PRINCIPAL TECHNOLOGIES ANNOUNCES CEASE TRADE ORDER ISSUED BY THE BRITISH COLUMBIA SECURITIES COMMISSION

VANCOUVER, BC, Dec. 7, 2022 /CNW/ - Principal Technologies Inc. (the "Company") (TSXV: PTEC.P), which is building a diverse portfolio of investments in healthcare technologies companies, announces that it has been issued a cease trade order ("CTO") by the British Columbia Securities Commission (the "BCSC") under National Instrument 51-102 – Continuous Disclosure Obligations effective December 2, 2022, as a result of not filing its audited annual financial statements, accompanying management's discussion and analysis, and certifications for the year ended July 31, 2022 (the "Annual Filings") by the filing deadline of November 28, 2022.

As previously announced on November 29, 2022, the Company's Annual Filings delay results from delayed finalization of the European holdings' audit.

The Company is working diligently with its auditors to complete the remaining audit and make the required filings soon. Once complete, a news release will be issued indicating that the Annual Filings have been submitted. Upon filing the Annual Filings, the Company expects that the CTO will be revoked within one to two business days, as is the customary practice. In the interim, the Company continues to operate normally and without disruption.

The Company also confirms, as of the date of this news release, that there is no other material information concerning the affairs of the Company that has not been generally disclosed.

About Principal Technologies Inc.

Principal Technologies Inc. (TSXV: PTEC.P), is building a diverse portfolio of investments in healthcare technology companies with a focus on those with global distribution potential, that have achieved regional success. Principal Technologies will also focus on companies that have IP capable of enhancing medical treatment quality and efficiency, cost efficiency, optimization of the patient pathway, and implementation of point of care technologies. In addition to providing growth capital, the company also aims to support the growth of its portfolio with the expertise of its management team, board, and advisers. 

Learn more: https://principal-technologies.com/

ON BEHALF OF THE BOARD OF DIRECTORS:

Jerry Trent, Chief Executive Officer
Principal Technologies Inc.

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Information

This news release contains statements that constitute "forward-looking statements." Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause Principal Technologie' actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.

Forward-looking statements in this news release include statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: that exploration and development activities will not be completed as planned; that the results of exploration and development activities will not be as anticipated. Principal Technologies Inc. may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect Principal Technologies' business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of Principal Technologies' securities, regardless of its operating performance; and the impact of COVID-19. The forward-looking statements contained in this news release represent the expectations of Principal Technologies as of the date of this news release and, accordingly, are subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Principal Technologies undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

SOURCE Principal Technologies Inc.

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