Empower Announces Delay in Filing of Annual Financial Statements

VANCOUVER, BC / ACCESSWIRE / April 27, 2022 / Empower Clinics Inc. (CSE:CBDT)(Frankfurt:8EC)(OTCQB:EPWCF) (the "Company" or "Empower") has determined that it will not be able to file its annual audited financial statements for the year ended December 31, 2021, and related management's discussion and analysis and officer certifications (collectively, the "Required Filings"), by the prescribed filing deadline of May 2, 2022 (the "Filing Deadline").

The auditors of the Company have informed Empower that they will not be able to complete the audit of the Company by the prescribed filing deadline. The transitional impacts related to the change of leadership and staff at Kai Medical Laboratory is a contributing factor in the delay.

In light of the delay in filing of the Required Filings prior to the Filing Deadline, the Company is providing this default announcement in accordance with National Policy 12-203 Management Cease Trade Orders ("NP 12-203"). The Company has made an application to the British Columbia Securities Commission (the "BCSC"), as principal regulator of the Company, for a management cease trade order ("MCTO") under NP 12-203 in respect of the anticipated default regarding the Annual Filings. The granting of the MCTO is at the discretion of the BCSC and there is no guarantee that it will be granted.

If granted, the MCTO will be in effect until the Required Filings have been made and will not affect the ability of persons who have not been directors, officers or insiders of the Company to trade their shares of the Company. In such event, the Company intends to follow the provisions of the alternative information guidelines set out in NP 12-203, including the issuance of bi-weekly default status reports in the form of news releases, for as long as the Company remains in default. The Company will provide a further update if the BCSC advises that the MCTO will not be granted.

The Company intends to continue to work diligently and expeditiously with its auditors in order to complete the Required Filings as soon as possible. It is expected that they will be filed in the second half of May 2022.

This press release is available on the Empower Clinics Verified Forum on AGORACOM for shareholder discussion, questions and engagement with management https://agoracom.com/ir/EmpowerClinics

ABOUT EMPOWER:

Empower is an integrated healthcare company that provides body and mind wellness for patients through its clinics, with digital and telemedicine care, a medical device company and world-class medical diagnostics laboratories. Supported by an experienced leadership team, Empower is aggressively growing its clinical and digital presence across North America. Our Health & Wellness and Diagnostics & Technology business units are positioned to positively impact the integrated health of our patients, while simultaneously providing long term value for our shareholders.