POSABIT SYSTEMS CORP - POSAF STOCK NEWS

POSaBIT Systems Corporation (OTC: POSAF) will hold a conference call on November 29, 2022, at 4:30 p.m. Eastern Time to discuss its third-quarter results for the period ending September 30, 2022. The company provides innovative payment processing and point-of-sale systems for cash-only businesses, particularly in the cannabis industry. The call will be accessible via toll-free and international numbers, with a live webcast option available. A replay will be available shortly after the call concludes.

POSaBIT Systems Corporation has announced a record revenue of at least US$10.0 million for Q3 2022, marking a significant 60% year-over-year increase from US$6.3 million in Q3 2021. This quarter represents the first time the company surpasses the US$10 million mark. Furthermore, POSaBIT is entering the New York market, its twenty-first state, continuing its expansion with plans to enter eight new states by year-end. Full financial results are expected by the end of November.

POSaBIT Systems Corporation (OTC: POSAF) has successfully launched its point of sale solutions in Illinois, marking its entry into the twentieth state in the U.S. This expansion is part of the company's goal to enter eight new markets in 2022, having already contracted merchants in four new states set to go live in Q4. August 2022 was a record month for the company, continuing the trend of seven consecutive months of payments revenue growth. Ryan Hamlin, Co-Founder and CEO, notes growing momentum and trust within the cannabis industry.

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.