NEXTPOINT FINANCIAL INC. PROVIDES BI-WEEKLY UPDATE REGARDING MANAGEMENT CEASE TRADE ORDER

HURST, Texas, April 14, 2022 /CNW/ - NextPoint Financial Inc. (TSX: NPF.U) (TSX: NPF.WT.U) ("NextPoint") announced today an update on the status of the management cease trade order granted by the Ontario Securities Commission (the "OSC"), as NextPoint's principal regulator, on April 1, 2022 (the "MCTO") under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"). As announced on March 17, 2022 (the "Default Announcement"), NextPoint made an application to the OSC for the MCTO in connection with the filing of its audited financial statements for the year ended December 31, 2021, the related management's discussion and analysis and CEO and CFO certificates and its annual information form for the year ended December 31, 2021 (such filings, collectively, the "Required Documents") after the filing deadline of March 31, 2022. The management cease trade order prevents the officers named in the order from trading in NextPoint's securities but does not affect the ability of other shareholders, including the public, to trade in securities of NextPoint.

NextPoint is continuing to work to complete the incorporation of the annual results of its recently acquired subsidiary, Community Tax LLC, into NextPoint's financial statements in accordance with IFRS required to complete the Required Documents and currently expects to be in a position to file the Required Documents within 30 days of the original filing deadline. 

NextPoint confirms that other than as set out herein since the date of the Default Announcement: (i) 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 NextPoint 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 NextPoint under NP 12-203; and (iv) there is no other material information concerning the affairs of NextPoint that has not been generally disclosed. 

NextPoint confirms that it will continue to satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it remains delayed in meeting the above noted filing requirements. 

About NextPoint Financial Inc.

NextPoint is an all-inclusive marketplace for financial services empowering hardworking and underserved consumers and small businesses. NextPoint was formed through the July 2021 combination of Liberty Tax, a leading provider of tax preparation services, with LoanMe, an online lender and loan marketer followed by the December 2021 acquisition of Community Tax, an effective advocate for tax debt resolution on behalf of customers.

SOURCE NextPoint Financial Inc.

Mike Piper, [email protected], 757-493-8855