3 Sixty Secure Announces Expected Annual Financial Statement Filing Delay and Application for Management Cease Trade Order

ALMONTE, Ontario, June 09, 2020 (GLOBE NEWSWIRE) — 3 Sixty Risk Solutions Ltd. (“3 Sixty” or the “Company”) (CSE: SAFE) (OTCQB: SAYFF) (FSE: 62P2) is announcing that due to ongoing logistics and resource challenges caused by the contraction of COVID-19 by a crucial member of the Company’s reporting team, the Company’s auditors have advised the Company that they do not anticipate being able to complete the necessary procedures in order for the Company to finalize and file the following continuous disclosure documents (collectively the “Documents”) on or before the filing deadline of June 15, 2020:
The Company’s Annual Audited Financial Statements for the financial year ended December 31, 2019.The Company’s Management Discussion & Analysis for the financial year ended December 31, 2019.The initial filing deadline for the Documents was extended pursuant to Ontario Instrument 51-502 of the Ontario Securities Commission (and similar exemptions provided by other Canadian Securities Regulators) pursuant to which the Company was permitted to postpone the filing of the Documents, in the Company’s case, to June 15, 2020. However, recent events pertaining to the COVID-19 pandemic, and in particular, delays caused by the contraction of COVID-19 by a crucial member of the Company’s financial reporting team are expected to result in further delay to the filing of the Documents.As a result, the Company has applied to the applicable securities regulatory authorities for a management cease trade order (“MCTO”) to be imposed against all the directors and officers of the Company precluding them from trading securities of the Company. If granted, the MCTO will be in effect until the Documents are filed and will require that the Documents be filed on or before August 14, 2020.Until the Documents are filed, the Company intends to issue bi-weekly default status reports in accordance with National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”). The Company intends to satisfy the provisions of the Alternative Information Guidelines of NP 12-203 during the period it remains in default of the filing requirements. The Company confirms that there is no other material information relating to its affairs that has not been generally disclosed.The Company is not currently subject to any insolvency proceedings. If the Company provides any information to any of its creditors during the period in which the MCTO, if granted, is in place, the Company confirms that it will also file material change reports on SEDAR containing such information as is required.About 3 Sixty Risk Solutions Ltd.Further Information.Forward-Looking InformationThis news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the business and operations of 3 Sixty. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, 3 Sixty assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.