Labrador Technologies Provides Update on COVID-19 and Announces Reliance upon Interim Financial Statements and MD&A Filing Exemption

NEWS RELEASE LABRADOR TECHNOLOGIES PROVIDES UPDATE ON COVID-19 AND ANNOUNCES RELIANCE UPON INTERIM FINANCIAL STATEMENTS AND MD&A FILING EXEMPTION

CALGARY, May 1, 2020 – Labrador Technologies Inc. (TSXV: LTX) ("Labrador" or the "Company”) wishes to provide an updated to the Company’s news release dated March 31, 2020 and clarifying news release dated April 3, 2020.

The company wishes to provide an update on COVID-19 matters and the status of the filing of interim financial statements, accompanying management discussion and analysis and related CEO and CFO certifications.

The COVID-19 pandemic is creating unprecedented challenges to the economies, logistics and financial markets. The Company's Board of Directors and Management are taking all necessary precautions to ensure the health of its employees and best manage the short-term challenges to the business.

On March 18, 2020, the Canadian Securities Administrators ("CSA") issued a notice stating that securities regulators will be providing coordinated relief consisting of a 45-day extension for certain periodic filings required to be made on or prior to June 1, 2020 as a result of the COVID-19 pandemic. As such the Alberta Securities Commission ("ASC") has enacted Blanket Order 51-517 - Temporary Exemption from Certain Corporate Finance Requirements ("ASC 51-517"). The Company will be relying on this extension period due to delays experienced as result of the COVID-19 pandemic.

The Company will be relying on the temporary exemption pursuant to ACS 51-517 in respect to the following provisions:

• the requirement to file interim financial statements for the three month period ended January 31, 2020 (the "Interim Financial Statements") within 60 days of the Company's first quarter as required by section 4.4(b) of NI 51-102
• the requirement to file management discussion and analysis (the "Interim MD&A") for the period covered by the Interim Financial Statements within 60 days of the Company's first quarter as required by section 5.1(2) of NI 51-102;
• the requirement to file certifications of the Annual Financial Statements (the "Certificates" and together with the Annual Financial Statements, the "Annual Filings") pursuant to section 4.1 of National Instrument 52-109; and
• the requirement to file certifications of the Interim Financial Statements (the "Certificates" and together with the Interim Financial Statements, the "Interim Filings") pursuant to section 5.1 of National Instrument 52-109.

The Company confirms that since the filing of its audited financial statements for the period ended October 31, 2019, there have been no material business developments other than those disclosed through Company press releases.

The Company is continuing to work diligently and expeditiously with its accounting staff to file the Interim Filings together on or before May 14, 2020. In the interim, management and other insiders of the Company are subject to a trading black-out policy as described, in principle, in section 9 of National Policy 11-207

• Failure to File Cease Trade Orders and Revocations in Multiple Jurisdictions.

About Labrador Technologies

Labrador Technologies Inc. is a Calgary, Alberta based technology company evaluating new opportunities in the technology sector.

For further information, please contact:

Kaan Camlioglu, Interim Chief Executive Officer T: (403) 818-1091 E: [email protected]

Dean Stuart T: (403) 617-7609 E: [email protected]

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