Vancouver, BC - TheNewswire - May 3, 2023 - AdRabbit Limited (TSXV: RABI) (the "Company") is announcing that its principal regulator, the British Columbia Securities Commission (“BCSC”), has approved the Company’s application for, and has granted, a management cease trade order (the “MCTO”) on May 3, 2023. After the initial default announcement on April 19, 2023 (the “Default Notice”), the Company made an application to the applicable securities regulators under the National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults (“NP 12-203”) requesting that a MCTO be imposed as it was anticipated that it will not file its audited financial statements for its fiscal year ended December 31, 2022 (the "2022 Annual Financial Statements"), its management's discussion and analysis relating thereto and Chief Executive Officer and Chief Financial Officer certificates relating to the 2022 Annual Financial Statements (collectively, the "Required Filings") before the prescribed deadline of May 1, 2023.

The MCTO prohibits the chief executive officer and chief financial officer of the Company from trading in the Company's securities for so long as the Required Filings are not filed. The issuance of such cease trade order does not generally affect the ability of persons who are not directors, officers, or other insiders of the Company to trade in the Company's securities.

The Company is also providing in this press release its bi-weekly default status report in accordance with NP 12-203. As previously announced, the audit of the 2022 Annual Financial Statements is underway, and the Company continues to expect to file the Required Filings by the end of May 2023.

Other than as set out herein, the Company reports that since the Default Notice: (i) there is no material change to the information set out in the Default Notice that has not been generally disclosed; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.

The Company will continue to satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases so long as it remains in default of the filing requirements set out above.

For further information, please contact:

Noah Hershcoviz, Interim CEO 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 of the audit and the filing of Required Filings and the expected remediation of the continuous disclosure default, including expected revocation of the MCTO at a future date. 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 audit, lack of availability of key persons, auditors or staff required to complete the Required Filings by the anticipated date, and other unexpected items arising relating to the audit.

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.