Mr. Shabeer Sinnalebbe reports

XR IMMERSIVE TECH PROVIDES UPDATE ON STATUS OF MCTO

XR Immersive Tech Inc. has provided an update on the status of a management cease trade order (the MCTO) application to the British Columbia Securities Commission that the company announced on May 1, 2023.

As a result of delays to its audit, due to an auditor change for cost savings, the company's annual financial statements and accompanying management's discussion and analysis for the fiscal year ended Dec. 31, 2022, are not expected to be finalized by May 1, 2023, being the date that such filings are due under applicable Canadian securities law requirements.

The company reports that the audit is progressing and will provide a further update on the timing of its annual filings on or about June 26, 2023. The company is working diligently with its current and incoming auditors to complete the audit in a timely manner. Upon completion of the change of auditor, the company will file the applicable materials in compliance with Section 4.11 of National Instrument 51-102 -- Continuous Disclosure Obligations. The company currently expects to file the annual filings on or before June 30, 2023. and will issue a news release announcing completion of such filings at such time. Further updates on timing will be provided by the company as necessary.

Until the company files the annual filings, it will comply with the alternative information guidelines set out in National Policy 12-203 -- Management Cease Trade Orders for issuers who have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws. The guidelines, among other things, require the company to issue biweekly default status reports by way of a news release so long as the annual filings have not been filed.

During the MCTO, the general investing public will continue to be able to trade in the company's listed common shares. However, the company's chief executive officer and chief financial officer will not be able to trade in the company's common shares.

About XR Immersive Tech Inc.

XR Immersive is building the industry's premier location-based metaverse platform. Since 2016, the company has been an industry leader in social entertainment, virtual reality (VR) and augmented reality (AR) entertainment attractions. With its hardware platform Uncontained and its software platform Uncontained/OS and its growing network of over 350-plus VR operators through SynthesisVR, the company helps its stakeholders build user experiences unmatched in realism, depth and immersion. The company builds experiences on its platforms for some of the world's largest companies including Intel, Bayer, Capital One, Scotia Bank, the U.S. Food and Drug Administration, Allegiant Airlines, and more.