Abaxx Technologies Announces Acquisition of PrivacyCode, Inc.
Abaxx Technologies Inc. (CBOE:ABXX)(OTCQX:ABXXF) is excited to announce its strategic acquisition of PrivacyCode, Inc. This move marks a significant advancement in Abaxx's goal of enhancing its technological capabilities within the financial services industry.
Understanding the Impact of PrivacyCode
PrivacyCode is well-known for its cutting-edge data governance platform, which simplifies the management of compliance requirements and policies for organizations. As data governance becomes increasingly complex across various sectors, it often hinders operational efficiency. By integrating PrivacyCode's solutions, Abaxx intends to assist businesses in navigating these challenges and achieving measurable results that promote accountability throughout the Global Data Supply Chain.
Details of the Acquisition
As part of this acquisition, Abaxx Technologies Corp., a wholly owned indirect subsidiary of Abaxx, has successfully issued 37,146 common shares at a price of C$11.07 each. This issuance will enable the cancellation of simple agreements for future equity (SAFE Agreements) previously established with PrivacyCode and its stakeholders. The arrangement includes terms that ensure fair treatment for both the company and key individuals involved in the merger.
A Vision for Smarter Markets
Abaxx has consistently focused on creating Smarter Markets through innovative financial technology and efficient market infrastructures. The integration of PrivacyCode is a crucial step in realizing this vision. Abaxx manages prominent subsidiaries such as Abaxx Exchange and Abaxx Clearing, both recognized players in Singapore's financial sector.
The Role of Abaxx Exchange and Clearinghouse
Abaxx Exchange and Abaxx Clearinghouse function as key hubs for commodity futures in Singapore. They are designed to facilitate centrally cleared, physically deliverable commodities futures, enhancing price discovery and risk management capabilities. These initiatives align closely with the global transition towards a lower-carbon economy, reinforcing Abaxx’s commitment to responsible market practices.
Contact Information
If you have any questions or need more information regarding the acquisition, please contact:
Steve Fray, CFO
Phone: 416-786-4381
For media and investor communications, please reach out to:
Abaxx Technologies Inc.
Investor Relations Team
Phone: +1 246 271 0082
Email: ir@abaxx.tech
Frequently Asked Questions
What is PrivacyCode, and why did Abaxx acquire it?
PrivacyCode is a data governance platform that simplifies compliance management. Abaxx acquired it to enhance their technological capabilities and streamline compliance for their customers.
What benefits does Abaxx expect from this acquisition?
Abaxx anticipates increased efficiency in governance tasks, leading to measurable outcomes for its clients, thereby solidifying its role in the Global Data Supply Chain.
How many shares were issued for the acquisition?
Abaxx issued a total of 37,146 common shares at a deemed issuance price of C$11.07 to facilitate the merger process.
What does Abaxx’s future look like post-acquisition?
Post-acquisition, Abaxx plans to leverage PrivacyCode's technology to strengthen its market position and continue innovating in the financial technology space.
How can stakeholders learn more about Abaxx Technologies?
Stakeholders can find more information by visiting Abaxx's official website or by contacting their Investor Relations team directly.
