POSABIT SYSTEMS CORP - POSAF STOCK NEWS

POSaBIT Systems Corporation (OTC: POSAF) has officially begun trading on the OTCQX Best Market, enhancing its accessibility and liquidity for U.S. investors. CEO Ryan Hamlin highlighted the company's strong growth trajectory, stating that it's the best time in the company's history. The OTCQX Market is known for its stringent financial standards and corporate governance, marking a significant milestone for POSaBIT. As the leading payments provider for the cannabis sector, POSaBIT has seen its revenues double annually since launching its services, processing millions monthly across numerous dispensaries.

POSaBIT Systems Corporation (CSE: PBIT, OTC: POSAF) reported strong financial performance for Q2 2022, achieving $8.2 million in revenue, a remarkable 66% year-over-year increase and a 29% sequential growth. The company raised the low end of its full-year gross profit guidance to $9.5 million while reaffirming its revenue guidance of $37 million to $40 million. Key operational highlights included onboarding over 100 new locations and a landmark $20 million partnership with a cannabis technology provider. Despite operational losses, net income improved to $380,000.

POSaBIT Systems Corporation (OTC: POSAF) will hold a conference call and live webcast on August 25, 2022, at 4:30 p.m. Eastern Time to discuss its second-quarter results for the period ending June 30, 2022. The call will provide insights into the company's financial performance and operations within the cannabis industry. Investors and analysts can join the call using the provided toll-free number or participate in the live webcast. A replay of the conference will be available shortly after its conclusion.

POSaBIT Systems Corporation (CSE: PBIT, OTC: POSAF) announced a non-brokered private placement of 5,861,941 units at CAD$0.80 per unit, totaling approximately CAD$4.7 million. The offering will include 4,500,000 units to existing investors, who will concurrently exercise warrants yielding an additional CAD$0.2 million. Each unit comprises one common share and 0.75 warrant, with warrants exercisable at CAD$1.00 and CAD$1.05. CEO Ryan Hamlin highlights this financing as a strengthener of the company’s balance sheet, affirming their 2022 revenue guidance of USD $37 to $40 million.

POSaBIT Systems Corporation (OTC: POSAF) reported record achievements in May, surpassing previous company records for transactions processed and merchant onboarding, amidst industry challenges. CEO Ryan Hamlin credited the success to the efforts of the sales and implementation teams. This marks the third consecutive month of record growth for the company. POSaBIT specializes in payment solutions for cash-only businesses, particularly in high-risk sectors like cannabis, offering compliant and user-friendly systems.

POSaBIT Systems Corporation (CSE: PBIT, OTC: POSAF) will present at the Jefferies 2022 Cannabis Summit on June 2 in New York City. As a leader in cannabis payment infrastructure, POSaBIT aims to enhance payment processing for cash-only businesses within the cannabis sector.

Specializing in innovative point-of-sale systems, POSaBIT addresses unique challenges of high-risk industries, promoting transparency and safety for both merchants and consumers. Visit www.posabit.com for more details.

POSaBIT Systems Corporation reported a 79% revenue increase to $6.4 million for Q1 2022, up from $3.5 million in Q1 2021. The company also achieved a record transactional sales volume in March 2022. Gross profit grew 70% to $1.5 million, though gross profit margin slightly declined to 24%. The net loss was $(470,000), an improvement from the previous year. POSaBIT maintains its full-year 2022 revenue guidance of $37 million to $40 million, signaling robust growth expectations. The company onboarded 44 new stores and appointed a new Chief Revenue Officer to enhance sales.

POSaBIT Systems Corporation has appointed Julie Solomon, Ph.D. as the new Chief Revenue Officer. Joining from Synctera, she will oversee sales, marketing, and customer support to enhance the company's approach to market expansion. With over 25 years in FinTech, including leadership roles at Yodlee and Oracle, Solomon aims to deepen POSaBIT's North American footprint. CEO Ryan Hamlin emphasizes that her experience will drive growth and success in new and existing markets.

POSaBIT Systems Corporation (OTC: POSAF), a leader in payment processing for the cannabis industry, will host a conference call on May 26, 2022 at 4:30 p.m. Eastern Time to discuss its first-quarter financial results ending March 31, 2022. This call aims to provide insights into the company's performance and growth strategy. The event can be accessed via toll-free numbers and a live webcast which will be available for replay after the event.