H-Source Announces Delay in Filing Annual Financial Statements

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VANCOUVER, BC, June 17, 2020 /CNW/ - H-Source Holdings Ltd. (the "Company") (TSXV: HSI) (OTCQB: HSCHF) wishes to announce that its annual financial statements for the year ended December 31, 2019, including the related management discussion and analysis, and CEO and CFO certifications (collectively, the "2019 Annual Financial Filings") were not filed by the required filing deadline of June 15, 2020.

The Annual Financial Filings were not filed on or before the Filing Deadline due to unforeseen impacts arising from the COVID-19 pandemic which have continued to delay the audit of the Company's annual financial statements.

The Company is working on the audit procedures required to complete the 2019 Annual Financial Filings and expects to be able to file the 2019 Annual Financial Filings within the next five weeks. The Company will provide updates as further information relating to the 2019 Annual Financial Filings becomes available.

The Company has applied to the applicable securities regulatory authorities and received a management cease trade order related to the Company's securities to be imposed against the Chief Executive Officer and Chief Financial Officer of the Company to trade securities of the Company. The management cease trade order will be in effect until the 2019 Annual Financial Filings are filed, and requires that the 2019 Annual Financial Filings be filed on or before July 15, 2020.

Until the 2019 Annual Financial Filings are filed, the Company intends to provide information in accordance with National Policy 12-203 Management Cease Trade Orders. 

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 2019 Annual Financial 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.

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