Sparta Updates Delay in Filing Annual Financial Statements

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TORONTO, ON / ACCESSWIRE / April 24, 2024 / Sparta Group (TSXV:SAY) (the "Corporation", the "Company", "Sparta Group", "Sparta Capital", "SAY.V" or "Sparta") has announced that it is close to completing its annual financial statements for the year ended September 30, 2023, and will file on or before April 29, 2024. This is an update to its February 8, 2024, news release ("Default Announcement"), indicating an order from the Alberta Securities Commission ("ASC") for a Management Cease Trade Order (the "MCTO") under National Policy 12-203, Management Cease Trade Orders.

The company announced in the Default Announcement, that the order for a MCTO from the ASC was required because the Company was unable to file its annual financial statements for the year ended September 30, 2023, including the related management's discussion and analysis (MD&A) and certifications from the CEO and CFO (the "Annual Filings") in time to meet the January 29, 2024, filing deadline. The initial delay in filing the Annual Filings was primarily related to the unexpected and sudden passing of a former director and key officer, John O'Bireck, and the transition of day-to-day operations to a new management team. Mr. O'Bireck was responsible for all the operations of the Issuer, including liaising with the auditor. As per the subsequent announcement on April 9, 2024, Sparta required further extension to allow the auditor to complete a final review before the submitting the Annual Filings. The ASC granted an MCTO extension for the filing date of the Annual Filings to on or before April 29, 2024.

The auditors have completed their quality control review and will hold the audit committee board review and communication prior to the filing deadline. Meanwhile, Sparta management and staff are gearing up for an exciting and productive next few months, especially as the Company's TruckSuite mobile app inches closer to an official launch.

While the MCTO restricts all trading in securities of the Company by the Chief Executive Officer and Chief Financial Officer of the Company until the MCTO is no longer in effect, regular trading by current and future investors continues as normal. The MCTO will be in effect until two full business days following the receipt of the principal regulator that all filings the issuer was required to make have been filed.