Optima Medical Provides Update On Annual Filings And Issuance Of Cease Trade Order

TORONTO, ON / ACCESSWIRE / May 9, 2022/ Optima Medical Innovations Corp. (CSE:OMIC) ("OMIC" or the "Company") announces that further to the Company's press release dated April 20, 2022, the Company has received notice from the Ontario Securities Commission (the "OSC") that the OSC has not accepted the Company's management cease trade order (the "MCTO") application and the OSC has instead issued a cease trade order (the "CTO"). The Company applied for the MCTO as it anticipated it would be unable to file its audited annual financial statements, accompanying management's discussion and analysis and related CEO and CFO certifications for the year ended December 31, 2021 (the "Annual Filings") by the prescribed deadline of May 2, 2022. The MCTO would have allowed the Company's shares to continue to trade while applying a cease trade order to the Chief Executive Officer and Chief Financial Officer, however the MCTO was not granted.

The CTO issued effective May 6, 2022, will prohibit the trading by any person of any securities of the Company, including trades in the Company's common shares made through the Canadian Securities Exchange. The Company expects the CTO to remain in place until such time as the Annual Filings and all continuous disclosure requirements have been filed and the Company receives an order from the OSC revoking the CTO.

The Company's board of directors and its management confirm that they are working with the Company's auditors to have the Company's Annual Filings completed. The Company will issue a further press release when the Annual Filings have been made.

The Company confirms as of the date of this news release that there is no insolvency proceeding against it and there is no other material information concerning the affairs of the Company that has not been generally disclosed.

For further information on the Company

Please Visit:Company's Website

Contact: Ommid Faghani, CEO and Director

About Optima Medical Innovations Corp.

Optima Medical Innovations Corp. is a public company that delivers pathways to innovative, science-based health and wellness solutions. OMIC sees the future of medicine in novel individualized and targeted treatments. The Company is a leader in multi-disciplinary pain management with focus on wellness. Our goal is to empower patients in their journey to wellness through education and best medical practices and innovations. Built upon an extensive network of scientific and medical research, OMIC is an advanced leader in the development of focused solutions, products and treatments for pain relief, wellness and Cancer therapy. Optima Medical Innovations Corp. spans the globe with its multidisciplinary pain clinics, research partners, education and advocacy programs - all working in harmony to bring health and wellness to the world, while creating value for shareholders and partners.

Forward Looking Statements

Except for statements of historical fact relating to the Company, certain information contained herein relating to the timing of the filing of financial statements constitutes forward-looking statements. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE: Optima Medical Innovations Corp.