Clear Blue Technologies Announces Issuance of Management Cease Trade Order by the BCSC

2023 Acquisition of eSite Power Systems requires short extension for successful completion of the audit

TORONTO, May 01, 2024 (GLOBE NEWSWIRE) -- Clear Blue Technologies International Inc. (TSXV: CBLU) (FRANKFURT: OYA) (OTCQB: CBUTF) announces that it requires an additional two (2) weeks to complete its audited financial results for 2023. During Q1 2023, Clear Blue acquired eSite Power Systems AB (“eSite”), a telecom site power systems provider located in Lidköping, Sweden.

The completion of the audit for this transaction has created the need for additional time to complete the audit and release the full financial statements for Clear Blue for fiscal 2023. As a result, the Company applied for a management cease trade order ("MCTO") under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"). An MCTO has been granted by the Company's principal regulator, the British Columbia Securities Commission (the "BCSC").

The MCTO restricts trading in securities of the Company by management of the Company until such time as the Annual Filings have been filed by the Company and the MCTO is no longer in effect. The MCTO does not affect the ability of shareholders to trade their securities and the general investing public will continue to be able to trade in the Company's common shares. However, the Company's CEO and CFO will not be able to trade the Company's common shares until such time as the Annual Filings have been filed and all continuous disclosure requirements have been satisfied by the Company, and the MCTO has been revoked by the BCSC.

The Company is working diligently with its auditors to complete the audit work and expects to release the fully audited financial statements and related documents on or before May 15, 2024. The Company will issue a news release once the Annual Filings have been filed. The Company confirms that it intends to satisfy the provisions of section 4.4 of NP 12-203 and issue bi-weekly default status reports for so long as the Company remains in default of the financial statement filing requirement. Such report will disclose any material changes to the information in this release; all actions taken by the Company to remedy the default; particulars of any failure by the Company to fulfill these provisions; any subsequent defaults of the Company requiring a default announcement; and any other material information concerning the affairs of the Company not previously disclosed. The Company is not be subject to any insolvency proceedings nor is there in other material information concerning the affairs of the Issuer that has not been generally disclosed.