Hollister Biosciences Inc. Announces Delay in Filing Annual Financial Statements

Hollister Biosciences Inc. (CSE:HOLL, OTC:HSTRF, FRANKFURT:HOB) (“Hollister” or the “Company”) announces that its annual financial statements for the year ended December 31, 2020, including the related management discussion and analysis, and CEO and CFO certifications (collectively, the “Annual Financial Filings”) were not filed by the required filing deadline of April 30, 2021 (the “Filing Deadline”).

The Annual Financial Filings were not filed on or before the Filing Deadline due to the location of the operations and the COVID-19 pandemic that lead to delays in coordinating the collection of data and documentation for inventory. The Company has been advised by its auditors, Davidson & Company LLP, that they need more time to complete the audit.

The Company is working on the steps required to complete the Annual Financial Filings and is working diligently to be able to file the Annual Financial Filings as soon as possible. The Company will provide updates as further information relating to the Annual Financial Filings becomes available.

The Company has applied to the applicable securities regulatory authorities and received a management cease trade order (“MCTO”) imposed against the Chief Executive Officer and Chief Financial Officer of the Company precluding them from trading securities of the Company. The MCTO will be in effect until the Annual Financial Filings are filed, and requires that the Annual Financial Filings be filed on or before July 2nd, 2021.

Until the Annual Financial Filings are filed, the Company intends to issue bi-weekly default status reports in accordance with National Policy 12-203 – Management Cease Trade Orders. The Company intends to satisfy the provisions of the Alternative Information Guidelines during the period it remains in default of the filing requirements. The Company confirms that there is no other material information relating to its affairs that has not been generally disclosed.

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