ATW Tech Inc. Provides Further Update on the Delay in Filing its Interim Financial Statements and Management's Discussion and Analysis

MONTREAL, July 16, 2020 (GLOBE NEWSWIRE) -- ATW TECH INC. (TSXV: ATW – “ATW” or the “Corporation”). ATW announces that it is unable to file its interim financial statements and accompanying management’s discussion and analysis, and related CEO and CFO certifications, for the period ended March 31, 2020 (the “Interim Filings”), by the filing deadline provided for under the temporary exemption granted under decision N°2020-PDG-0023 issued by the Autorité des marchés financiers (“AMF Temporary Exemption").

ATW has been working diligently and expeditiously with its auditors to file its annual financial statements and accompanying management’s discussion and analysis, and related CEO and CFO certifications, for the year ended December 31, 2019 (the “Annual Filings”) on or before the July 15, 2020 deadline granted by a management cease trade order (“MCTO”) issued by the AMF on June 16, 2020 for the filing of the Annual Filings and, as such, have been unable to complete the Interim Filings as required under the AMF Temporary Exemption. The Annual Filings were filed on July 15, 2020.

ATW plans to remedy the default and file the Interim Filings as soon as it is able to do so and expects such filing to occur on or prior to August 15, 2020. The Company also intends to satisfy the provisions of the alternate information guidelines of section 10 of Policy Statement 12-203 - Management Cease Trade Orders (“PS 12-203”) as long as it is in default of the filing requirements by issuing bi-weekly default status reports.

We confirm that ATW has now filed an application with the Autorité des marches financiers (“AMF”), for a management cease trade order (the "MCTO"), which will restrict all trading in securities of the Corporation, whether direct or indirect, by management of the Corporation. The MCTO does not affect the ability of shareholders who are not insiders of the Corporation to trade their securities.

The Corporation confirms that there are no insolvency proceedings against it as of the date of this press release. The Corporation also confirms that there is no other material information concerning the affairs of the Corporation that has not been generally disclosed as of the date of this press release.

Additional information regarding ATW is available on SEDAR www.sedar.com. The TSX Venture Exchange and its Regulatory Services provider (as per meaning assigned to this term in TSX Venture Exchange’s policies) bear no liability as to the relevance or accuracy of this press release.

ABOUT ATW

ATW Tech (TSX-V: ATW) is a leader in financial technologies (‘fintech’), owner of several web platforms including VoxTel and Option.vote. VoxTel offers various interactive communication, landline and mobile carrier billing phone solutions. Option.vote offers a large scale, customizable, and secure multi-method voting system for unions, political parties, professional associations, and others looking for a way to reduce their voting costs and to improve their participation rates.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information, please contact:

ATW Tech Inc.
Michel Guay
Founder, president and CEO
Tel.: 844.298.5932 ext. 301
mguay@atwtech.com
www.atwtech.com