Sparta Updates Delay in Filing Annual Financial Statements

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 / March 11, 2024 / Sparta Group (TSXV:SAY) (the "Corporation", the "Company", "Sparta Group", "Sparta Capital", "SAY.V" or "Sparta") has announced that it is on track to file its annual financial statements in accordance with the new filing deadline of March 29, 2024. This is an update to its February 8, 2024, news release ("Default Announcement"), indicating an order from the Alberta Securities Commission ("ASC") for a Management Cease Trade Order (the "MCTO") under National Policy 12-203, Management Cease Trade Orders.

In the Default Announcement, Sparta reported that it had received the order for a MCTO from the ASC because the Company was unable to file its annual financial statements for the year ended September 30, 2023, including the related management's discussion and analysis (MD&A) and certifications from the CEO and CFO (the "Annual Filings") in time to meet the January 29, 2024, filing deadline. The delay in filing the Annual Flings is largely related to the unexpected and sudden passing of a former director and key officer, John O'Bireck, and the transition of day-to-day operations to a new management team. Mr. O'Bireck was responsible for all the operations of the Issuer, including liaising with the auditor. During this transitionary period, there have been unavoidable delays in responding to information requests from the auditor resulting in a delay in completion of the Annual Filings. The Company expects to file the Annual Filings on or before March 29, 2024.

While the MCTO restricts all trading in securities of the Company by the Chief Executive Officer and Chief Financial Officer of the Company until the MCTO is no longer in effect, regular trading by current and future investors continues as normal. The MCTO will be in effect until two full business days following the receipt of the principal regulator that all filings the issuer was required to make have been filed.

While the filings are being finalized, Sparta's new management team is working overtime along with its TruckSuite leadership trio based in the United States, to bring a comprehensive mobile app to Canadian Truckers this year. While there has already been a soft launch of the app in the U.S., with favourable response in the way of downloads among truckers, the program is undergoing some adjustments to make it easy for Canadian truckers to take advantage of.