Leaf Provides Update Regarding RTO Financial Statements for The Period Ending March 31, 2020 (“Q1”) and Caprice Business Development Canada Inc. Pre-RTO Q1 Financial Statements

VANCOUVER, BC / ACCESSWIRE / May 29, 2020 / Leaf Mobile Inc. (TSX Venture:LEAF) ("Leaf" or the "Company") announces that due to the COVID-19 pandemic, the Company intends to postpone the filing of the unaudited interim financial statements with respect to predecessor entities 1182533 B.C. Ltd. and subsidiary LDRLY (Technologies) Inc. ("LDRLY") for their respective interim periods ended March 31, 2020 (collectively the "RTO Q1 Filings"), which were originally required to be filed on June 1, 2020 under Sections 4.10(2) of National Instrument 51-102 – Continuous Disclosure Obligations.

The Company relies on the extension for filings in accordance with BC Instrument 51-515 – Temporary Exemption from Certain Corporate Finance Requirements and analogous exemptions provided in Alberta and Ontario (collectively, the "Extension").

This announcement is further to the Company's announcement on May 1, 2020 regarding the Company's intention, due to the COVID-19 pandemic, to postpone the filing of 1182533 B.C. Ltd. and LDRLY's audited annual financial statements for the year ended December 31, 2019 (the "RTO 2019 Filings") The Company continues to rely on such exemptions for the filing of the RTO 2019 Filings.

The Company is continuing to work diligently and expeditiously to file the RTO Filings and currently expects them to be filed on or prior to the extended filing deadline of June 21, 2020. Until such time as the RTO Filings are filed, management and other insiders of the Company are subject to a trading black-out that reflects the principles in section 9 of National Policy 11-207.

Since the Company's news release on May 1, 2020 with respect to the RTO 2019 Filings, the following material business developments have occurred:

the granting of stock options to directors, management and consultants (see the Company's news releases dated April 20, 2020 and May 19, 2020);
the launch of the "Cheech & Chong Bud Farm" mobile game (see the Company's news release dated May 21, 2020); and
the Company's disclosure of April 2020 monthly results, and retainer of services from New Era Publishing Inc., OGIB Corporate Bulletin Ltd., KIN Communications Inc. and Mobcast Ltd. UK (see the Company's news release dated May 26, 2020).

Other than the foregoing, the Company confirms there have been no undisclosed material business developments since April 1, 2020, the date of filing the Company's audited annual financial statements for the year ended December 31, 2019.

The Company also advises that it will be filing unaudited interim financial statements for the period ending March 31, 2020 for Caprice Business Development Canada Inc. (as the Company was then known) on or before June 1, 2020. The statements relate to the period ending prior to the completion of the Company's qualifying transaction, which involved the amalgamation of Caprice Business Development Canada Inc. and 1182533 B.C. Ltd. (see the Company's news release dated April 17, 2020).

ON BEHALF OF THE BOARD

Darcy Taylor
CEO
Telephone (604) 633-1418

Neither the 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.

SOURCE: LEAF Mobile Inc.

ReleaseID: 592007