Select Sands Provides Update

Each of the members of the Company's board of directors, other than Zigurds Vitols, as well as the Chief Financial Officer have provided their resignations in light of the fact that the Company has largely ceased operations. Zigurds Vitols will continue in his role as the Company assesses its strategic options, and looks for a way to capitalize on its significant tax loss carryforward asset with a view to repaying certain of its outstanding liabilities. There is no assurance that the Company will be able to conclude a transaction with respect to its tax loss carry forwards.

As previously announced on May 13, 2024, Select Sands is currently under a cease trade order from the British Columbia Securities Commission dated May 8, 2024. This action was taken because the Company did not submit the necessary audited financial statements, management's discussion and analysis, and certifications for the fiscal year ended December 31, 2023, within the stipulated regulatory deadlines. At present there is no update on the timing to file these documents.

Forward-Looking Statements

This news release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. Information and statements which are not purely historical fact are forward-looking statements. The forward-looking statements in this press release relate to comments that include, but are not limited to, statements related to the expected current and future state of operations, the potential sale of tax lossesopportunities being explored for the Company's future, the Company's ability to repay or restructure its existing debt, the Company's ability or timing to file the required continuous disclosure filings, the possible future lifting of the cease trade order on the Company's securities and its ability to continue as a going concern. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.

About Select Sands Corp.

Select Sands Corporation was formerly an industrial silica product company but is currently proceeding through a liquidation and winding down process.

Company Contacts

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