CHESSWOOD ANNOUNCES ISSUANCE OF CEASE TRADE ORDER

TORONTO, Aug. 16, 2024 /CNW/ - Further to its announcement on August 14, 2024 that a failure to file cease trade order ("FFCTO") from the Ontario Securities Commission (the "OSC") was impending, Chesswood Group Limited (the "Company") announces that the OSC issued the FFCTO after market close on August 15, 2024.

The Company is continuing to work with its auditors to complete the work necessary in order to be in the position to finalize and file the required financial statements, MD&A and certifications to have the FFCTO lifted, and will provide updates as further information becomes available and as required.

ABOUT CHESSWOOD GROUP LIMITED

Chesswood Group Limited is a Toronto, Canada based holding company whose subsidiaries engage in the business of specialty finance (including equipment finance in the U.S. and vehicle finance and legal sector finance in Canada), as well as the origination and management of private credit alternatives for North American investors. Our shares trade on the Toronto Stock Exchange (under the symbol CHW).

For information on Chesswood Group Limited and its operating subsidiaries:

www.ChesswoodGroup.com                                       
www.PawneeLeasing.com                                           www.TandemFinance.com
www.Rifco.net                                                             www.WaypointInvestmentPartners.com
www.EasyLegal.ca

FORWARD-LOOKING INFORMATION

This press release contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements in this press release may include, but are not limited to, statements relating to the FFCTO, the ongoing efforts to complete the work necessary to be in a position to make the curative filings, the provision of updates as further information becomes available and as required, and other statements that are not material facts. Forward-looking statements are typically identified by words such as "believe", "expect", "anticipate", "project", "intend", "plan", "will", "may", "estimate" and other similar expressions or the negative of these words or variations of them or similar expressions.

Although the Company believes that the forward-looking statements in this press release are based on information and assumptions that are current, reasonable and complete, these statements are by their nature subject to a number of factors, risks and uncertainties, both general and specific in nature, that could cause actual results to differ materially form those expressed or implied by these forward-looking statements, including, without limitation, the risks and uncertainties arising from any continuing delay in making required filings, the possibility that the work required to be undertaken to be in a position to make the curative filings may take longer than expected, and other risks and uncertainties related to the Company's ongoing strategic review, financial restructuring and credit facility action plan. The Company cautions that the foregoing assumptions and factors are not exhaustive and other factors could also adversely affect its results. For more information on the risks, uncertainties and assumptions that could cause the Company's actual results to differ from current expectations, please refer to the Company's publicly filed documents, including  news releases, the Company's annual information form and management's discussion and analysis of financial condition and performance, which are available electronically at www.sedarplus.ca.

Unless otherwise noted or the context otherwise indicates, the forward-looking statements contained in this press release describe the Company's expectations as at the date of this press release and, accordingly are subject to change after such date. Except as may be required by applicable securities laws, the Company does not undertake any obligation to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements.

NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.

SOURCE Chesswood Group Limited

For further information: Investor Relations, 416-386-3099, [email protected]; Media Inquiries, Tobias Rajchel, President & CEO, 416-386-3099, [email protected]