POSaBIT Announces Results of Annual and Special Meeting of Shareholders

TORONTO--(BUSINESS WIRE)--POSaBIT Systems Corporation (CSE: PBIT, OTC: POSAF) (the “Company” or “POSaBIT”), a leading provider of payments infrastructure in the cannabis industry, is pleased to report the voting results of the annual and special meeting of shareholders held earlier today.

Based on the proxies received and the vote conducted at the meeting, all tabled resolutions were approved by the shareholders of the Company, including to set the number of directors at three (3) and the election of Ryan Hamlin, Michael Apker and Bruce Jaffe.

In addition to the election of the directors of the Company as noted above, the shareholders of the Company: (i) appointed McGovern Hurley LLP, Chartered Accountants, as the independent auditor of the Company for the ensuing year and authorized the directors of the Company to fix their remuneration; and (ii) approved, by way of a special resolution, to consolidate the common shares of the Company at a share consolidation ratio to be determined by the board of directors of the Company in its sole discretion.

About POSaBIT Systems Corporation

POSaBIT (CSE: PBIT, OTC: POSAF) is a FinTech, working exclusively within the cannabis industry. We provide a best-in-class Point-of-Sale solution and are the leading cashless payment provider for cannabis retailers. We work tirelessly to build better financial services and transaction methods for merchants. We bring cutting-edge software and technology to the cannabis industry so that all merchants can have a safe and compliant set of services to solve the problems of a cash-only industry. For additional information, visit www.posabit.com.