Sparta Announces Application for Voluntary Cease Trade Order Due to COVID-19

Not for distribution to U.S. Newswire Services or for dissemination in the United States of America.

Any failure to comply with this restriction may constitute a violation of U.S. Securities laws

TORONTO, ON / ACCESSWIRE / January 25, 2022 / Due to the speed that the Omicron variant spread throughout the holiday season, Sparta Capital Ltd. (TSXV:SAY) (the "Corporation" or "Sparta") has been unable to complete preparations for audited annual financial statements to meet the January 28^th, 2022 deadline. As a result, the Company is applying for a voluntary cease trade order.

Despite avoiding any major COVID-19 outbreaks across its various divisions over the last 18 months, the emergence of the Omicron variant led to several senior managers contracting the virus through the holiday season. These managers would ordinarily be involved in audit preparations. During this time, Sparta was engaging with new auditors and trying to bring them up-to-speed. Fighting symptoms of COVID-19 made it difficult to work closely with the auditors, but management is confident they are now on the mend and getting back on track and they expect the default will be remedied on or before March 1, 2022, concurrently with the filing of the Corporation's unaudited consolidated interim financial statements and management discussion and analysis for the three months ended December 31, 2021, and 2020.

"With our Workplace Safe Entry technology, we have been able to avoid any major COVID-19 outbreaks among staff within our various divisions, but then Omicron came along, and it surged past all other variants. Even though we were able to keep ourselves safe at work, when the holidays hit everything changed. I was one of the many managers within Sparta that did not escape Omicron. I can attest to how it can suddenly slow you down," said President and CTO, John O'Bireck.

The Company is applying for the management cease trade order pursuant to National Policy 12-203. The application refers to audited annual financial statements for the year ending September 30, 2021, which would have been due January 28, 2022. While it's important to note that the delay in filing is largely due to COVID-19, the Company continues to operate as usual and generate revenue.

About Sparta

Sparta is a technology-based company that owns or holds a controlling interest in a network of independent businesses that supply energy saving technologies designed to reduce energy inefficiencies, achieve reduced emissions, and increase operating efficiencies in various industries. In response to the COVID-19 crisis, Sparta has also expanded its scope to help facilitate supply of necessary materials while assisting talented inventors who are looking to introduce innovative technical solutions that will bring greater normalcy to the post COVID-19 world. Sparta's network of independent businesses provides a wide range of specialized energy capturing, converting, optimizing, and related services to the commercial sector. Sparta provides capital, technical and engineering expertise, legal support, financial and accounting knowledge, strategic planning, and other shared services to its independent businesses. As Investors are increasingly applying non-financial factors to their analysis process (ESG), Sparta continues to strengthen its environmental and social path by adding new green products and services, as well as advanced health technologies for human good.