Banxa CTO Update

TORONTO, ON / ACCESSWIRE / November 4, 2022 / Banxa Holdings Inc. (TSXV:BNXA)(OTCQX:BNXAF)(FSE:AC00) ("Banxa" or the "Company") advises that it is delayed in filing its audited annual financial statements for the fiscal year ended June 30, 2022, with a filing deadline of October 28, 2022.

The Company has received a Cease Trade Order (CTO) from the British Columbia Securities Commission (BCSC). The annual audit (the "Audit") is taking longer than expected and the Company's auditor, RSM Canada ("RSM"), will require more time to complete the Audit.

Domenic Carosa, Founder & Chairman of the Company, stated: "The business is continuing to trade as normal, and the business is well financed to support its operations with approximately AUD$12 million in cash and cash equivalents on the balance sheet. Our finance teams in Australia and Canada are working hard and fully co-operating with the auditors to ensure we file the highest quality set of financial statements."

The Company expects to update shareholders in the coming 5-10 business days.

CONTACTS

Investors:

MZ North America
Brian M. Prenoveau, CFA
BNXA@mzgroup.us
561-489-5315

Media:

Wachsman
Ethan Lyle
banxa@wachsman.com

ENDS

ON BEHALF OF THE BOARD OF DIRECTORS

Per: "DOMENIC CAROSA" https://twitter.com/dcarosa

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 RSM, and the filing of the Annual Filings by the Company.

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 RSM within the timeframe expected by management, and risks relating to the filing of the Annual Filings within the timeframe expected by management, 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 RSM in a timely manner and the filing of the Annual Filings by the Company in a timely manner.

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 Holdings Inc.