Critical Infrastructure Technologies Ltd. announced that, further to its news release dated October 13, 2023, the British Columbia Securities Commission (the BCSC) notified the company that its application for a management cease trade order had been denied. The company was not able to file its annual financial statements and accompanying management's discussion and analysis for the fiscal year ended June 30, 2023 (the Required Filings) within the prescribed filing deadline of 120 days following the end of the financial year. Consequently, on November 1, 2023, CiTech was notified by the BCSC that it has placed the Company on its reporting issuers list as being in default.

In addition, the Company will be noted as being in default on the reporting issuer list, or default list, of each jurisdiction of Canada in which it is a reporting issuer to the extent that such jurisdiction maintains a list. The company is working with its auditor, Davidson & Company LLP to complete the audit in a timely manner. The company currently expects to file the Required Filings on or before November 17, 2023, and will issue a news release announcing completion of such filings at such time.