Mavan Tech Opportunity Fund #1 Announces Postponement of Filings

KELOWNA, BC, April 28, 2020 /CNW/ - Mavan Tech Opportunity Fund #1 (the "Fund") announces that filing of the Fund's audited annual financial statements and associated regulatory filings for the financial year ended December 31, 2019 (the "2019 Annual Filings") will be postponed due to delays caused by the COVID-19 pandemic.

The 2019 Annual Filings would ordinarily have been required under applicable securities regulations to be made on or before April 29, 2020. The Canadian Securities Administrators and the provincial securities commission or securities regulatory authority, implemented temporary exemptions from certain regulatory filings as a result of the COVID-19 pandemic.

Based on the Fund's activities during the 2019 financial year, the Fund is required to deliver the 2019 Annual Filings with the Alberta Securities Commission (the "ASC"), the Ontario Securities Commission (the "OSC"), and the Autorite des marchers financiers (the "AMF") in the provinces of Alberta, Ontario and Quebec, respectively. Each of the ASC, OSC and AMF have implemented local orders which provide the Fund with a 45-day filing extension for the 2019 Annual Filings from the deadline otherwise applicable under securities legislation in Alberta, Ontario and Quebec. Under applicable securities legislation, the Fund is not required to complete the 2019 Annual Filings in any other province or territory of Canada based on the Fund's operations during 2019.

The Fund is relying on ASC Blanket Order 51-517, OSC Instrument 51-502 and AMF Decision 2020-PDG-0023 (collectively, the "Blanket Orders") for relief from the filing deadline otherwise applicable for the 2019 Annual Filings, namely the Fund's audited annual financial statements and Notice of Use of Proceeds for the financial year ended December 31, 2019 required under Section 2.9 of National Instrument 45-106. Pursuant to the Blanket Orders, the 2019 Annual Filings must now be completed with the ASC, OSC and AMF no later than June 12, 2020. The Fund estimates that the 2019 Annual Filings will be filed on or about June 12, 2020.

Each of the management and other insiders of the Fund are subject to an insider trading black-out policy that restricts trading in the securities of the Fund until the date the 2019 Annual Filings have been completed. There have been no material business developments since the date of filing of the last annual financial statements of the Fund.

About the Fund

MAVAN Tech Opportunity Fund #1 is a Kelowna, British Columbia-based private open-ended investment trust evaluating opportunities in the technology field and is affiliated with MAVAN Capital Partners. The Fund is not a reporting issuer in any jurisdiction and its securities do not trade on any exchange or market. A copy of this news release and the offering memorandum of the Fund will be available on the Fund's SEDAR profile at www.sedar.com.

SOURCE Mavan Tech Opportunity Fund #1

MAVAN Capital Partners, 201 1350 St. Paul Street, Kelowna, BC, V1Y 2E1| [email protected] | 1-236-333-2697 or visit www.mavancapital.com