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Wonderfilm Media Corporation Update: Cease Trade Order Due to Late Filing of Financial Statements

Newsfile Corp.

Vancouver, British Columbia--(Newsfile Corp. - December 31, 2019) - The Wonderfilm Media Corporation (OTCQB: WDRFF) (TSXV: WNDR) ("Wonderfilm" or the "Company") announces that the British Columbia Securities Commission has issued a cease trade order against the Company as a result of the Company's failure to file the Company's annual financial statements, management's discussion and analysis and associated officer certificates for the year ended June 30, 2019 (the "Required Annual Filings") and the interim financial statements, management's discussion and analysis and associated officer certificates for the period ended September 30, 2019 (the "Required Interim Filings"), in accordance with the timelines set forth in National Instrument 51-102 - Continuous Disclosure Obligations. As a result, trading in the Company's securities has been halted on the TSX Venture Exchange.

On October 29, 2019, Wonderfilm announced a delay in filing its Required Annual Filings due to the resignation of the Company's Chief Financial Officer. Additionally, due to the delay of the Required Annual Filings, the Company's Required Interim Filings have also been delayed.

The Company continues to work with its auditors toward completing the Required Annual Filings in a timely manner and anticipates filing the Required Annual Filings and the Required Interim Filings by January 17, 2020. Revocation of the cease trade order is expected to occur within a few of days following the filing of the Required Annual Filings and Required Interim Filings.

About Wonderfilm Media Corporation

Wonderfilm (OTCQB: WDRFF) (TSXV: WNDR) is a leading entertainment company with production offices in Los Angeles and corporate offices in Vancouver. The Company's core business is producing market-driven independent feature films and quality television series for multi-platform global exploitation. Wonderfilm is a producer and distributor only for the projects disclosed. The legal ownership of movie productions is held in a special purpose legal entity held at arm's length to the Company to facilitate for the qualification of various levels of domestic and foreign government tax credit incentives that are customary in the film and production business. For more information, visit the company's website at www.Wonderfilm.com.

Neither the TSX Venture Exchange Inc. ("Exchange") nor its regulation services provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Forward-Looking Statements

This press release contains forward-looking information and forward-looking statements (collectively, "forward-looking statements") as such terms are defined by applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate," "believe," "plan," "estimate," "expect," and "intend," statements that an action or event "may," "might," "could," "should," or "will" be taken or occur, or other similar expressions. Forward-looking statements are subject to a number of known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond Wonderfilm's control and Wonderfilm's actual results could well differ materially from those stated or implied in forward-looking statements due to many various factors. Although Wonderfilm believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee that the events and circumstances reflected in the forward-looking statements will be achieved or occur. The timing of events and circumstances and actual results could differ materially from those projected in the forward-looking statements. Accordingly, one should not place undue reliance on forward-looking statements. All forward-looking statements contained in this press release are made as of todays date and Wonderfilm undertakes no obligation to update or publicly revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For further details, please see the Company's documents filed under the Company's profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com.

For investor inquiries, please contact:

Kirk Shaw, Chief Executive Officer
Email: info@wonderfilm.com
Phone: 1-604-638-4890
www.wonderfilm.com

Corporate Communications:

NetworkWire (NW)
New York, New York
www.NetworkNewsWire.com
212-418-1217 Office
Editor@NetworkWire.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/51118