Pontus Protein Announces Cease Trade Order Due to Audit Delay

VANCOUVER, BCApril 6, 2022 /CNW/ – Pontus Protein Ltd. (TSXV: HULK) (OTCQB: HLKKF) (FSE: 8YC) (“Pontus” or the “Company“) announces that the Company’s principal regulator, the British Columbia Securities Commission (the “BCSC“) has issued a Cease Trade Order (the “CTO“) as a result of the Company’s failure to file its audited annual financial statements for the year ended December 31, 2021, the related management’s discussion and analysis and officer certifications (collectively, the “Annual Filings“) by March 30, 2022, being the date that the Annual Filings were due in accordance with National Instrument 51-102 Continuous Disclosure Requirements.

The cause of the delay is not material to the Company or its operations.

Management of the Company is currently working expeditiously with the Company’s external auditors to complete the Annual Filings, which the Company anticipates shall be done shortly. Upon filing of the Annual Filings, the Company will apply to the BCSC for a revocation of the CTO and subsequent approval for the resumption of trading of the Company’s common shares. Further updates will be provided in due course.

A copy of the CTO can be found on the BCSC’s website at: https://www.bcsc.bc.ca/enforcement/early-intervention/cease-trade-orders.

About Pontus Protein Ltd.

This is our future – the future of farming; Pontus Protein Ltd. is a Vancouver-based agricultural food and technology company focused on creating and acquiring the best technology. Highly sophisticated, AI-engineered robots, combined with our proprietary vertical farming and a commitment to sustainability. Our intellectual property optimizes efficiency for a shorter growing time and high productivity. We deliver healthy, affordable foods and nutrients into every diet in a closed, controlled environment avoiding all pesticides and GMOs.

Pontus Protein is publicly traded in Canada (TSXV:HULK), the United States (OTCQB: HLKKF) and Germany (FSE: 8YC) and you can find out more on our SEDAR profile.

Learn more about Pontus: Website | Investor Page | LinkedIn | YouTube | Twitter

On behalf of the Board of Directors

“Avtar Dhaliwal”

Avtar Dhaliwal, CEO
Pontus Protein Ltd.

Forward-Looking Information

Certain statements in this release are forward-looking statements, which reflect management’s expectations regarding the Company. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future, including, but not limited to, statements relating to Pontus’ ability to revolutionize the plant based sector and enable millions to rethink their food choices. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including risks related to factors beyond the control of the Company. These risks include, but are not limited to, the following: the unknown magnitude and duration of the effects of the COVID-19 pandemic, the failure of Pontus to receive the necessary approvals from the Canadian Food Inspection Agency for its products and facilities, the inability to complete Pontus’ Surrey Facility, as well as other general business, economic, or market related risks beyond the director control of the Company and which may affect the Company’s business, operations, or products. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

SOURCE Pontus Protein Ltd.

For further information: Avtar Dhaliwal, Chief Executive Officer, (403) 589 7992; Investor Relations or Media enquiries: invest@pontuswaterlentils.com