SOL Global Provides Update on Status of Financial Statements

Toronto, Ontario--(Newsfile Corp. - April 28, 2023) - SOL Global Investments Corp. (CSE: SOL) (OTC Pink: SOLCF) (FSE: 9SB) ("SOL Global" or the "Corporation") is providing an update to its previously announced management cease trade order (the "MCTO") granted by the Ontario Securities Commission (the "OSC") under National Policy 12-203 - Management Cease Trade Orders ("NP12-203").

Pursuant to the MCTO, the Corporation's acting interim CEO, and the Corporation's CFO, Paul Kania, may not trade in securities of the Corporation until such time as the Corporation files its annual audited financial statements, annual management's discussion and analysis and related certifications for the year ended November 30, 2022 (collectively, the "Required Documents"), and the OSC revokes the MCTO.

The MCTO does not affect the ability of other shareholders to trade their securities.

The Corporation has not yet filed the Required Documents, however SOL Global is working diligently with its auditors and expects that the Required Documents will be filed by May 1, 2023. The Company will issue a press release advising when the Required Documents have been filed.

The delay in filing the Required Documents is in connection with audit delays related to recent changes in management for the Corporation and the additional steps required for third party valuations needed for audit purposes.

SOL Global also confirms that it intends to satisfy the provisions of NP 12-203 and issue bi-weekly default status reports for so long as they remain in default of the financial statement filing requirement, containing any material changes to the information in this release, all actions taken by SOL Global to remedy the default, particulars of any failure by the Corporation to fulfill these provisions, any subsequent defaults of SOL Global requiring a default announcement and any other material information concerning the affairs of the Corporation not previously disclosed.

Contact Information:

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

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 date of filing of the Required Documents and the satisfaction of the provisions of NP 12-203.

By their nature, forward‐looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward‐looking statements.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/164225