Nepra Foods Announces Delay in Filing Annual Financial Statements

VANCOUVER, BC / ACCESSWIRE / August 2, 2023 / Nepra Foods Inc. (the "Company" or "Nepra") (CSE:NPRA)(FSE:2P6)(OTCQB:NPRFF) ) (the "Company" or "Nepra"), wishes to announce that its annual financial statements for the year ended March 31, 2023, including the related management discussion and analysis, and CEO and CFO certifications (collectively, the "Annual Financial Filings") were not filed as required under Canadian securities legislation by the required filing deadline of July 31, 2023.

In discussion with its auditors, the Company has determined that it is not able to meet the July 31, 2023 filing deadline (the "Filing Deadline") under Canadian securities legislation for the Annual Financial Filings. Due to a lack of financial resources, the Company was unable to pay its auditor in a timely manner and as a result, the audit of the Company's annual financial statements for the fiscal year ended March 31, 2023 was not commenced early enough to be completed by the Filing Deadline. The Company is now up-to-date on its accounts with its auditor and the auditor has now commenced the audit of the annual financial statements for the fiscal year ended March 31, 2023. The Company expects that the audit procedures will be completed and the Company will be able to file the Annual Financial Filings by September 29, 2023.

The Company has applied to the applicable Canadian securities regulatory authorities and received a management cease trade order related to the Company's securities to be imposed against the Chief Executive Officer and Chief Financial Officer of the Company to trade securities of the Company. The management cease trade order will be in effect until the Annual Financial Filings are filed, and requires that the Annual Financial Filings be filed on or around September 29, 2023.

Until the Annual Financial Filings are filed, the Company intends to provide information in accordance with National Policy 12-203 Management Cease Trade Orders.

About Nepra Foods

Nepra Foods is grounded in a passion for food. We believe eating healthy shouldn't be difficult. Everybody deserves food options that are truly nutritious and taste good. Food should not contain allergens that might prevent everybody in the family from enjoying it together. People shouldn't have to compromise quality and taste in what they eat even if they are trying to cut down on carbs, don't tolerate gluten or dairy very well, or don't want to eat food produced from animals. Nepra Foods is on a mission to make healthy, enjoyable food for everybody.

ON BEHALF OF THE BOARD OF DIRECTORS

Chadwick White, CEO & Director
investors@neprafoods.com
Investor Relations Toll-free (844) 566-1917

The CSE has neither approved nor disapproved the contents of this news release. The CSE does not accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release includes certain statements that may be deemed "forward-looking statements". All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements in this news release include, without limitation, statements related to the completion of the Consolidation. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

SOURCE: Nepra Foods Inc.