Posabit Systems - POSAF STOCK NEWS

POSaBIT Systems Corporation (CSE: PBIT, OTC: POSAF) announced a conference call on April 26, 2023, at 4:30 PM Eastern Time to discuss its fourth quarter and full year results for the period ended December 31, 2022. The company specializes in payment solutions for the cannabis sector and aims to advance cashless transactions in the industry. Investors can join the call via toll-free numbers or through a live webcast accessible via provided links.

The press release contains forward-looking statements about the company's strategy and operational expectations. It highlights potential risks associated with market conditions and regulatory uncertainties that might affect future performance.

POSaBIT Systems Corporation (CSE: PBIT, OTC: POSAF) announced it received a notice of termination from Akerna Corp. regarding its agreement to acquire MJ Platform, Leaf Data Systems, and Ample Organics. Akerna indicated a third-party proposal could lead to a superior offer. Consequently, POSaBIT's board chose not to match the alternative proposal.

This notice does not affect ongoing commercial agreements with MJ Freeway, which include exclusive rights for payment processing services, bolstered by POSaBIT's recent acquisition of Hypur for $7.5 million. This acquisition is expected to add over $100 million in annualized Gross Merchandise Value.

POSaBIT Systems Corporation (OTC: POSAF) has acquired assets from Hypur Inc. for up to US$7.5 million, effective April 1, 2023. This transaction allows POSaBIT to enhance its payment solutions for the cannabis industry, providing a suite that includes PIN debit processing and compliance technology.

Hypur generated US$5.3 million in revenue and US$1.3 million in gross profit in 2022. The deal adds over 150 active merchant locations and strengthens POSaBIT’s banking relationships. The acquisition positions POSaBIT uniquely as a comprehensive provider in the cannabis payment space.

POSaBIT Systems Corporation (CSE: PBIT, OTC: POSAF) has announced its financial guidance for 2023, projecting total revenue between $60 million and $63 million, and gross profit between $15 million and $17 million. The company anticipates positive Adjusted EBITDA for the year. CEO Ryan Hamlin emphasized the company's growth outpacing the cannabis market, highlighting ongoing integration efforts for their point-of-sale and payments platforms. POSaBIT plans to report fourth quarter and full year 2022 financial results on April 26, 2023.

POSaBIT Systems Corporation (CSE: PBIT, OTC: POSAF), a leader in cannabis payment solutions, announced its participation in a fireside chat at the 35th Annual Roth Conference on March 13, 2023, at 5:00 PM ET. Investors can access the webcast here. Management will also hold one-on-one meetings at the conference, and interested parties can reach out via James@HaydenIR.com to arrange meetings. POSaBIT aims to enhance financial services in the cash-only cannabis sector, providing cutting-edge technology for retailers.

POSaBIT Systems Corporation (OTC: POSAF) has appointed Sarah Mirsky-Terranova as its new Chief Compliance Officer. With extensive experience in compliance and regulatory processes, she aims to enhance the company's focus on compliance as it expands in the cannabis industry. POSaBIT, a leading cashless payment provider for cannabis retailers, sees this appointment as pivotal for navigating complex regulations and fostering relationships in newly legalized markets. CEO Ryan Hamlin expressed excitement over her joining, emphasizing the importance of compliance in a fast-evolving industry.

POSaBIT Systems Corporation has appointed Chris Baker as its first Chief Strategic Officer, aiming to enhance strategic initiatives as the company expands within the cannabis payments sector. Baker brings over 20 years of experience, having previously served in roles including VP of Technology and Innovation at Genius Avenue. He will be granted 1,000,000 stock options at an exercise price of $1.10 CDN, vesting over 4 years. CEO Ryan Hamlin expressed confidence in Baker’s capabilities, citing the company’s impressive year-over-year growth.

POSaBIT Systems Corporation announced securing up to $11 million in debt and equity financing to fund its acquisition of MJ Platform, Leaf Data Systems, and Ample Organics from Akerna Corp. for US$4 million in cash. This strategic move is expected to significantly enhance POSaBIT’s market presence, doubling its merchant locations to nearly 900 and increasing revenue generation potential to approximately US$11 million with US$6.8 million in gross profit for the 2022 fiscal year. The acquisition, set to close in Q2 2023, will introduce new revenue streams and expand operations into Canada.

POSaBIT Systems Corporation (CSE: PBIT, OTC: POSAF) reported Q3 2022 revenue of $10.3 million, marking a 62% increase year-over-year and 26% sequentially. The company raised its gross profit guidance to $10.0 – $10.5 million and reiterated its 2022 revenue guidance of $37.0 – $40.0 million. A key highlight includes a royalty licensing agreement expected to generate $20 million revenue at nearly 100% margin. Despite strong growth indicators, the net loss narrowed to $(1.2 million), compared to $(6.9 million) in Q3 2021.