American Biofuels Inc. Announces an Update to its Annual Filings

Vancouver, British Columbia--(Newsfile Corp. - August 27, 2020) - American Biofuels Inc. (TSXV: ABS.H) (the "Company") announces that it will be relying on the coordinated relief provided by the securities regulators which consists of a 45-day extension for certain periodic filings, as announced by the Canadian Securities Administrators ("CSA") on March 18, 2020, with respect to the filing of its annual financial statements, management's discussion and analysis, and related officer certificates for its financial year ended April 30, 2020.

The notice released by the CSA stated that securities regulators will be providing coordinated relief consisting of a 45-day extension for certain periodic filings required to be made on or prior to August 31, 2020 as a result of the COVID-19 pandemic. As such, the British Columbia Securities Commission ("BCSC") has enacted BC Instrument 51-517, Temporary Exemption from Certain Corporate Finance Requirements ("BCI 51-517").

The Company will be relying on the temporary exemption pursuant to BCI 51-517 in respect to the following provisions:

  • the requirement to file audited financial statements for the year ended April 30, 2020 (the "Financial Statements") within 120 days of the Company's financial year end as required by section 4.2(b) of National Instrument 51-102 Continuous Disclosure ("NI 51-102");
  • the requirement to file management discussion and analysis (the "MD&A") for the period covered by the Financial Statements within 120 days of the Company's financial year end as required by section 5.1(2) of NI 51-102;
  • the requirement to file certifications of the Financial Statements (the "Certificates" and together with the Financial Statements, the "Annual Filings") pursuant to section 4.1 of National Instrument 52-109 Certification of Disclosure in Issuer's Annual and Interim Filnigs and section 4.2(b) of NI 51-102; and
  • the requirement to file reserves data pursuant to section 2.1 of National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities, including Form 51-101F3 Report of Management and Directors on Oil and Gas Disclosure and Form 51-101F1 Statement of Reserves Data and Other Oil and Gas Information (together, the "Reserves Data").

The Company is continuing to work diligently on its Reserves Data and with its auditors on its Annual Filings to file on or before October 12, 2020.

The Company confirms that there have been no material developments, other than those disclosed through news releases, since the filing of its condensed interim financial statements for the period ended January 31, 2020.

Additionally, the Company advises that management and other insiders of the Company are subject to a trading black-out policy as described, in principle, in section 9 of National Policy 11-207 Failure to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.

ON BEHALF OF THE BOARD

Teresa Cherry, CFO

Contact for further information: (604) 336-8617

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