HAPBEE INDICATES DELAY IN FILING OF ITS AUDITED FINANCIAL STATEMENTS AND APPLIES FOR VOLUNTARY MANAGEMENT CEASE TRADE

Rhea-AI Summary

Hapbee Technologies (TSXV: HAPB, OTCQB: HAPBF) announced a delay in filing its Audited Financial Statements and related disclosures, initially due by May 1, 2023. This delay results from the ongoing work of the company’s auditors. As a precaution, Hapbee has requested a voluntary Management Cease Trade Order, affecting certain executives but not all securities, pending the filing which they expect to complete by June 30, 2023. The company assures it is not undergoing any insolvency proceedings, and no undisclosed material information about its affairs exists. Hapbee is committed to complying with Alternative Information Guidelines through bi-weekly default status reports while in default.

Positive

• Hapbee is confident the Required Disclosure will be filed by June 30, 2023.
• The Management Cease Trade Order will not affect all securities of Hapbee.

Negative

• Delay in filing Audited Financial Statements and related disclosures could create investor uncertainty.

VANCOUVER, BC, April 17, 2023 /PRNewswire/ - Hapbee Technologies, Inc. (TSXV: HAPB) (OTCQB: HAPBF) (FSE: HA1) ("Hapbee" or the "Company") wishes to advise that there may be a delay in the filing of its Audited Financial Statements and its related Management's Discussion and Analysis, and Chief Executive Officer and Chief Financial Officer Certifications (collectively, the "Required Disclosure"), which is due to be filed on or before May 1, 2023 (the "Filing Deadline") pursuant to applicable securities laws. This delay is due to the fact that Hapbee's auditors are still completing the required work to conclude the audit.

Hapbee has applied for a voluntary Management Cease Trade Order under National Policy 12-203 (the "Policy") pending the filing of the Required Disclosure via SEDAR.  Hapbee is confident that the Required Disclosure will be filed by no later than June 30, 2023. The Management Cease Trade Order is expected to be imposed against its chief executive officer, its chief financial officer, and potentially certain members of its Board of Directors, instead of a cease trade order being imposed against all securities of Hapbee. Such an order will not generally affect the ability of other persons to trade the securities of Hapbee pending the filing of the Required Disclosure via SEDAR.

Hapbee intends to comply with the provisions of the Alternative Information Guidelines as set out in the Policy for as long as it remains in default, including the issuance of bi-weekly default status reports, if necessary, each of which will be issued in the form of a press release.

Hapbee is not subject to any insolvency proceeding and there is no other material information concerning the affairs of Hapbee that has not been generally disclosed.

About Hapbee Technologies, Inc.

Hapbee is a digital wellness technology company that aims to help people take control of how they sleep, perform and feel. Hapbee's digital wellness library of Wellness Routines utilizes patented ultra-low radio frequency energy (ulRFE^®), designed to help optimize users' sleep, productivity and focus, recovery, and downtime. Hapbee devices and subscriptions are available for purchase at Hapbee.com and through a growing network of select distributors.

You can learn more about how Hapbee works at www.hapbee.com/science

Forward-Looking Statement

Certain statements included in this news release constitute forward-looking information or statements (collectively, "forward-looking statements"), including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "should" and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This news release contains forward-looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors. Any statements pertaining to the anticipated filing date for the Filings, as well as statements pertaining the expected timeline for the halt to be lifted are forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Such statements and information are based on numerous assumptions regarding the Company's ability and intended timing to complete its Filings. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement, and are subject to various risks, uncertainties and assumptions which include, but are not limited to, those described in Hapbee's annual information form dated May 2, 2022, as well as those described in Hapbee's other disclosure documents, copies of which are available on SEDAR at www.sedar.com, and could cause actual events or results to differ materially from those projected in any forward-looking statements. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company's forward-looking statements. Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

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SOURCE Hapbee Technologies Inc.

FAQ

What is the reason for Hapbee's delay in filing its audited financial statements?

Hapbee Technologies is experiencing a delay due to its auditors still completing the required work for the audit.

What is the expected timeline for Hapbee to file its required disclosures?

Hapbee expects to file its Required Disclosure by June 30, 2023.

How will the Management Cease Trade Order affect Hapbee's executives?

The Management Cease Trade Order will apply to its CEO, CFO, and potentially some Board members.

Is Hapbee currently in any insolvency proceedings?

No, Hapbee Technologies is not subject to any insolvency proceedings.

What steps is Hapbee taking during the delay in filing?

Hapbee intends to comply with Alternative Information Guidelines, issuing bi-weekly default status reports if necessary.