Fountain Asset Corp. to Postpone Reporting Financial Results and MD&A Due to COVID-19 Related Delays

TORONTO, April 24, 2020 /CNW/ - Fountain Asset Corp. (TSX-V:FA) ("Fountain" or the "Corporation"), 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, announced today that due to logistical issues and delays caused by the COVID-19 virus, 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 "Ontario Instrument") to postpone the filing of the following continuous disclosure documents (collectively, the "Documents"):

• the Company's audited annual financial statements for the fiscal year ended December 31, 2019 and related certifications;
• the Company's management discussion and analysis ("MD&A") for the fiscal year ended December 31, 2019;
• the Company's unaudited interim financial statements for the three month period ended March 31, 2020 and related certifications; and
• the Company's MD&A for the three month period ended March 31, 2020.

The Ontario Instrument provides the Company with an additional 45 days from each of the deadlines otherwise applicable under Ontario securities laws to make the respective filings (the "Extension Periods"). Until the Company has filed the Documents, 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 such that they are in a blackout period until the end of the second trading day after the Documents have been disclosed by way of a news release.  At this time, the Company expects to file the Documents by the expiry of the applicable Extension Periods, being (i) June 13, 2020 with respect to the Company's annual financial statements and MD&A for the fiscal year ended December 31, 2019; and (ii) July 14, 2020 with respect to the Company's interim financial statements and MD&A for the three month period ended March 31, 2020.

There have been no material business developments since the date of the last interim financial statements of the Company, filed on November 26, 2019, a copy of which is available on SEDAR at www.sedar.com.

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 Documents. 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]