Atlas Engineered Products Announces Filing Extension for Q1 2020 Results

NANAIMO, BC, May 29, 2020 /CNW/ - Atlas Engineered Products ("AEP" or the "Company") (TSX-V: AEP; OTC Markets: APEUF) announced today that the Company is relying on an extension provided by the Canadian Securities Administrators (the "CSA") for the purpose of extending the time required to file the Company's Q1 2020 Financial Statements,  the accompanying Management Discussions and Analysis and the related CEO and CFO certifications (the "Quarterly Filings") resulting from the challenges posed by the COVID-19 pandemic.

"As part of our health and safety response to COVID-19 across Canada, we arranged for various non-manufacturing team members to work remotely. These measures reduced our ability to externally report during the pandemic. Our team members have now adjusted to new COVID-19 practices and work arrangements, again reduced our internal and external report time. Going forward, we expect that all reporting will be timely once again," said Melissa MacRae, the Company's Interim CFO.

There have been no material business developments since the filing of the Company's audited consolidated financial statements for the year ended December 31, 2019. Any material events will be publicly disclosed as required under applicable securities laws and stock exchange requirements.

In March 2020, the CSA granted public issuers a 45-day extension for filings required on or before June 1, 2020, to allow issuers the time needed to focus on the many other business and financial reporting implications of the COVID-19 pandemic. The deadline for the Quarterly Filings has been extended to July 16^th, 2020.

The Company is relying on this exemption with respect to its Quarterly Filings for Q1 2020 in accordance with BC Instrument 51-515 – Temporary Exemption from Certain Corporate Finance Requirements. The Company is working diligently to complete and file its Quarterly Filings for Q1 2020, and estimates being able to make these filings by June 30^th, 2020. The Company's management and insiders will be subject to a trading blackout policy that reflects the principles in section 9 of National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.

About Atlas Engineered Products Ltd.

AEP is a growth company that is acquiring and operating profitable, well-established operations in Canada's truss and engineered products industry. We have a well-defined and disciplined acquisition and operating growth strategy enabling us to scale aggressively, giving us a unique opportunity to consolidate a fragmented industry of independent operators.

Forward Looking Information
Information set forth in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Although AEP believes that the expectations reflected in the forward looking statements are reasonable, there is no assurance that such expectations will prove to be correct, or that such future events will occur in the disclosed time frames or at all.  AEP cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond AEP's control.  Such factors include, among other things: Risks and uncertainties relating to AEP, including those to be described in the Management's Discussion and Analysis ("MD&A") for AEP's year ended December 31, 2019.  Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, AEP undertakes no obligation to publicly update or revise forward-looking information.

NEITHER THE 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.

SOURCE Atlas Engineered Products Ltd.

Atlas Engineered Products Ltd., Phone: [phone], Email: [email protected], Unit 102, 6551 Aulds Road, Nanaimo, BC V9S 5X9, www.atlasengineeredproducts.com; For investor relations please contact: Brittany Ray-Wilks, Executive Vice President, Phone: [phone], Email: [email protected], Atlas Engineered Products Ltd., Unit 102, 6551 Aulds Road, Nanaimo, BC V9S 5X9, www.atlasengineeredproducts.com