D-BOX Technologies to Refile its MD&A for Fiscal Year Ended March 31, 2022 and its Financial Statements and MD&A for First Quarter of Fiscal 2023

LONGUEUIL, Quebec, Aug. 18, 2022 (GLOBE NEWSWIRE) -- D-BOX Technologies Inc. (TSX: DBO, the “Corporation”), announces it will refile its management’s discussion and analysis (“MD&A”) for the fiscal year ended March 31, 2022, as well as its MD&A and unaudited interim condensed consolidated financial statements for the three months ended June 30, 2022 (the “Q1 2023 Financial Reports”). They are being amended to reflect a retrospective adjustment to the presentation of the unaudited interim consolidated statement of profit (loss) and comprehensive loss to reclassify the production costs of haptic coding expenses from selling and marketing expenses to cost of goods sold during the third quarter ended December 31, 2021 which had not been applied to the information of the MD&A for the fourth quarter three-month period ended March 31, 2022, and to the comparative information of the Q1 2023 Financial Reports.   The impact of the aforementioned reclassification to the unaudited interim condensed consolidated financial statements for the three months ended June 30, 2022 is as follows:

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF PROFIT (LOSS) AND COMPREHENSIVE LOSS

The impact of the reclassification in the MD&A for the fourth quarter three-month period ended March 31, 2022 is limited to cost of goods sold, previously overstated, selling and marketing expenses, previously understated, and gross profit, previously understated, each by an amount equal to $276,000.

The impact of the reclassification in the MD&A for the first quarter ended June 30, 2022 is limited to cost of goods sold, previously understated, selling and marketing expenses, previously overstated, and gross profit, previously overstated, each by an amount equal to $143,000.

Please refer to the MD&A for the fiscal year ended March 31, 2022 and the Q1 2023 Financial Reports that will be refiled on the Corporation's profile on SEDAR at and available for review.

All amounts in this press release are in Canadian dollars.

ABOUT D-BOX

D-BOX redefines and creates realistic, haptic and immersive entertainment experiences by providing feedback to the whole body and sparking the imagination through motion. Haptic essentially allows to feel sensations that would be felt if the body was interacting directly with physical objects. D-BOX has collaborated with some of the best companies in the world to deliver new ways to enhance great stories. Whether it’s movies, video games, virtual reality applications, themed entertainment or professional simulation, D-BOX creates a feeling of presence that makes life resonate like never before. D-BOX Technologies Inc. (TSX: DBO) is headquartered in Montreal with offices in Los Angeles, USA and Beijing, China. Visit d-box.com.

DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS

This news release contains statements that may constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information may include, among others, statements regarding the future plans, activities, objectives, operations, strategy, financial performance and condition of the Corporation, or the assumptions underlying any of the foregoing. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” and similar words and the negative form thereof relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains statements that may constitute forward-looking information relating to changes to, and refiling of, the MD&A for the fiscal year ended March 31, 2022 and the Q1 2023 Financial Reports. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur and the readers should not place undue reliance on forward-looking information. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Corporation and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Corporation’s control.

The Corporation considers the assumptions on which these forward-looking statements are based to be reasonable, but cautions the reader that these assumptions regarding future events, many of which are beyond its control, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect the Corporation. For additional information with respect to these risks and other factors, see the Corporation’s Annual Information Form for the fiscal year ended March 31, 2022, filed on the Corporations’ profile on SEDAR at . The Corporation disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by securities laws.

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