TORONTO, July 25,
2024 /CNW/ - Banxa Holdings Inc. (TSXV: BNXA)
(OTCQX: BNXAF) (FSE: AC00) ("Banxa'' or the
"Company") is thrilled to announce the appointment of
Zafer Qureshi as Co-CEO, joining
forces with Holger Arians. This strategic move aims to leverage
their combined expertise to propel Banxa into a new era of growth
and innovation.
Holger Arians, Chairman and Co-CEO, expressed his enthusiasm for
the new leadership structure: "Zafer's addition to the team has
been instrumental in Banxa's journey over the past 12 months. Zafer
and I have worked closely to transform Banxa from a loss-making
entity into a sustainably profitable business. Our complementary
skills and shared vision make this co-leadership model an exciting
development for Banxa. Together, we are committed to driving
Banxa's continued success and delivering exceptional value to our
stakeholders."
Zafer Qureshi, Executive Director
and newly appointed Co-CEO, echoed Holger's sentiments: "I am
excited to formalize Holger and my leadership with my appointment
as Co-CEO of Banxa. Our collaboration has already yielded
significant results, and I am confident that our partnership will
enable us to seize new opportunities and successfully navigate the
challenges ahead. Banxa has consistently been ahead of the curve
and with Web3 becoming more mainstream, we are poised to lead Banxa
into a future brimming with potential as we expand our embedded
crypto infrastructure."
Under their leadership, Banxa has achieved remarkable
milestones, including reaching sustainable profitability in the
March quarter and scaling its business efficiently. The Company has
also seen meaningful de-risking and balance sheet improvement by
buying out the senior secured convertible note, a significant
reduction in the cost of working capital funding - current weighted
average cost of sub 15% APR - and greater focus on profitable
growth.
The Company believes Holger and Zafer's leadership has driven
Banxa to deliver its best quarter (March
2024) in its history, showcasing the efficacy of their
partnership. With this dynamic dual leadership model, Banxa is set
to catapult into its next exhilarating chapter, ensuring sustained
growth and market dominance.
ABOUT BANXA HOLDINGS INC.
Banxa is the leading infrastructure provider for enabling
embedded crypto - empowering businesses to embed
crypto seamlessly into their existing platforms and
unlocking new opportunities in the rapidly evolving
crypto economy. Through an extensive and growing
network of global and local payment solutions and regulatory
licenses, Banxa helps businesses provide seamless integration of
crypto and fiat for global audiences with lower fees
and higher conversion rates. Headquartered in the USA, Europe,
and Asia-Pacific, the Banxa team
is building for a world where global commerce is run on digital
assets. For further information visit www.banxa.com.
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.
ON BEHALF OF THE BOARD OF DIRECTORS
Per: "Zafer Qureshi"
Zafer Qureshi = Executive
Director and Co-CEO, +1-888-332-2692
Forward-Looking Information
This 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" or "anticipates", or variations of
such words and phrases or statements that certain actions, events
or results "may", "could", "should", "would" or "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 discussions of future
plans, estimates and forecasts and statements as to management's
expectations and intentions.
These forward‐looking statements involve
numerous risks and uncertainties and actual results might differ
materially from results suggested in any forward-looking
statements. 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.