[Kelowna, BC – TheNewswire - May 2,  2022] — Forbidden Spirits Distilling Corp. (TSXV:VDKA) - the "Company" or “Forbidden Spirits”), announced today it will not be in a position to file its annual audited financial statements for the year ended December 31, 2021 and its related management's discussion and analysis and officer certifications (collectively, the "Required Filings") by today's prescribed filing deadline of May 2, 2022 (the "Filing Deadline"). The reason for the delay is additional information and analysis is necessary for the Company's auditors to complete their audit.

Management does not expect the issues described above to impact the financial reporting for Q1 2022.  The Company will submit the Required Filings as soon as possible and anticipates doing so not later than May 9, 2022.

The Company recognizes that this delay may result in the issuance of a failure to file cease trade order against the Company pursuant to National Policy 11-207 – Failure to File Cease Trade Orders and Revocations in Multiple Jurisdictions (a "CTO"), which will prohibit the trading by any person of any securities of the Company, including trades in the Company's common shares made through the TSX Venture Exchange. Once issued, the CTO will remain in place until such time as the Required Filings are filed by the Company.  In the event this occurs, the Company will issue further press release(s) with additional information.

ON BEHALF OF THE BOARD OF DIRECTORS:

Blair Wilson

Chairman and CEO

Email: blair@forbiddenspirits.ca  

Phone: (250) 317-0996

Disclaimer for Forward-Looking Information

This press release contains forward-looking statements and information based on the beliefs of management and reflects the Company’s current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Such forward-looking statements are based on a number of assumptions including, but not limited to the economy generally; the Covid-19 pandemic; adverse industry events; the receipt of required regulatory approvals and the timing of such approvals; consumer interest in the services and products of the Company; financing; competition; and anticipated and unanticipated costs. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

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