Skychain Technologies Inc. Provides Update on Financial Position, Asset Status, and Ongoing Transition Issues

Rhea-AI Summary

Skychain Technologies (OTC:SKTCF) reported limited records access after a court-ordered board takeover, identifying ~CAD 230,000 in known liabilities and a bank balance of CAD 7.27. The board cannot locate material assets, including equipment tied to a Birtle, Manitoba project formerly valued in the millions, and lacks financial records for 2022–2026. The company faces a potential TSX Venture Exchange delisting and is assessing possible recovery actions, while seeking information from investors, former employees, and other parties.

Positive

• Known liabilities quantified at CAD 230,000
• Board regained access to a BMO bank account with CAD 7.27

Negative

• No access to electronic records or complete corporate files for 2022–2026
• Material assets, including Birtle project equipment valued in the millions, not located
• Subject to a potential TSXV delisting process
• Limited ability to pursue recovery actions due to constrained cash position

Vancouver, British Columbia--(Newsfile Corp. - March 28, 2026) - Skychain Technologies Inc. (TSXV: SCT.H) (the "Company" or "Skychain") provides a further update regarding its financial position, asset status, and the ongoing transition to the board of directors appointed pursuant to the order of the Supreme Court of British Columbia dated January 15, 2026.

As previously disclosed, the Company has encountered significant difficulties in obtaining corporate records, financial information, operational data, and physical assets from prior management. To date, the Company has received only limited physical records, consisting primarily of paper documents from approximately 2018 to 2021, and has not obtained access to electronic systems, data, or complete corporate records for the period from 2022 to 2026.

Based on the information currently available, the Company has identified approximately $230,000 CAD in known outstanding liabilities, including amounts relating to legal fees, office rent, professional services, exchange fees, and storage costs. A significant portion of these amounts relates to an invoice submitted by a former officer of the Company during their period of service. The Company notes that additional liabilities may exist, as complete financial records have not yet been obtained.

The Company's bank account at BMO currently has a balance of approximately $7.27 CAD. The board was able to identify and regain access to this account through direct communication with the financial institution. The Company is continuing efforts to obtain access to other banking accounts, including accounts previously maintained at TD Bank, for which access has not yet been obtained.

Historically, the Company maintained significant cash balances and operated with physical equipment and infrastructure. However, based on the information currently available, the Company has not been able to locate any material assets. This includes equipment associated with the Company's Birtle, Manitoba project, which was previously acquired at a value in the millions of dollars and has not been located to date.

Due to the absence of records, the Company is not currently able to determine how corporate funds were used or how assets were transferred, disposed of, or otherwise dealt with during the period from 2022 to 2026.

Due to the lack of a proper transfer of Company records, the current board is still in the dark about the Company's past operations and assets. We are actively seeking information about Skychain and its subsidiaries from investors, former employees, and any other parties who may be able to help.

As previously disclosed, the Company is also subject to a potential delisting process initiated by the TSX Venture Exchange. The Company is not currently in a position to provide a substantive response, as it does not have sufficient access to corporate records, financial data, or operational information.

The board of directors is continuing to assess next steps to obtain access to Company records and information and to determine the status of corporate assets. This may include potential actions to recover assets or information; however, such actions may involve significant cost, and the Company's current financial position may limit its ability to pursue these actions.

The Company confirms that the above information has been provided to the current board of directors as well as to individuals who previously served as directors of the Company. The Company will continue to provide updates to shareholders as additional information becomes available.

About Skychain Technologies Inc.
Skychain Technologies Inc. is a public company listed on the TSX Venture Exchange NEX Board under the symbol SCT.H.

Neither 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.

For further information, please contact:

John Lee
info.skychaintechnologiesinc@gmail.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/290350

FAQ

How much in liabilities did Skychain (SKTCF) identify in the March 29, 2026 update?

The company identified approximately CAD 230,000 in known outstanding liabilities. According to Skychain, these include legal fees, rent, professional services, exchange fees, and storage costs, and additional liabilities may exist pending access to full records.

What is Skychain's (SKTCF) reported cash position as of March 29, 2026?

Skychain reported a bank balance of approximately CAD 7.27 in a BMO account. According to Skychain, the board regained access to that account but has not yet obtained access to other bank accounts, including those at TD Bank.

Does Skychain (SKTCF) have access to its corporate records for 2022–2026?

No, the company currently lacks access to complete records for 2022–2026. According to Skychain, only limited paper records from about 2018–2021 were received, and electronic systems and recent corporate files remain inaccessible.

Are Skychain's (SKTCF) Birtle, Manitoba assets located according to the March 29, 2026 update?

Skychain states it has not located material assets tied to the Birtle, Manitoba project. According to Skychain, equipment previously acquired at a value in the millions has not been found and the board is investigating next steps.

What regulatory risk did Skychain (SKTCF) disclose on March 29, 2026?

The company disclosed it is subject to a potential delisting process by the TSX Venture Exchange. According to Skychain, it cannot provide a substantive response to the exchange due to insufficient access to records and financial information.