SpotLite360 Announces Revocation of Management Cease Trade Order

VANCOUVER, British Columbia, May 24, 2023 (GLOBE NEWSWIRE) -- SpotLite360 IOT Solutions Inc. (the “Company”) (CSE: LITE) (OTC: SPLTF) (FRANKFURT: 87A0) (the “Company”) an emerging supply chain technology solutions company, announces today that further to the Company’s news releases dated May 2, 2023, and May 16, 2023, the management cease trade order (MCTO) the Company applied for and was granted by the British Columbia Securities Commission on May 2, 2023, under National Policy -- 12-203 Management Cease Trade Orders, has been revoked as the company has now successfully completed all filings related to its annual financial statements. Revoking the MCTO means members of management are no longer prevented from trading the company's common shares.

The company originally applied for the MCTO in connection with a foreseeable delay in the filing deadline of May 1, 2023, for filing the company's annual financial statements and accompanying management's discussion and analysis for the year ended December 31, 2022. As previously announced, the company applied for the MCTO as a result of delays caused by the transition to a new audit firm.

The company is now currently up to date in all of its required continuous disclosure filings, including the annual filings, which are available for review under the Company’s profile on SEDAR.

On behalf of the Board of Directors of the Company,

SPOTLITE360 IOT SOLUTIONS, INC.

“Tim Harvie”

Tim Harvie, President and CEO
e-mail ir@spotlite360.com

For more information about SpotLite360, please visit: www.spotlite360.com

THE CANADIAN SECURITIES EXCHANGE (“CSE”) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE, NOR HAS OR DOES THE CSE’S REGULATION SERVICES PROVIDER.

About SpotLite360 IOT Solutions, Inc.

SpotLite360 provides a fully integrated SaaS-based enterprise tracing, tracking & collaboration solution that companies trust to achieve more sustainable and better performing supply chains. SpotLite360’s solution is built on a scalable and fully customizable platform that leverages a broad array of RFID, IoT (Internet of Things) and sensor technologies to provide item level visibility, proof of origin, authenticity and chain of custody to its customers in pharmaceutical, healthcare, and agriculture. Companies across all industries are needing to invest in more resilient, adaptable, and collaborative supply chains in order to remain competitive. Current demand by consumers for proof of ESG (“Environmental, Social and Governance”), pressure across all industries to become more sustainable, new regulatory and legal requirements and the need for companies to become more efficient are some of the factors contributing to demand for supply chain solutions. SpotLite360 will leverage its proven supply chain tracing and tracking solutions to meet this demand and transform logistics workflows for enterprise clients in its target markets.

Forward-Looking Statements

Certain information contained herein may constitute "forward-looking information" or "forward-looking statements" under Canadian securities legislation. Generally, forward-looking information can be identified by words such as "pro forma", "plans", "expects", "may", "should", "could", "will", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", or variations including negative variations thereof of such words and phrases that refer to certain actions, events or results that may, occur or be taken or achieved. Such forward-looking statements, including but not limited to statements relating to the expected development and operations of the Company, statements concerning the timing, review, completion and filing of the Annual Filings as well as the duration of the MCTO, involve risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information included herein, except as required by applicable securities laws.

All of the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements.

Statement Regarding Third-Party Investor Relations Firms

Disclosures relating to investor relations firms retained by SpotLite360 IOT Solutions, Inc. can be found under the Company's profile on http://sedar.com.