TAAL ANNOUNCES RESIGNATION OF AUDITOR

TORONTO, June 10, 2022 /CNW/ - TAAL Distributed Information Technologies Inc. (CSE: TAAL) (FWB: 9SQ1) (OTC: TAALF) ("TAAL" or the "Company"), a vertically integrated blockchain infrastructure and service provider for enterprise, announced today that its auditor, Marcum LLP (the "Former Auditor") has resigned effective June 9, 2022.  As of the date hereof, Taal has not yet appointed a successor auditor.

The matter is currently under review by the Company's audit committee and discussions have been ongoing with potential successor auditors to fill the vacancy as required under National Instrument 51-102 – Continuous Disclosure Obligations ("NI 51-102").

The Former Auditor's reports on the consolidated financial statements of the Company for the years ended December 31, 2021 and December 31, 2020 did not express a modified opinion and the Former Auditor has confirmed there have been no "reportable events" as defined in NI 52-102. Taal is complying with the requirements of NI 51-102 in respect of the Former Auditor's resignation and the change of auditor notice (the "Notice") and the Former Auditor's response are available on SEDAR. 

As soon as a successor auditor to the Former Auditor has been appointed, the Company will file a further press release confirming such appointment and the successor auditor's written response as to whether it agrees with the statements in the Notice is expected to be filed on SEDAR shortly thereafter.

About TAAL Distributed Information Technologies Inc.

TAAL Distributed Information Technologies Inc. delivers value-added blockchain services, providing professional-grade, highly scalable blockchain infrastructure and transactional platforms to support businesses building solutions and applications on the BSV platform, and developing, operating, and managing distributed computing systems for enterprise users. BitcoinSV Blockchain is the world's largest public blockchain by all major utility metrics, data storage, daily transaction volume, scaling ability, and average block size.

For more information please visit – www.taal.com/investors

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CAUTIONARY STATEMENT REGARDING FORWARD‐LOOKING INFORMATION:

This news release includes "forward‐looking information" as defined under applicable Canadian securities legislation. Forward‐looking information and statements include, but are not limited to, disclosure regarding possible events, that are based on assumptions about future economic conditions and courses of action, and, in certain cases, can be identified by the use of words such as "potential", "propose", "aim", "depend", "seeks", "plans", "expects", "is expected", "intends", "anticipates", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "can", "could", "should", "shall", "would", "might" or "will", or the negative forms of any of these words and other similar expressions. Forward‐looking information is 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 information. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, statements with respect to Taal's auditor including the engagement and appointment of a successor auditor, the anticipated timing to complete and the Notice and associated materials pursuant to NI 51-102. Actual results and future events could differ materially from those anticipated in such forward looking information. Accordingly, readers should not place undue reliance on forward‐looking information. All forward looking information in this news release is made as of the date hereof and qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. The Company disclaims any intention or obligation to update or revise such forward‐looking information, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE Taal Distributed Information Technologies Inc.

Media and Investor Contact: TAAL, Richard Baker, Chief Executive Officer, Office: [phone], [email protected]; Sophic Capital, Sean Peasgood, President & Chief Executive Officer, Office: [phone], [email protected]