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Crownia Delays Annual Financial Filing

Tickers: PINX:CWNHF, XTSX:CNH
Tags: #Manufacturing

Vancouver, British Columbia - TheNewswire - October 18, 2019 - Crownia Holdings Ltd. (TSXV:CNH) (OTC:CWNHF) ("Crownia" or the "Company") announces today that it will not be in a position to file its audited annual financial statements (the "Annual Financial Statements"), management's discussion and analysis and related certifications for the fiscal year ended June 30, 2019 on or before October 28, 2019, as required, as a result of delays associated with settling the outstanding accounts of its external auditors.

Based on discussions with its auditors, the Company believes that the Annual Financial Statements together with the auditor's report thereon should be finalized and filed by December 27, 2019, together with the Company's annual management's discussion and analysis for the 2019 fiscal year.

The Company has filed an application (the "Application") with the British Columbia Securities Commission, as its principal regulator, for a management cease trade order in accordance with National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"). If approved, this application would give the Company extra time to complete its audit and file its annual financials without a full cease-trade order being issued.

Until the Annual Financial Statements have been filed, the Company intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of further press releases, which will also be filed on SEDAR.

About Crownia Holdings Ltd.

As a specialty steel trading company, Crownia provides value-add by identifying suitable suppliers for products that best suit customer needs, establishing distribution centers in optimal locations, and providing superior sales and after-sale services to customers.

On behalf of the Board of Directors,

Crownia Holdings Ltd.

"Xizhou Tong"

Xizhou Tong

Chairman and CEO

FOR FURTHER INFORMATION PLEASE CONTACT:

Xizhou Tong - Chairman and CEO

1-604-688-9588

xizhou.tong@crowniaholdings.com

The Company's filings are available for review at www.sedar.com.

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

Forward-looking information

This press release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein may be forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans" "expects" or "does not expect", "proposed", "is expected", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information in respect of the Company reflects the Company's as the case may be, current beliefs and is based on information currently available to the Company and on assumptions the Company as the case may be, believes are reasonable.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Copyright (c) 2019 TheNewswire - All rights reserved.

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