TORONTO, Sept. 10, 2024 /CNW/ - Banxa Holdings Inc. (TSXV: BNXA) (OTCQX: BNXAF) (FSE: AC00) ("Banxa'' or the "Company") is pleased to announce important changes to the Board of Directors and Management team as part of its continued commitment to driving future growth and innovation.

BOARD OF DIRECTOR CHANGES

Banxa is pleased to welcome Richard Wells to the Board of Directors as Non-Executive Director, effective immediately. Richard brings decades of invaluable experience from his roles as a Board member across multiple industries, coupled with deep expertise as an Executive in leading finance functions. His knowledge and strategic insights will be a tremendous asset as Banxa continues to advance its mission of building the world's leading embedded crypto infrastructure.

Additionally, Joshua (Jim) Landau, who has served as a Non-Executive Director for over eight years, will be stepping down from his position effective September 30, 2024. Jim has been a stabilizing force at the Board and championing strong governance. Banxa extends its deepest gratitude to Jim for his unwavering dedication and contributions throughout his tenure.

MANAGEMENT TEAM UPDATE

As part of Banxa's leadership evolution, Richard Mico, U.S. CEO and Head of Legal, Risk, and Compliance, has stepped down from his role effective August 15, 2024. Richard will continue to support a seamless transition until December 31, 2024.

In light of this transition, Zafer Qureshi, Executive Director and Co-CEO, will take on the role of U.S. CEO, overseeing Banxa's expansion in the U.S. market and activation of the Money Transmission Licenses. Furthermore, the Legal, Risk, and Compliance teams will now report directly to Zafer, ensuring continued leadership and focus on regulatory excellence.

Holger Arians, Chairman and Co-CEO, commented: "I am absolutely delighted to welcome Richard Wells to our Board. His extensive experience as a seasoned Board member and accomplished finance executive will undoubtedly accelerate Banxa's next chapter of growth and innovation, especially as we expand our embedded crypto infrastructure. I would also like to express my deepest thanks to Jim Landau for his unwavering support and wise counsel over the years, guiding Banxa's evolution into the leading infrastructure provider for major web3 players. As demonstrated by our recently announced unaudited FY24 financial results, Banxa is in a new era of growth, and we are more excited than ever about the future."

TURKEY CORPORATE ENTITY SALE

Banxa completed the sale of its corporate entity in Turkey to focus on building out its embedded crypto infrastructure in its key markets of the U.S., Europe, UK, Canada, and Australia. Banxa received USD $219k in proceeds and it was closed in August 2024.

Richard Wells' Biography:

Richard J. Wells has served as the Chief Financial Officer of Waterton Global Resource Management, Inc. ("Waterton"), a $2 billion private equity firm focused on the precious metals sector, since 2010. Richard is responsible for all financial aspects of Waterton's corporate office and operating subsidiaries including accounting, reporting, taxation, investor relations and administrative matters. At Waterton, he provides financial oversight as a board member for various operating companies, and has previously served as either the special committee chair or audit committee chair for public mining and technology companies listed on the TSXV. Prior to co-founding Waterton, Richard was the Chief Financial Officer of a global family office which conducted investments across a variety of sectors, including real estate, healthcare and technology. Richard is a Chartered Professional Accountant and holds a Bachelor of Commerce (Honours) from McMaster University.

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.