Vancouver, British Columbia - TheNewswire - August 29, 2023 - AdRabbit Limited (TSXV:RABI) (the “Company”) announces the following:

Anticipated Late Filing

The Company announced today that it expects that it will not be filing its interim financial statements for its second quarter ended June 30, 2023 (the "Interim Financial Statements"), its management's discussion and analysis relating thereto, and chief executive officer and chief financial officer certificates relating to the Interim Financial Statements (collectively, the "Required Filings") before the prescribed deadline of August 29, 2023.

The expected delay in filing the Required Filings is principally related to the logistical complexity of an Australian company traded in Canada and due to staff shortages in Australia (the location of the parent company) and Israel (the location of the Company’s subsidiary and management) that delayed the delivery of information to the necessary parties in order to efficiently prepare and complete the Required Filings. Given that the preparation of the Interim Financial Statements is underway, the Company expects that the Required Filings will be filed and the continuous disclosure default remedied as soon as possible following August 29, 2023.

Changes to Officer

The Company also announces the resignation of Gidi Krupnik as the Company’s Chief Financial Officer. The Company wishes to thank Mr. Krupnik for his services and contributions.

The Company has appointed Mr. Noah Hershcoviz (the current Interim Chief Executive Officer, Chairman, and a director of the Company), as the Interim Chief Financial Officer of the Company while the Company searches for a suitable replacement. This new appointment is subject to TSX Venture Exchange approval.

For further information, please contact:

Noah Hershcoviz, Interim CEO, Interim CFO, and Director of the Company
Email: noah@alabs.co
Telephone: (604) 283-6110

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Caution Regarding Forward-Looking Information

The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward-looking statements. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future events, plans, prospects, business, and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein are forward-looking statements, including, without limitation, statements regarding the expected completion and filing of Required Filings and expected remediation of the continuous disclosure default, and the expectation regarding finding a suitable replacement to the Company’s Chief Financial Officer. There are a number of risks and uncertainties related to these forward-looking statements, which include, but are not limited to: further delays related to the completion of the Required Filings, lack of availability of key persons, professionals or staff required to complete the Required Filings by the anticipated date, and other unexpected items arising relating to the Interim Financial Statements, and the ability to identify and attract a suitable replacement Chief Financial Officer and that the Exchange will not permit Mr. Hershcoviz as the interim CFO.

Although the Company has attempted to identify important factors that could cause actual actions, events, conditions, results, performance, or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events, conditions, results, performance, or achievements to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future, as at the date they are provided. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. Accordingly, investors should not place undue reliance on forward-looking statements. All the forward-looking statements are expressly qualified by the foregoing cautionary statements.