Binovi Provides Update on Status of First Quarter Financials and Confirms Management Cease Trade Order per National Policy 12-203

September 15, 2020

[Toronto, ON] Binovi Technologies Corp., (Binovi) (TSX-V:VISN | OTCQB:BNVIF) announces additional delays in filing of its interim financial statements, accompanying management’s discussion and analysis, and certifications (collectively the “Interim Filings”) for the first quarter ended May 31, 2020. The Company reports that its principal regulator, the British Columbia Securities Commission (the “BCSC”), has accepted the Company’s request for, and the BCSC has granted, a management cease trade order (the “MCTO”). 

As previously announced, the Company had relied upon the blanket relief provided by the Canadian Securities Administrators (the “CSA”) in response to the COVID-19 pandemic to extend the filing deadline for the Interim Filings. Due to ongoing complications in collection of certain required data and documentation to complete the audit of the Company caused by COVID-19, the Company was not able to file the Interim Filings by the respective extended deadline being September 14, 2020. The Company expects to file the Interim Filings by September 28, 2020.

The MCTO restricts all trading in securities of the Company, whether direct or indirect, by the Chief Executive Officer, the Chief Financial Officer and the directors of the Company until such time as the Interim Filings have been filed by the Company and the MCTO has been lifted. The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities. However, the applicable Canadian securities regulatory authorities could determine, in their discretion, that it would be appropriate to issue a general cease trade order against the Company affecting all of the securities of the Company.

During the MCTO, the Company confirms that it will comply with the provisions of the alternative information guidelines set out in National Policy 12-203 respecting Management Cease Trade Orders for as long as it remains in default, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a news release. The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this press release.

Additionally, the Company reports that the previous management cease trade order granted by the BCSC in connection with the filing of the Company’s annual financial statements, accompanying management’s discussion and analysis, and certifications (collectively the “Annual Filings”) for the year ended February 29, 2020 was lifted on September 14, 2020 following filing of the Company’s Annual Filings on on September 11, 2020.

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