SOL Global Announces Management Cease Trade Order

Toronto, Ontario--(Newsfile Corp. - March 31, 2023) - SOL Global Investments Corp. (CSE: SOL) (OTC Pink: SOLCF) (FSE: 9SB) ("SOL Global"or the "Company")  announced today that it will not meet its filing deadline for its audited annual financial statements and accompanying management's discussion and analysis and related CEO and CFO certificates for the financial year ended November 30, 2022 (collectively, the "Issuer Statements") as required under applicable Canadian securities laws, and that a management cease trade order ("MCTO") has been granted by the Ontario Securities Commission (the "OSC").

In connection with the Company's expectation that it would be unable to file the Issuer Statements on time, the Company applied for an MCTO under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203") as disclosed in the Company's news release dated March 23, 2022.

As previously announced, the Company applied for the MCTO due to delays in connection with recent changes in Company management and the additional steps required for third party valuations needed for audit purposes, and has now determined that it will not be able to file Issuer Statements on time.

Today, the OSC, as the Company's principal regulator, granted the Company's application for the MCTO.

The MCTO restricts trading in securities of the Company by management of the Company ‎until such time as the Issuer Statements have been filed by the Company and the MCTO is no longer in effect. The MCTO does not affect the ability of shareholders to trade their securities and the general investing public will continue to be able to trade in the Company's common shares. However, the Company's CEO and CFO will not be able to trade the Company's common shares until such time as the Issuer Statements have been filed and all continuous disclosure requirements have been satisfied by the Company, and the MCTO has been revoked by the OSC.

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 no later than April 30, 2023. The Company will issue a news release once the Issuer Statements have been filed. Until the Company files the Issuer Statements, it will comply with the alternative information guidelines set out in NP 12-203 by issuing bi-weekly default status reports, in the form of news releases, for so long as the Issuer Statements have not been filed.

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 ability to file the Issuer Statements by no later than April 30, 2023.

Forward-looking information is based on assumptions that may prove to be incorrect. 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. Readers are cautioned 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/160920