DELIC HOLDINGS CORP PROVIDES DEFAULT STATUS UPDATE

VANCOUVER, BC, May 16, 2022 /CNW/ - Delic Holdings Corp ("DELIC" or the "Company") (CSE: DELC) (OTCQB: DELCF) (FRA: 6X0), a leader in new medicines and treatments for a modern world, is providing a default status report in accordance with the alternative information guidelines set out in National Policy 12-203 - Management Cease Trade Orders ("NP 12-203").

On May 3, 2022, the Company announced (the "Default Announcement") that as a result of delays to its audit, the Company's annual financial statements and accompanying management's discussion and analysis for the fiscal year ended December 31, 2021 (the "Annual Filings") are not expected to be finalized by May 2, 2022, being the date that such filings are due under applicable Canadian securities law requirements.

The Company made an application with the applicable securities regulators under NP 12-203 requesting a management cease trade order ("MCTO") be imposed in respect of the anticipated late filing. The MCTO was issued on May 3, 2022 and precludes the Chief Executive Officer and Chief Financial Officer of the Company from trading in ‎the securities of the Company until the Company completes the required filings and the regulator revokes the MCTO.

The Company's management continues to work diligently to complete the Annual Filings and now anticipates, but cannot assure, that the Annual Filings will be filed on or prior to May 30, 2022.

The Company confirms that since the date of the Default Announcement: (i) other than as described above, there has been no material change to the information set out in the Default Announcement 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 confirms it will continue to satisfy the provisions of the alternative information guidelines set out in NP 12-203 so long as it remains in default of the requirement to file the Annual Filings.

About Delic Corp, Inc.

Delic is a leader in new medicines and treatments for a modern world, improving access to health benefits across the country and reframing the conversation on psychedelics. The Company owns and operates an umbrella of related businesses, including the largest chain of psychedelic wellness clinics in the country, including Ketamine Infusion Centers and Ketamine Wellness Centers; the only licensed entity by Health Canada to exclusively focus on research and development of psilocybin vaporization technology, Delic Labs; the premier psychedelic wellness event, Meet Delic; and trusted media and e-commerce platforms Reality Sandwich and Delic Radio. Delic is backed by a team of industry and cannabis veterans and a diverse network, whose mission is to provide education, research, high-quality products, and effective treatment options to the masses.

The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and does not accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable Canadian and United States securities legislation (collectively "forward-looking statements"). Forward-looking statements are often, but not always, identified by the use of words such as "seek," "anticipate," "believe," "plan," "estimate," "expect," "likely" and "intend" and statements that an event or result "may," "will," "should," "could" or "might" occur or be achieved and other similar expressions. These forward-looking statements include, but are not limited to, the expectations of management with respect to the anticipated filing of the Required Filings, Company's ability to continue to satisfy the information guidelines set out in NP 12-203 as well as the duration of the MCTO.  Such forward-looking statements should not be unduly relied upon. Forward-looking statements are based on assumptions that may prove to be incorrect. The Company considers these assumptions to be reasonable in the circumstances. However, forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those expressed or implied in the forward-looking statements.  For more information on the Company, its subsidiaries and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

SOURCE Delic Holdings Inc.

Investor Relations Contact, Rich Rodriguez, [phone], [email protected]