Phivida Holdings Inc. Announces Reliance on Temporary Regulatory Filing Relief

Vancouver, British Columbia and San Diego, California--(Newsfile Corp. - May 29, 2020) -  Phivida Holdings Inc. (CSE: VIDA) (OTCQX: PHVAF) ("Phivida" or the "Company") announces that, due to the ongoing COVID-19 pandemic, the Company intends to rely on the temporary blanket relief (the "Relief") for market participants published by the Canadian Securities Administrators, which Relief provides reporting issuers with a 45-day extension for filings required on or before June 1, 2020.

The Company will be relying on the Relief, in accordance with BC Instrument 51-515 - Temporary Exemption from Certain Corporate Finance Requirements, with respect to the filing of its condensed interim consolidated financial statements and accompanying management's discussion and analysis and related CEO and CFO certificates for the three and six months ended March 31, 2020 (collectively, the "Interim Filings") which are required to be filed under National Instrument 51-102 - Continuous Disclosure Obligations on or before June 1, 2020. Pursuant to the Relief, the Company intends to file the Interim Filings on or prior to the extended filing deadline of July 16, 2020.

Until the Interim Filings are filed, management and other insiders of the Company are subject to trading black-outs that reflect the principles in Section 9 of National Policy 11-207 - Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions. The Company confirms that, since the filing of its condensed interim consolidated financial statements for the three months ended December 31, 2019, there have been no material business developments.

ABOUT Phivida Holdings Inc.

Phivida Holdings Inc. is a CBD-centric holding group with assets in technology, publishing and consumer packaged goods (CPG). Headquartered in Vancouver BC, with operations in San Diego, Toronto and Belgrade, the Company produces a line of CBD infused foods and beverages (OKI), and CBD topicals and supplements (VIDA+), in addition to managing and operating two CBD-related, online retail marketplaces under the brand names Bloomgroove and Wikala. Greencamp is the Company's online publication and knowledge center on CBD sector news. For more information, visit phivida.com.

Disclaimer/Cautionary Note Regarding Forward-Looking Information

This news release includes forward-looking information regarding Phivida, including statements with respect to timing of the filing of the Interim Filings. Forward-looking information depends on certain assumptions that management deems to be reasonable in the circumstances, but such assumptions may prove to be incorrect and the actual outcome of any forward-looking information cannot be guaranteed. In making the forward-looking information contained in this news release, management has made assumptions which they believe to be reasonable in the circumstances, including assumptions relating to the expected timing to file the Interim Filings by the extended deadline. However, such forward-looking information may not occur as contemplated or at all, and actual results could differ materially from those contemplated or expected as a result of known and unknown risk factors and uncertainties. Such risks include, but are not limited to, risks that the Company will be unable, for any reason, to file the Interim Filings by the extended filing deadline, and general risks relating to the ongoing COVID-19 pandemic and the prevailing volatile and adverse general market conditions. Accordingly, readers should not place undue reliance on forward-looking information contained in this news release. Except as required by applicable securities laws, forward-looking information speaks only as of the date on which they are made and Frankly undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

SOURCE: Phivida Holdings Inc.

For further information: David Moon, Interim CEO, Telephone: 1 (844) 744-6646 x2, Email IR@phivida.com, Website: www.phivida.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/56779