extractX Ltd. Announces a Request for MCTO

extractX Ltd. Announces a Request for MCTO

Niagara, ON January 28, 2023

extractX Ltd. (“extractX” or the “Company”), – has applied to the CSA regulator on January 31, 2023, for a temporary management cease trade order (an MCTO) as an alternative to a general cease trade order in accordance with National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults (NP 12-203).

The issuer has a September 30th financial year end. It is required to file by January 29, 2023 audited annual consolidated financial statements for the year ended September 30, 2022, as required by Part 4 of NI 51-102, management discussion and analysis (MD&A) relating to the audited annual consolidated financial statements, as required by Part 5 of NI 51-102, and CEO and CFO certificates relating to the audited consolidated financial statements, as required by National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (collectively, the required filings).

The company’s accounting records are ready for audit and the auditors have been supplied draft year-end consolidated financial statements along with supporting working papers. We are waiting for the audit to be completed and the final audited year-end consolidated financial statements to be released after the Audit Committee and the Board of Directors approve them.

We are hopeful that the final audited year-end consolidated financial statements and the corresponding Management and Discussion Analysis will be posted within the next sixty (60) days. All of the Interim quarterly reports were timely filed.

About extractX Ltd.

extractX designs, builds, and operates industrial scale self-contained mobile extraction laboratories equipped with the most effective and reliable equipment, allowing for efficient 24/7 operation, and unlimited scalability to meet the demand of any size operation. Built to GPP/GMP/EU GMP standards, extractX purpose builds mobile extraction laboratories to service biomass cultivators and producers wherever and whenever the service is needed, onsite and on demand anywhere in the world.

Forward-Looking Statements

Certain statements contained herein constitute forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and 21E of the Exchange Act of 1934. Such statements include, without limitation, statements regarding business and financing, business trends and future operating revenues and expenses. Statements regarding the aforementioned are based on several assumptions and are not to be considered fact. Although extractX Ltd. believes that the statements are reasonable, it can give no assurances that such expectation will prove to be correct. Investors are cautioned that any forward-looking statements made by extractX Ltd. contain no guarantee of future performance and that actual results may differ materially from those set forth in the forward-looking statements. For additional information see the reports filed by the company in its securities filings with applicable securities regulators (currently available at www.sedar.com).

Unless otherwise required by applicable securities laws, extractX Ltd. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For further information contact:

Albert Iannantuono, Co-CEO
extractX Ltd.
1027 South Pelham St Unit 2,
Welland, Ontario, L3C 3E2
Tel: (905) 327-5313
Web site: www.extractx.com