Callitas Provides Second Default Status Report

CINCINNATI, OH / ACCESSWIRE / May 30, 2019 / Callitas Health Inc. (“Callitas” or the “Company”) (CSE: LILY, OTCQB: MPHMF, FWB: T3F3) provides its second bi-weekly Default Status Report under National Policy 12-203 Management Cease Trade Orders (“NP 12-203”), pursuant to which Callitas issued its original default announcement indicating that the filing of its annual audited financial statements, management’s discussion and analysis, and related CEO and CFO certifications for the year ended December 31, 2018 (the “Required Disclosure”), would be delayed beyond the filing deadline of April 30, 2019. Callitas reports that since issuing the original default announcement on May 1, 2019, there has been no material changes to the information contained therein, nor any failure by Callitas to fulfill its intentions as stated therein, other than as set forth below.

As a result of circumstances reasonably linked to the Company’s delay in filing the Required Disclosure, in addition to the default to which this Default Status Report relates, the Company will not meet the deadline for filing its interim unaudited financial statements, management’s discussion and analysis, and related CEO and CFO certifications for the three month period ended March 31, 2019 (collectively, the “Interim Filings”). As a result of the Company’s delay in preparing the Required Disclosure, the Interim Filings cannot be properly completed in accordance with Canadian securities law and regulation. Under the securities laws of the provinces in which Callitas is a reporting issuer, the Interim Filings are to be filed by May 30, 2019.

The Company’s Board of Directors and management confirm that they are working expeditiously to meet the Company’s obligations related to the filing of the Required Disclosure and the Interim Filings. However, as a result of continuing work with respect to the audit, the Company now expects to be in a position to file the Required Disclosure by June 14, 2019 and the Interim Filings by June 28, 2019.

Until the Required Documents have been filed, the Company intends to continue to satisfy the provisions of the alternative information guidelines specified in NP 12-203 by issuing bi-weekly default status reports in the form of further press releases for so long as the Company remains in default of the financial statement filing requirement. In the event that the Company does not file the Required Documents in a timely manner, the Canadian Securities Regulatory Authorities may impose an issuer cease trade order on the outstanding securities of the Company.

About Callitas Health

Callitas Health Inc. is a clinical-stage pharmaceutical development, OTC consumer goods marketing and cannabis delivery development company, focused on developing innovative technologies for weight management, female sexual health and wellness, cannabis delivery technologies and other proprietary drugs. For more information, visit www.callitas.com.

For more information contact:

Callitas Health
James Thompson, CEO, or
Callitas Investor Relations
T 859-868-3131

TraDigitalIR
Investor Relations – Kevin McGrath, Managing Director
T 646-418-7002

SOURCE: Callitas Health Inc.

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