POSaBIT Finishes Month with Record Transactions, Store Count

Rhea-AI Summary

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.

Positive

• Achieved record transactions processed and merchants onboarded in May.
• Third consecutive month of record growth in transactions and merchant count.
• Strong performance despite overall industry downturn.

Negative

• None.

TORONTO & SEATTLE--(BUSINESS WIRE)-- POSaBIT Systems Corporation (CSE: PBIT, OTC: POSAF), the leading provider of payments infrastructure in the cannabis industry, today announced a company record for both transactions processed and total merchants utilizing POSaBIT solutions in the month of May.

“It is a testament to the hard work of our sales and implementation teams that, despite an industry-wide downturn, we have achieved significant growth during the past few months,” said Ryan Hamlin, CEO/Co-Founder of POSaBIT. “May marked the third consecutive month in which we set company records for most transactions processed and most stores onboarded.”

Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding our business strategy, product development, timing of product development, events and courses of action.

Statements which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, outlook, expectations or intentions regarding the future including words or phrases such as “anticipate,” “objective,” “may,” “will,” “might,” “should,” “could,” “can,” “intend,” “expect,” “believe,” “estimate,” “predict,” “potential,” “plan,” “is designed to” or similar expressions suggesting future outcomes or the negative thereof or similar variations. Forward-looking statements may include, among other things, statements about: our expectations regarding our expenses, sales and operations; our future customer concentration; our anticipated cash needs and our estimates regarding our capital requirements and our need for additional financing; our ability to anticipate the future needs of our customers; our plans for future products and enhancements of existing products; our future growth strategy and growth rate; our future intellectual property; and our anticipated trends and challenges in the markets in which we operate. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which POSaBIT will operate in the future, including the demand for our products, anticipated costs and ability to achieve goals. Although we believe that the assumptions underlying these statements are reasonable, they may prove to be incorrect. Given these risks, uncertainties and assumptions, you should not unduly rely on these forward-looking statements.

Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to, business, economic and capital market conditions; the ability to manage our operating expenses, which may adversely affect our financial condition; our ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; market conditions and the demand and pricing for our products; our relationships with our customers, distributors and business partners; our ability to successfully define, design and release new products in a timely manner that meet our customers’ needs; our ability to attract, retain and motivate qualified personnel; competition in our industry; our ability to maintain technological leadership; our ability to manage risks inherent in foreign operations; the impact of technology changes on our products and industry; our failure to develop new and innovative products; our ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect our business; our ability to manage working capital; and our dependence on key personnel. POSaBIT is an early stage company with a short operating history; it may not achieve profitability; and it may not actually achieve its plans, projections, or expectations.

Important factors that could cause actual results to differ materially from POSaBIT’s expectations include consumer sentiment towards POSaBIT’s products and blockchain/cryptocurrency exchange technology generally, litigation, global economic climate, loss of key employees and consultants, additional funding requirements, changes in laws, technology failures, competition, and failure of counterparties to perform their contractual obligations.

Neither we nor any of our representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this news release. Neither we nor any of our representatives shall have any liability whatsoever, under contract, tort, trust or otherwise resulting from the use of the information in this news release or for omissions from the information in this news release.

About POSaBIT

POSaBIT (CSE: PBIT) is a financial technology company that delivers unique and innovative payment processing and point-of-sale systems for cash-only businesses. POSaBIT specializes in resolving pain points for complex, high-risk, emerging industries like cannabis with an all-in-one solution that is compliant, user-friendly and utilizes top-of-the-line hardware. POSaBIT’s unique solution provides a safer and transparent environment for merchants while creating a better overall experience for the consumer. For additional information, visit: www.posabit.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220610005048/en/

Investor Relations:

investors@posabit.com

Media Relations:

Oscar Dahl

855-767-2248

oscar@posabit.com

Management:

Ryan Hamlin

Co-founder and CEO of POSaBIT

855-767-2248

investors@posabit.com

Hayden IR

James Carbonara

(646) 755-7412

james@haydenir.com

Source: POSaBIT Systems Corporation

FAQ

What records did POSaBIT Systems Corporation achieve in May?

In May, POSaBIT achieved record transactions processed and total merchants utilizing its solutions.

What is the stock symbol for POSaBIT Systems Corporation?

The stock symbol for POSaBIT Systems Corporation is POSAF.

Who is the CEO of POSaBIT Systems Corporation?

Ryan Hamlin is the CEO and Co-founder of POSaBIT Systems Corporation.

How is POSaBIT performing in the cannabis industry?

POSaBIT is experiencing significant growth and has set records for transactions and merchants despite an industry-wide downturn.

What sectors does POSaBIT primarily serve?

POSaBIT primarily serves cash-only businesses in high-risk sectors like cannabis.