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Classified in: Business, Covid-19 virus
Subject: ERN

H-Source Provides Bi-Weekly Status Report


VANCOUVER, BC, June 30, 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 the end of July.

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 17, 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 17, 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.

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