TORONTO, Nov. 5, 2018 /CNW/ - CellCube Energy Storage Systems
Inc. ("CellCube" or the "Company") (CSE: CUBE) (OTCQB: CECBF) (Frankfurt: 01X) announces that it
expects (within 3 days) to file its audited annual financial statements, management's discussion and analysis and related officer
certifications for the nine months ended June 30, 2018 ("Annual Financial Filings") which were
required to be filed on October 29, 2018 ("Filing Deadline").
In addition to a change in fiscal year end to June 30th, the delay has been due to
the complexity of the required financial reporting relating to the recent acquisitions of EnerCube Switchgear Systems Inc.
(formerly Jet Power and Controls Ltd.), PowerHaz Energy Mobile Solutions Inc. (formerly HillCroft Consulting Ltd.) and the
acquisition of the Austrian assets of Gildemeister Energy Storage GmbH.The Company is working to complete necessary procedures
required by its new auditor across multiple jurisdictions (and languages). The Company will continue to work diligently with its
auditor to complete the audit as soon as possible.
In connection with the filing delay, the Company expects the British Columbia Securities Commission, as principal regulator of
the Company, to issue a cease trade order which would restrict all trading in securities of the Company until the default is
remedied.
The Company shall also delay the closing of its previously announced private placement (see press release dated October 16, 2018) until such time that the Annual Financial Filings are filed.
The Company confirms as of the date of this news release that there is no other material information concerning the affairs of
the Company that has not been generally disclosed.
About CellCube Energy Storage Systems Inc.
CellCube is a Canadian public company listed on the Canadian Securities Exchange (symbol CUBE), the OTCBB (symbol CECBF), and
the Frankfurt Exchange (Symbol 01X) focused on the fast-growing energy storage industry which is driven by the large increase in
demand for renewable energy.
CellCube supplies vertically integrated energy storage systems to the power industry and recently acquired the assets of
Gildemeister Energy Storage GmbH, now Enerox GmbH the developer and manufacturer of CellCube energy storage systems. CellCube
recently acquired EnerCube Switchgear Systems (formerly Jet Power and Controls Ltd.) and Power Haz Energy Mobile Solutions Inc.
(formerly HillCroft Consulting Ltd.) and has also invested in an online renewable energy financing platform, Braggawatt Energy
Inc.
CellCube develops, manufactures, and markets energy storage systems on the basis of vanadium redox flow technology and has
over 130 project installations and a 10 year operational track record. Its highly integrated energy storage System solutions
features 99% residual energy capacity after 11,000 cycles with the focus on larger scale containerized modules. Basic building
blocks consist of a 250kW unit family with 4, 6 and 8 hours variation in energy capacity.
This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation.
Forward-looking statements are statements that are not historical facts which address events, results, outcomes or developments
that the Company expects to occur; they are generally, but not always, identified by the words "expects", "plans", "anticipates",
"believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions,
or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Forward-looking statements are based on
the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of
risks and uncertainties. Certain material assumptions regarding such forward-looking statements are discussed in this news
release and the Company's annual and quarterly management's discussion and analysis filed at http://www.sedar.com. Except as required by the securities disclosure laws and
regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if
management's beliefs, estimates or opinions, or other factors, should change. Neither the CSE nor its Regulation Services
Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this
release.
CellCube Energy Storage Systems Inc.
Ste 10 - 8331 River Road
Richmond, BC V6X 1Y1
65 Queen St West, Suite 520
Toronto, ON M5H 2M5
1-800-882-3213
CSE CUBE: 12g3-2(b): 82-2062
OTCQB: CECBF Frankfurt: 01X
SOURCE CellCube Energy Storage Systems Inc.
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