Mr. Darcy Bomford reports

MAVEN BRANDS INC. ANNOUNCES FILING OF APPLICATION FOR MANAGEMENT CEASE TRADE ORDER

Maven Brands Inc. will miss its filing deadline of July 29, 2023, to file its audited annual financial statements and accompanying management's discussion and analysis and related CEO (chief executive officer) and CFO (chief financial officer) certificates for the year ended March 31, 2023, as required under applicable Canadian securities laws. In connection with the company's inability to file the annual filings on time, the company has applied for a management cease trade order (MCTO) under National Policy 12-203 -- Management Cease Trade Orders and is waiting for the British Columbia Securities Commission approval. There is no guarantee that an MCTO will be granted.

The company is applying for a MCTO as a result of insufficient funds to pay for its audit. The company has been unable to raise additional capital or obtain additional debt financing in the last calendar year. Delay in the pending sales have impacted the company's ability to complete its audited annual financial statements and has consequently caused a delay in completion of the annual filings. The company expects to complete the sale of two properties it owns by the end of July, 2023. The proceeds from the sale of the aforementioned properties are expected to be sufficient to pay the auditors to complete the audit of the company and enable it to make its annual filings for 2023.

The company expects to file the annual filings as soon as they are available, but in any event no later than Sept. 29, 2023 (two-month period contemplated by NP 12-203). Until the company files the annual filings, it will comply with the alternative information guidelines set out in NP 12-203. The guidelines, among other things, require the company to issue biweekly default status reports, in the form of news releases, for so long as the annual filings have not been filed.

During the MCTO, the general investing public will continue to be able to trade in the company's common shares listed on the Canadian Securities Exchange. However, the company's chief executive officer and chief financial officer, and such other directors, officers and persons as determined by the applicable regulatory authorities will not be able to trade in the company's shares, nor will the company be able to, directly or indirectly, issue securities to or acquire securities from an insider or employee of the company until such time as the annual filings and all continuous disclosure requirements have been filed by the company, and the MCTO has been lifted.

We seek Safe Harbor.