On
March 4, 2020, the U.S. Securities and Exchange Commission (“the SEC”) issued an Order under Section 36 (Release No.
34-88318) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), granting exemptions from specified
provisions of the Exchange Act and certain rules thereunder. On March 25, 2020, the March 4, 2020 order was modified and superseded
by a new SEC order (Release No. 34-88465), which provides conditional relief to public companies that are unable to timely comply
with their filing obligations as a result of the novel coronavirus (“COVID-19”) outbreak (the “SEC Order”).
Pacific
Green Technologies Inc. (the “Company”) is filing this Current Report on Form 8-K to report that it will be delaying
the filing of its Annual Report on Form 10-k for the year ended March 31, 2020 (the “Annual Report”) in reliance on
the SEC Order. Due to the outbreak and spread of COVID-19, employees in the Company’s financial reporting and legal departments
have been unable to travel and have been working remotely. Therefore, they have been unable to complete all financial reporting
processes and maintain the same ordinary course interactions with the Company’s professional advisors. As a result,
the preparation and completion of the Company’s financial statements for the year ended March 31, 2020 to be included in
the Annual Report have been delayed.
Based on the foregoing,
the Company expects to file the Annual Report on or before August 13, 2020, no later than 45 days after June 29, 2020, the original
due date of the Annual Report. In addition, the Company is supplementing the risk factors previously disclosed in the Company’s
Annual Report on Form 10-K for the year ended March 31, 2019, with the following risk factor relating to the impact of COVID-19,
as may be updated to reflect subsequent events:
Risk
Factors
Investors
are advised that the coronavirus pandemic is adversely affecting, and is expected to continue to adversely affect, our operations,
our business development and sales activity, our supply chains and distribution systems, and we have experienced and expect to
continue to experience unpredictable reductions in demand for certain of our products and services. We have experienced,
and will experience material adverse financial consequences as a result of the COVID-19 pandemic and associated general economic
conditions. We are unsure that we will be successful in addressing and overcoming these risks and uncertainties. If we are unable
to do so, our business will not be successful and the value of your investment in our company will decline.
Notice
Regarding Forward-Looking Statements:
This
news release contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical
are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
Such forward-looking statements include, among other things, the ongoing effects of the pandemic on delays and orders regarding
Pacific Green’s emission control system, potential business developments in India and future interest in our solar and desalination
technologies.
Actual results could differ
from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic
and political conditions, the continuation of our Joint Venture with POWERCHINA SPEM, and the ongoing impact of the COVID-19 pandemic.
These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking
statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although
we believe that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no
assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all the information
set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the year ended
March 31, 2019, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange
Commission.