc.(NEO:ABXX)(OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software company, a major shareholder Abaxx Singapore Pte.Abaxx Commodity Exchange (ACX), and Producer SmarterMarkets™ Mediahas filed an initial notice of the impending listing of futures contracts with the Monetary Authority of Singapore.

highlight:

• Initial Submission of Carbon Futures Contract Specifications to Monetary Authority of Singapore Advances Efforts to Address Final Regulatory Licenses and Commencement Conditions
• An initial portfolio of LNG futures contracts, including the European LNG contract, is in final development iterations prior to submission.
• Market Development in Metals Contracts Continues During October Event

Monday 18 October 2022 Abaxx Exchange Pte. Futures contracts are designed to address the price discovery and risk management needs of emissions market participants operating in emerging voluntary carbon markets (VCMs). Notification is required for all new products to be listed at launch and thereafter.

Abaxx Exchange plans to make similar submissions in the coming weeks for other products it plans to list at launch, including LNG futures contracts. The launch of the Registered Market Operator and Approved Clearinghouse, as well as his futures contracts scheduled for listing by ACX, remain subject to final regulatory approval.

Submission of additional agreements will not delay the orderly process of meeting the final terms and conditions associated with Registered Market Operators and Approved Clearinghouse licenses. The company plans to provide further regulatory milestone updates after submitting management’s discussion and analysis for Q3 2022.

At the same time, the Abaxx LNG physically settled futures contract portfolio (including European delivery contracts) is in its final iteration stage after a cycle of deep market consultations. This is a radically differentiated approach that uses physically delivered contracts as opposed to those based on cash-settled indices. These LNG futures contracts are independent of and complementary to platform capabilities that allow bundling of carbon offset credits with LNG cargoes.

Dan McElduff, President of Abaxx Singapore, said: “Abaxx takes a detailed, bottom-up approach to developing physically deliverable contracts that enable clear price signals and is more competitive in the physical market with a wide range of buyers and sellers of last resort competition. It is intended to strike a good balance, especially with its continued engagement with the evolving needs of the global energy trading community over the past 18 months, which will allow Europe to offer greater price transparency and better trading than current FX benchmarks offer. It has emerged as an important LNG demand center requiring hedging effects.”

Abaxx CEO Josh Crumb added: Beyond current market challenges in LNG, Abaxx is well positioned to serve stakeholders by focusing on market infrastructure challenges before they materialize. The market urgently needs better benchmarks and more transparent buyers and sellers of the global energy market of last resort, in addition to a voluntary carbon market (VCM) infrastructure. Looking forward to unveiling a carbon-neutral commodity market structure in early 2023, he is pleased to submit his first VCM futures contract to MAS this week. ”

Metal market development happens to accelerate when metal industry participants gather in Europe. Abaxx’s development team will participate in a major industry conference in October to continue its efforts to provide much-needed solutions to transition-critical pricing and hedging metals.

About Abax Technologies

Abaxx is a development-stage financial software company that creates its own technology infrastructure for both global commodity exchanges and digital marketplaces. The company’s formation technology enhances transaction speed and data security and facilitates improved risk management at his majority-owned Abaxx Singapore Pte. Ltd. (“ACX” or “Abaxx.Exchange”) – Monetary Authority of Singapore (“MAS”). Abaxx is a founding shareholder of Base Carbon Corp. and creator and producer of the SmarterMarkets™ podcast.
For more information, please visit: abaxx.tech, abaxx.exchange When SmarterMarkets.media

Media and Investor Inquiries:

Abax Technologies Inc.
IR team
Phone: +1 246 271 0082
Email: [email protected]

Forward-Looking Statements

This news release contains certain “forward-looking statements” that do not consist of historical facts. Forward-looking statements include estimates and statements that describe the future plans, objectives or goals of Abaxx or the company. This includes language to the effect that Abaxx expects the stated condition or result to occur. Forward-looking statements “seek,” “believe,” “expect,” “expect,” “estimate,” “could,” “could,” “would,” may be identified by terms such as “will” or “plan”. ”. Forward-looking statements are based on assumptions and address future events or circumstances and, therefore, are inherently subject to 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. Due to the risks, uncertainties and other factors associated with forward-looking information, actual events, results, performance, prospects and opportunities may not be expressed or implied by such forward-looking information. can vary greatly. Forward-looking information in this news release includes, but is not limited to, Abaxx’s objectives, goals or future plans, statements, timing of commencement of operations and forecasts of market conditions. Such factors include, among others: Risks associated with global economic conditions. dilution; our limited operating history; Uncertainty about future funding needs and additional funding. industry competitiveness. currency risk; the need for Abaxx to manage planned growth and expansion; The impact of product development and the need for continuous engineering change. protection of proprietary rights; the impact of government regulations and compliance on his Abaxx and industry; network security risk. Abaxx’s ability to maintain a properly functioning system. reliance on key personnel; deteriorating global economic and financial markets hindering access to capital or increasing the cost of capital; affect. In addition, certain factors that may affect the future results of Abaxx’s business include operating in foreign jurisdictions, protection of intellectual property rights, contractual risks and third party risks. but not limited to: Clearinghouse risk, malicious actor risk, third-party software license risk, system failure risk, technological change risk. Reliance on technology infrastructure, inability to anticipate and counteract the impact of COVID-19 on the company’s business. This includes, but is not limited to, the impact of COVID-19 on commodity prices, capital market conditions, labor and international restrictions. travel and supply chain. Abaxx also anticipates that no significant events will occur outside of Abaxx’s ordinary course of business.

Abaxx warns that the preceding list of important factors is not exhaustive. In addition, while Abaxx has attempted to identify important factors that could cause actual results to differ materially, there could be other factors that could cause results to not be as expected, estimated or intended. . Investors and other parties should carefully consider the aforementioned factors and other uncertainties and potential events when making decisions based on Abaxx’s forward-looking statements and information. Abaxx does not expect such forward-looking statements or information to differ materially from actual results or events as a result of the important factors referenced in the preceding paragraph. However, this list of factors is not exhaustive, is subject to change, and there is no guarantee that such assumptions will reflect the actual results of such items or factors. The forward-looking information contained in this press release represents his expectations of Abaxx as of the date of this press release and is therefore subject to change after that date. Readers should not place undue weight on forward-looking information or rely on this information as of any other date. Abaxx does not undertake to update this information at any particular time, except as required by applicable law. NEO Exchange is not responsible for the adequacy or accuracy of this press release.

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