Loyalist Provides Update on Filing of 2014 Annual Financial Statements

TORONTO, ONTARIO--(Marketwired - May 21, 2015) - Loyalist Group Limited ("Loyalist" or the "Company") (TSX VENTURE:LOY) is issuing this bi-weekly status report in order to keep its shareholders informed of the status of the filing of its 2014 annual financial statements in accordance with National Policy 12-203. Loyalist is continuing to work diligently and expeditiously with its auditors to complete and file as soon as possible the 2014 annual financial statements, accompanying management's discussion and analysis and related CEO and CFO certifications (collectively, the "2014 Annual Financial Statements"). In the interim, as previously disclosed, Loyalist has been granted a Management Cease Trade Order (the "MCTO") by the Ontario Securities Commission (the "OSC"). The MCTO restricts the CEO and the CFO of the Company from any direct or indirect trading in securities of the Company until two full business days following the receipt by the OSC of the 2014 Annual Financial Statements or until further order of the OSC. The MCTO does not affect the ability of the general public or any other insiders of the Company to trade in securities of the Company.

The Company confirms that it intends to satisfy the provisions of the alternative information guidelines found at sections 4.3 and 4.4 of Policy Statement 12-203 respecting Cease Trade Orders for Continuous Disclosure Defaults for so long as it remains in default as a result of the late filing of the 2014 Annual Financial Statements. During the period of default, Loyalist will issue bi-weekly default status reports in the form of further press releases, such as this release, each of which will also be filed on SEDAR. The Company confirms that there are no insolvency proceedings against it as of the date of this press release. 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 press release and that there are no material changes to the information contained in the April 30, 2015 or May 8, 2015 press releases issued by the Company.