GBLT Announces New Expected Date for CFO Change and Postponement of Filing of Q1 2020 Financials and MD&A

DUEREN, Germany, June 02, 2020 (GLOBE NEWSWIRE) -- GBLT Corp. (“GBLT” or the “Company”) ‎‎(TSXV:GBLT; ‎‎OTCQB:GBLTF; FSE:4G9), announces that due to the previously announced postponement in the filing its annual audited financial statements for the year ended December ‎‎31, 2019, and related management’s discussion & analysis (collectively, the “Annual Documents”), Dr. Thilo Senst will continue as the interim Chief Financial Officer until such time the Annual Documents are filed on SEDAR and Mr. Kyle Appleby’s appointment as Chief Financial Officer will become effective at such time the Annual Documents are filed on SEDAR. On February 18, 2020, the Company originally issued a News Release regarding the expected date Mr. Appleby would replace Dr. Senst.

In addition, the Company announces that due to logistics ‎and delays caused by the COVID-19 virus, it is relying on the exemption ‎‎provided in Ontario Instrument 51-502 - ‎Temporary Exemption from Certain Corporate Finance ‎Requirements ‎‎(the “Ontario Instrument”) ‎of the Ontario Securities Commission (and similar exemptions ‎provided by the ‎securities commissions in British ‎Columbia, Alberta and Saskatchewan) to ‎postpone the filing of its interim financial statements for the three months ended March ‎‎31, 2020, ‎as required by section 4.4 of National ‎Instrument 51-102 - Continuous Disclosure ‎‎Obligations (“NI 51-102”), and its related management discussion & ‎analysis for the three months ended March ‎‎31, 2020, ‎as required by section 5.1(2) of NI 51-102 (collectively, the ‎‎“Interim Documents”).‎

According to the Ontario Instrument, during the period from March 23, 2020 to ‎June 1, 2020, a person or ‎‎company required to make certain filings as described in the Ontario Instrument has an additional 45 ‎days from ‎the deadline otherwise applicable ‎under Ontario securities laws to make the filing. GBLT expects to file the ‎‎Interim Documents by no later than the extended deadline of July 14, 2020.‎

Until the ‎Company has filed the Annual Documents and the Interim Documents, members of the Company’s ‎management and other insiders ‎will ‎observe a trading blackout consistent with the principles in ‎Section 9 of National Policy 11-207 - Failure-‎to-‎File ‎Cease Trade Orders and Revocations in ‎Multiple Jurisdictions.‎

GBLT confirms that, other than disclosed in prior press releases, there have been no material ‎business ‎developments since the filing on November 27, 2019 of the Company’s latest ‎interim ‎financial reports for the ‎period ended September 30, 2019‎.‎