Hapbee Technologies Teams Up with Liberty Alliance to Deliver Wearable Sleep and Performance Technology to the Defense Sector; Updates Status of Audited Financial Statements
VANCOUVER, British Columbia, May 15, 2025 (GLOBE NEWSWIRE) -- Hapbee Technologies, Inc. (TSXV: HAPB | OTCQB: HAPBF), a leading provider of wearable wellness technology, is proud to announce it has teamed up with Liberty Alliance, a veteran-owned business (SDVOSB) specializing in defense innovation and mission support. This collaboration aims to introduce Hapbee's proprietary ultra-low frequency wearable devices to military personnel, special operations forces, and veteran communities worldwide.
Liberty Alliance specializes in rapidly prototyping and integrating commercial technologies to address user-defined capability gaps through structured innovation cycles. With a deep understanding of the U.S. defense industry, Liberty Alliance offers strategic advice to both domestic and international clients, supporting compliance, navigation of Foreign Military Sales, and facilitation of collaborative relationships between nations with leading-edge defense solutions.
Hapbee's wearable devices utilize patented ultra-low radiofrequency energy (ulRFE®) technology to help users achieve desired mental states such as relaxation, focus, and sleep without the use of substances. These devices have been instrumental in supporting veterans through partnerships with organizations like Grey Team and Healing Our Heroes, founded by Dr. Kyle Bergquist.
Yona Shtern, CEO of Hapbee, stated: 'This teaming with Liberty Alliance marks a significant step in our mission to support those who serve. By leveraging Liberty's extensive network within the defense sector, we aim to provide our wellness technology to active-duty personnel and veterans on a global basis, enhancing their performance and well-being.'
Jonathan Shaffner, Chief Strategy Officer, at Liberty Alliance, commented: 'Integrating Hapbee's innovative technology into our offerings aligns with our commitment to delivering cutting-edge solutions to our clients. We believe this collaboration will have a profound impact on the health and performance of military personnel and veterans alike.'
The collaboration will focus on deploying Hapbee devices to special operations units, facilitating access through Liberty Alliance's established defense channels. Additionally, both organizations will work together to expand outreach to veteran support groups, ensuring that those transitioning to civilian life have access to tools that promote mental health and resilience.
The Company, announces that the filing of its annual audited financial statements and MD&A for the year ended December 31, 2024 (the 'Financial Statements'), required pursuant to Parts 4 and 5 of National Instrument 51-102 Continuous Disclosure Obligations (the 'Instrument'), remains delayed. As disclosed in the Company's press release dated April 18, 2025, the delay resulted from the Company's new auditor, Morton Garellek, Chartered Professional Accountant (the 'Auditor') being unable to obtain files and documentation relating to the Company from its former auditor, Olayinka Oyebola & Co., Chartered Accountants (the 'Former Auditor').
The Company is currently working closely with its Auditor to finalize the Financial Statements. The Auditor has received all requested information and process walkthroughs have been completed. The Company still expects that the Financial Statements will be completed and filed on or before June 30, 2025.
In connection with the delay, the Company made an application for a Management Cease Trade Order ('MCTO') under National Policy 12-203 Management Cease Trade Orders ('NP 12-203') to the British Columbia Securities Commission, as principal regulator for the Company. The MCTO was issued on May 1st, 2025. The MCTO restricts all trading by the Company's CEO and CFO in securities of the Company, whether direct or indirect. The issuance of the MCTO will not affect the ability of persons who are not directors, officers or insiders of the Company to trade their securities.
Both the Company and the Auditor continue to work diligently towards the completion and filing of the Company's Financial Statements and Chief Executive Officer ('CEO') and Chief Financial Officer ('CFO') certifications (collectively, the 'Required Filings') for the year ended December 31, 2024. The MCTO will remain in effect until two business days after the Required Filings are filed or until it is revoked or varied.
The Company confirms that it intends to satisfy the provisions of the 'alternative information guidelines' described in NP 12-203 by issuing bi-weekly default status reports in the form of a news release for so long as it remains in default of the requirement to make the Required Filings. The Company has not taken any steps towards any insolvency proceeding, and the Company has no material information relating to its affairs that has not been generally disclosed.
About Hapbee
Hapbee is a wearable wellness technology company that helps people enhance how they feel. Powered by patented ultra-low radiofrequency energy (ulRFE®) technology, Hapbee's devices deliver signals designed to produce sensations such as happy, alert, focused, relaxed, and others. The company is committed to improving lives through safe, non-invasive wellness solutions.
You can learn more about how Hapbee works at www.hapbee.com/science.
Forward-Looking Statements
Certain statements included in this news release constitute forward-looking information or statements (collectively, "forward-looking statements"), including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "should" and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This news release contains forward-looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties, and other factors. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Such statements and information are based on numerous assumptions regarding the Company's ability to meet its planned product marketing and development initiatives and the Company's ability to achieve its e-commerce rollout and full-scale commercial launch as anticipated.
Factors that could cause the actual results to differ materially from those in the forward-looking statements include, delays in design, production, manufacturing, development or releases of signal blends, collection of data from customer use, or the Company may not be able to achieve its targets as anticipated or at all; changes in legislation and regulations; increase in operating costs; equipment failures; failure of counterparties to perform their contractual obligations; litigation; the loss of key directors, employees, advisors or consultants and fees charged by service providers. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. These risks, uncertainties and assumptions could cause actual events or results to differ materially from those projected in any forward-looking statements. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company's forward-looking statements.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Renmark Financial Communications Inc.Bettina Filippone: bfilippone@renmarkfinancial.comTel: (416) 644-2020 or (514) 939-3989www.renmarkfinancial.comSign in to access your portfolio
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