Snipp Interactive Inc. Announces Receipt of Management Cease Trade Order

VANCOUVER, BC / ACCESSWIRE / May 3, 2023 / Snipp Interactive (TSXV:SPN)(OTC PINK:SNIPF) (the "Company" or "Snipp") announces that, further to its April 20, 2023 announcement, its application for a temporary management cease trade order (the "MCTO") under National Policy 12-203 Management Cease Trade Orders ("NP 12-203") has been approved by the British Columbia Securities Commission (the "BCSC"). The MCTO does not affect the ability of investors who are not insiders to trade in the securities of the Company.

The Company announced on April 20, 2023 (the "Default Announcement") that it was filing an application seeking a MCTO from the BCSC because it was likely to miss its filing deadline of May 1, 2023 (the "Filing Deadline") to file its audited financial statements for the financial year ended December 31, 2022, and the management's discussion and analysis and related Chief Executive Officer and Chief Financial Officer certificates for this period (collectively, the "Required Filings"), as required under the applicable securities laws.

The Company's failure to file its Required Filings by the Filing Deadline is due to a combination of factors including the delays in its audit due to the complexity surrounding (i) the new business acquired by the Company during the year ended December 31, 2022 which forms a significant portion of the Company's consolidated revenue for the stated period and (ii) the change in auditor including the hiring and onboarding of the new auditor. The Company continues to work closely with its auditor and expects to file the Required Filings by June 30, 2023.

The MCTO restricts trading in securities of the Company by management and certain other insiders of the Company until such time as the Required Filings have been filed by the Company and the MCTO is no longer in effect. The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities.

Until the Company has filed the Required Filings, members of the Company's management and other insiders are subject to an insider trading black-out as per its internal Insider Trading Policy.

The Company is not currently subject to any insolvency proceedings. If the Company becomes subject to any insolvency proceedings and provides any information to any of its creditors during the period in which it is in default of filing the Required Filings, the Company confirms that it will also file material change reports on SEDAR containing such information as is required.

The Company confirms that since the date of the Default Announcement: (i) there has been no material change to the information set out in the Default Announcement that has not been generally disclosed; (ii) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Filings is continuing, each of which will be issued in the form of a press release; (iii) there has not been any other specified default by the Company under NP 12-203; (iv) the Company is not subject to any insolvency proceedings; and (v) there is no material information concerning the affairs of the Company that has not been generally disclosed.

About Snipp:

Snipp Interactive Inc. is a leading Platform-as-a-Service (PaaS) company in the global loyalty and promotions sector. Snipp's proprietary and modular SnippCARE (Customer Acquisition, Retention & Engagement) Platform allows its marquee list of Fortune 500 clients and world-class agencies and partners to use various modules of the Platform to run long-term and short-term programs and promotions, while continually generating and capturing unique zero party data that is invaluable in providing insights to drive sales. SnippCHECK, the Platform's Receipt Processing Module has established itself as the clear industry leader and standard by powering a large majority of all receipt-based promotions in North America. SnippLOYALTY, the Platform's full scale modular loyalty engine allows clients the flexibility of deploying any/all aspects of a standard loyalty program on a case-by-case basis. SnippREWARDS, the Platform's modular catalogue of digital and physical rewards provides clients with global and easily deployable access to an extensive catalogue of digital and physical rewards. SnippWIN, the Platform's gaming module solves for the implementation and compliance difficulties of offering games of chance and skill on a global basis and allows for the global deployment and administration of legally compliant games of chance and skill. For more information, visit Snipp's website at www.snipp.com.

Snipp is headquartered in Vancouver, Canada with a presence across the United States, Canada, Ireland, Europe, and India. Snipp is publicly listed on the TSXV in Canada and is also quoted on the OTC Pink marketplace under the symbol "SNIPF".

SNIPP INTERACTIVE INC.

Jaisun Garcha
Chief Financial Officer
investors@snipp.com
1-888-99-SNIPP

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements relating to the expected timing of the filing of the annual audited financial statements and related management's discussion and analysis for the financial year ended December 31, 2022. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are risks detailed from time to time in the filings made by the Company with securities regulations. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Snipp Interactive Inc.