Aquarius AI Inc. Provides Update on the Filings of Its Audited Financial Statements and Related Management Cease Trade Order

Vancouver, British Columbia–(Newsfile Corp. – May 16, 2022) – Aquarius AI Inc. (CSE: AQUA) (“AQUA” or the “Company“) on May 2, 2022, announced a delay in the filing of its audited annual financial statements and management ‎discussion & analysis for the financial years ended December 31, 2021 and 2020, and the CEO and CFO ‎certificates, all as required by National Instrument 51-102 – Continuous Disclosure Obligations and National ‎Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Filings (collectively, the ‎‎”Filings“). The Filings were required to be made with the relevant securities regulatory authorities on or ‎before May 2, 2022.

The delay of the Filings is due to the Company’s auditors requiring additional time to complete its audit of the annual financial statements for the financial years ended December 31, 2021 and 2020. The Company continues working diligently to complete its audit procedures. The Company continues to ‎anticipate that the Filings will be completed no later than June 15, 2022.‎

The Company has applied to the relevant securities regulators for a management cease trade order as ‎contemplated by ‎National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“) of the Canadian ‎Securities Administrators and has received such management cease trade order. The Company will comply ‎with the requirements of the alternative information guidelines set out in NP 12-203. The Company is not ‎subject to any insolvency proceedings.‎

Forward-Looking Statements

Certain statements contained in this press release constitute “forward-looking information” as such term is defined in applicable Canadian securities legislation. The words “may”, “would”, “could”, “should”, “potential”, “will”, “seek”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions as they relate to the Company, including statements with respect to the MCTO in respect of the Company and the Filings, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company’s current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Examples of such risk factors include, without limitation: credit; market (including equity, commodity, foreign exchange and interest rate); liquidity; operational (including technology and infrastructure); reputational; insurance; strategic; regulatory; legal; environmental; capital adequacy; the general business and economic conditions in the regions in which the Company operates; the ability of the Company to execute on key priorities, including the successful completion of acquisitions, business retention, and strategic plans and to attract, develop and retain key executives; difficulty integrating newly acquired businesses; the ability to implement business strategies and pursue business opportunities; disruptions in or attacks (including cyber-attacks) on the Company’s information technology, internet, network access or other voice or data communications systems or services; the evolution of various types of fraud or other criminal behavior to which the Company is exposed; the failure of third parties to comply with their obligations to the Company or its affiliates; the impact of new and changes to, or application of, current laws and regulations; decline of reimbursement rates; a novel business model; dependence on key suppliers; the overall difficult litigation environment; increased competition; increased funding costs and market volatility due to market illiquidity and competition for funding; the availability of funds and resources to pursue operations; critical accounting estimates and changes to accounting standards, policies, and methods used by the Company; the occurrence of natural and unnatural catastrophic events and claims resulting from such events; and risks related to COVID-19 including various recommendations, orders and measures of governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-essential business closures, quarantines, self-isolations, shelters-in-place and social distancing, disruptions to markets, economic activity, financing, supply chains and sales channels, and a deterioration of general economic conditions including a possible national or global recession; as well as those risk factors discussed or referred to in the Company’s disclosure documents filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.

THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

Contact: Owen Sagness
Director of Operations
Investors@aquariusai.ca
(604) 265-7511
https://aquariusai.ca/

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