Fountain Asset Corp. Provides Update on Extension to File Annual and Interim Financial Statements

TORONTO, June 8, 2020 /CNW/ - Fountain Asset Corp. (TSX-V:FA) ("Fountain" or the "Company"), a merchant bank which provides equity financing, bridge loan services and strategic financial consulting services to companies across many industries such as marijuana, oil & gas, mining, real estate, manufacturing, retail, financial services, blockchain technology and biotechnology, announces an update to its press release dated April 24, 2020 in which the Company reported that it is relying on the exemption provided in Ontario Instrument 51-502 Temporary Exemption from Certain Corporate Finance Requirements (and similar exemptions provided by other Canadian securities regulators) (the "Blanket Relief") to postpone the filing of (i) its audited annual financial statements and management discussion and analysis ("MD&A") for the fiscal year ended December 31, 2019 and related certifications (collectively, the "Annual Filings"); and (ii) its unaudited interim financial statements and MD&A for the three month period ended March 31, 2020 and related certifications (collectively, the "Interim Filings").

To update on the Company's April 24, 2020 press release, the Company has not yet filed the Annual Filings and the Interim Filings and will be relying on the full 45-day extension granted by the Blanket Relief. The Company is continuing to work diligently and expeditiously with its auditors to file the Annual Filings on or before June 15, 2020 and the Interim Filings on or before July 14, 2020.  Until the Company has filed the Annual Filings and the Interim Filings, members of the Company's management and other insiders are subject to a trading blackout reflecting the principles contained in section 9 of National Policy 11-207 Failure to File Cease Trade Orders and Revocations in Multiple Jurisdictions.

Other than as previously disclosed by the Company, there have been no material business developments since April 24, 2020.

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. 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to the anticipated date of filing of the Annual Filings and the Interim Filings. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the impact of the COVID-19 virus and amendments to reporting and other applicable requirements as a result thereof, and general business, economic and social uncertainties. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, the Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

SOURCE Fountain Asset Corp.

Michael Leskovec, Chief Financial Officer, Telephone: [phone]