VANCOUVER, British Columbia, April 18, 2025 (GLOBE NEWSWIRE) -- Hapbee Technologies, Inc. (TSXV: HAPB) (OTCQB: HAPBF) (FSE: HA1), a leading innovator in the field of digital wellness technology, has announced a significant delay in the filing of its financial statements. This announcement comes as a result of a recent change in the Company's auditing team which has impacted its compliance with the financial reporting obligations set forth by Parts 4 and 5 of National Instrument 51-102 Continuous Disclosure Obligations (the Instrument).

The root of the delay can be traced back to the replacement of Hapbees former auditor, Olayinka Oyebola & Co., Chartered Accountants, in September 2024. Shortly after the transition to the new auditing firm, Morton Garellek, Chartered Professional Accountant, serious allegations were made against the former auditor. The U.S. Securities and Exchange Commission charged Olayinka Oyebola & Co. with aiding and abetting securities fraud, which placed additional pressure on the new auditor to gather necessary documentation and files from the previous firm. Without these essential documents, the new auditor is now forced to undertake extra audit procedures to produce the Issuers audited consolidated financial statements.

Despite these challenges, both Hapbee Technologies and its new auditor are committed to resolving the situation swiftly and are working diligently to complete the financial statements and accompanying Management Discussion and Analysis (MD&A). According to the regulations outlined in the Instrument, Hapbee is required to file its audited consolidated financial statements, along with the MD&A and certifications from both the Chief Executive Officer (CEO) and Chief Financial Officer (CFO), by April 30, 2025. However, due to the current circumstances, the Company anticipates that these filings will be completed and submitted by June 30, 2025, at the latest.

In light of the anticipated delays, Hapbee Technologies has proactively submitted an application under National Policy 12-203 Management Cease Trade Orders (NP 12-203) to the British Columbia Securities Commission, which serves as the principal regulator for the Company. This application requests the issuance of a management cease trade order (MCTO) that would prevent the Companys CEO and CFO from trading in its securities, whether directly or indirectly. Importantly, this order will not restrict trading for individuals who are not insiders, directors, or officers of the Company. The MCTO will remain in effect until two business days after the Required Filings have been submitted or until it is revoked or altered.

Hapbee Technologies has assured its stakeholders that it will adhere to the alternative information guidelines outlined in NP 12-203. This means that the Company will issue bi-weekly updates regarding the status of its financial filings as long as it remains in default of this requirement. Additionally, the Company has stated that it has not initiated any steps toward insolvency proceedings and has no material undisclosed information that could impact its affairs.

About Hapbee

Hapbee Technologies is at the forefront of digital wellness, aiming to empower individuals to take control of their sleep, performance, and overall well-being. The Companys innovative product lineup features a digital wellness library of Blends and Routines that utilize patented ultra-low radio frequency energy (ulRFE) technology. This unique approach is designed to optimize users' sleep quality, productivity, recovery, and relaxation. Customers can explore and purchase Hapbee devices and subscriptions through the official website, Hapbee.com, as well as through an expanding network of authorized distributors. For more detailed insights into how Hapbee functions, you can visit