/NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES NEWSWIRE SERVICES./
VANCOUVER, BC, July 22, 2020 /CNW/ - H-SOURCE HOLDINGS
LTD. (the "Company") (TSXV: HSI) (OTCQB: HSCHF) is
providing this bi-weekly default status report in accordance with
National Policy 12-203 - Management Cease Trade Orders. On
June 17, 2020, the Company announced
that, for reasons set out in its news release of June 17, 2020, the filing of its annual audited
financial statements for the year ended December 31, 2019, the accompanying management's
discussion and analysis and the related CEO and CFO certifications
(collectively, the "Annual Filings") would not be filed by
the prescribed deadline of June 15,
2020.
On June 17, 2020, the British
Columbia Securities Commission, as principal regulator, granted a
temporary management cease trade order (the "MCTO"). As
previously announced, the Company requires additional time to file
the Annual Filings due to unforeseen impacts arising from the
COVID-19 pandemic which have continued to delay the audit of the
Company's annual financial statements. As a result, the Company
concluded that it would not be in a position to complete the
year-end audit within the time periods required by National
Instrument 51-102.
As a result of the delay in filing the Annual Filings, the
Company's March 31, 2020 Q1 interim
financial statements, the accompanying management discussion and
analysis and related CEO and CFO certificates (the "Q1
Filings") will not be filed by the prescribed deadline of
July 16, 2020. The Company currently
anticipates that it will be in a position to file both the Annual
Filings and Q1 Filings by August 14,
2020.
Pursuant to National Policy 12-203, the Company must file
bi-weekly default status reports in the form of further news
releases during the period of the MCTO. The Company reports that
since its news release of June 30,
2020, there have been no material changes regarding the
information contained in that news release. The Company confirms
there have been no failures by the Company in fulfilling its stated
intentions with respect to satisfying the provisions of the
alternative information guidelines under National Policy 12-203,
and, other than the disclosure set forth above relating to the late
filing of the Q1 Filings, there has not been, nor is there
anticipated to be, any specified default subsequent to the default
announced in the Company's news release of June 30, 2020. The Company also confirms that
there is no other material information concerning the affairs of
the Company that has not been generally disclosed as of the date of
this news release.
Reader Advisory
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
Forward-looking Statement Advisory: This release may contain
forward-looking statements. Forward-looking statements involve
known and unknown risks, uncertainties, and other factors which may
cause the actual results, performance, or achievements of the
Company to be materially different from any future results,
performance, or achievements expressed or implied by the
forward-looking statements. Forward looking statements or
information relates to, among other things, the timing for
preparation and filing of the Annual Filings, and the timing and
duration of the management cease trade order under National Policy
12-203. These forward-looking statements are based on management's
current expectations and beliefs but given the uncertainties,
assumptions and risks, readers are cautioned not to place undue
reliance on such forward- looking statements or information. The
Company disclaims any obligation to update, or to publicly
announce, any such statements, events or developments except as
required by law.
SOURCE H-Source Holdings Ltd.
