Axios Provides Default Status Report

MISSISSAUGA, ON--(Marketwired - Apr 18, 2016) - Axios Mobile Assets Corp. (TSX VENTURE: AXA) (OTCQB: AXBSF) ("Axios" or the "Company") is providing this bi-weekly default status report in accordance with National Policy 12-203 respecting Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). On April 5, 2016, the Company announced (the "Default Announcement") that it has identified certain errors in the financial statements previously filed for the periods ended March 31, 2015, June 30, 2015 and September 30, 2015 as well as the disclosure contained in its associated management's discussion and analysis for such periods and that, as a result, it would be restating such filings together with the accompanying CEO and CFO certifications (collectively, the "Required Filings").

As a result of this delay in the filing of the Required Filings, the Company has applied to the Ontario Securities Commission (the "OSC") for a management cease trade order (the "MCTO"). The MCTO, if and when granted, will prohibit all trading in securities of the Company, whether directly or indirectly, by certain of the Company's senior officers. The MCTO will not affect the ability of other shareholders to trade their securities. However, the applicable Canadian securities regulatory authorities could determine, in their discretion, that it would be appropriate to issue a general cease trade order against the Company affecting all of the securities of the Company.

The Company's Board of Directors and management confirm that they are working expeditiously to file the Required Filings no later than April 30, 2016.

Pursuant to the provisions of the alternative information guidelines specified in Section 4.4 of NP 12-203, the Company reports that since the Company's press release dated April 5, 2016:

• The Company is continuing to work expeditiously in order to complete the restatement of the financial statements and management's discussion and analysis for the applicable periods. This work involves correcting the errors identified in the Company's press release dated April 5, 2016 as well as any others that may be identified during the Company's concurrent work to finalize its year-end financial statements;
• The Company has determined that it is likely that the year-end audit of the equity transactions that occurred throughout 2015 to assess the valuation and accounting treatment of equity instruments included in those transactions will result in a change to the previously reported net loss for the nine months ended September 30, 2015;
• There have been no failures by the Company to fulfill its stated intentions with respect to satisfying the provisions of the alternative reporting guidelines;
• There has not been, nor is there anticipated to be, any specified default subsequent to the default which is the subject of the Default Announcement; and
• There is no other material information respecting the Company's affairs that has not been generally disclosed.

Until the Required Filings have been filed, the Company intends to continue to satisfy the provisions of the alternative information guidelines specified in Section 4.4 of NP 12-203 by issuing bi-weekly default status reports in the form of further press releases, which will also be filed on SEDAR. The Company will file, to the extent applicable, its next default status report on or about May 2, 2016.