SOL Global Announces Delay in Filing Audited Annual Financial Statements

Toronto, Ontario--(Newsfile Corp. - March 23, 2023) - SOL Global Investments Corp. (CSE: SOL) (OTC Pink: SOLCF) (FSE: 9SB) ("SOL Global" or the "Company") announced today that it does not anticipate being in a position to file its audited annual financial statements (the "Issuer Statements"), management's discussion and analysis and related certifications for the financial year ended November 30, 2022 on or before March 30, 2023, as required, due to a recent changes in Company management and the additional steps required for third party valuations needed for audit purposes.

Accordingly, the Company has requested the issuance of a management cease trade order under the provisions of National Policy 12-203 Management Cease Trade Orders ("NP 12-203") so as to permit the continued trading in the Company's common shares by persons other than insiders and employees of the Company. The Company's finance and accounting teams are working diligently with its auditors, and the Company expects to have the audit of the Issuer Statements completed, and the Issuer Statements filed, no later than April 30, 2023.

The Company confirms that it intends to satisfy the provisions of NP 12-203 and issue bi-weekly default status reports for so long as the Company remains in default of the financial statement filing requirement, containing any material changes to the information in this release, all actions taken by the Company to remedy the default; particulars of any failure by the Company to fulfill these provisions, any subsequent defaults of the Company requiring a default announcement and any other material information concerning the affairs of the Company not previously disclosed. The Company is not subject to any insolvency proceedings nor is there in other material information concerning the affairs of the Company that has not been generally disclosed.

Disclaimer for Forward-Looking Statements

This press release contains "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "likely" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking information in this press release includes, without limitation, statements relating to the Company's business and strategic plans; expected liquidity of current positions and the plans to restructure the assets.

Forward-looking information is based on assumptions that may prove to be incorrect, including but not limited to stock exchange approval of the newly-appointed directors, the ability of the Company to execute its business plan, the liquidity of assets in the Company's portfolio and the continued implementation of existing plans. The Company considers these assumptions to be reasonable in the circumstances. However, forward-looking information is subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those expressed or implied in the forward-looking information. Such risks include, without limitation: the ability of the Company to service its debt; the Company's ability to obtain additional financing from time to time to pursue its business objectives; a resurgence in the cases of COVID-19, which has occurred in certain locations and the possibility of which in other locations remains high and creates ongoing uncertainty that could result in restrictions to contain the virus being re-imposed or imposed on a more strict basis, including restrictions on movement and businesses; the extent to which COVID-19 impacts the global economy; the success of new COVID-19 workplace policies and the ability of people to return to workplaces; the Company's reliance on management; not adding new assets to the Company's portfolio; adverse market and economic conditions; inflation; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; costs of inputs; currency fluctuations; competition; and loss of key management and/or employees. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information.

The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

Contact Information

SOL Global Investments Corp.
Paul Kania, CFO
Phone: (212) 729-9208
Email: info@solglobal.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/159574