Axios Provides Default Status Report and Announces Resignation of Director

MISSISSAUGA, ON--(Marketwired - Apr 29, 2016) - Axios Mobile Assets Corp. (TSX VENTURE: AXA) ("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 Ontario Securities Commission (the "OSC") granted a management cease trade order (the "MCTO") on April 27, 2016 against the Company's Chief Executive Officer, Chief Financial Officer and former Chief Financial Officer, as opposed to a general cease trade order against the Company. The MCTO prohibits all trading in securities of the Company, whether directly or indirectly, by the Company's Chief Executive Officer, Chief Financial Officer and former Chief Financial Officer. The MCTO does 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 and that they anticipate that these will be filed on or about May 3, 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 18, 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 releases dated April 5, 2016 and April 18, 2016 as well as assessing the potential impact of year-end audit adjustments on the periods ended March 31, 2015, June 30, 2015 and September 30, 2015;