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.
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