Mr. Avtar Dhaliwal reports

PONTUS PROTEIN PROVIDES UPDATE ON STATUS OF FINANCIAL STATEMENTS

Pontus Protein Ltd. is providing an update to its previously announced management cease trade order (MCTO) granted by the British Columbia Securities Commission (BCSC) under National Policy 12-203 -- Management Cease Trade Orders.

Pursuant to the MCTO, the company's chief executive officer, Avtar Dhaliwal, and the company's chief financial officer, Andy Wu, may not trade in securities of the company until such time as the company files its annual audited financial statements, annual management's discussion and analysis, and related certifications for the year ended Nov. 30, 2022, and the BCSC revokes the MCTO.

The MCTO does not affect the ability of other shareholders to trade their securities. The company has not yet filed the required documents; however, Pontus is working diligently with its auditors and expects that the required documents will be filed as soon as possible.

The delay in filing the required documents is in connection with sale of the company's Aquaponics business and recent changes to both the management and the auditors of the company.

In addition to the late filing of the required documents, the company has not filed its interim financial statements, management's discussion and analysis, and related certifications the three-month financial period ended Feb. 28, 2023. The company expects to file the additional disclosure documents concurrently with the filing of the required documents as soon as it obtained the necessary approvals, subject to further unforeseen delays.

Pontus also confirms that it intends to satisfy the provisions of NP 12-203 and issue biweekly default status reports for so long as it remains in default of the financial statement filing requirement, containing any material changes to the information in this release, all actions taken by Pontus to remedy the default, particulars of any failure by the company to fulfill these provisions, any subsequent defaults of Pontus requiring a default announcement and any other material information concerning the affairs of the company not previously disclosed.

About Pontus Protein Ltd.

Pontus Protein is a Vancouver-based agricultural food and technology company focused on creating and acquiring the best technology -- highly sophisticated, artificial-intelligence-engineered robots, combined with its proprietary vertical farming and a commitment to sustainability. Pontus's intellectual property optimizes efficiency for a shorter growing time and high productivity. It delivers healthy, affordable foods and nutrients into every diet in a closed, controlled environment avoiding all pesticides and genetically modified organisms.

We seek Safe Harbor.