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China Keli Announces Update of Delay in Filing Annual Financial Statements and Sale of Creative Grace Limited

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Vancouver, British Columbia–(Newsfile Corp. – September 11, 2018) – China Keli Electric Company Ltd. (TSXV: ZKL) (the “Company“), announces today an update on the status of the filing of its annual financial statements, management’s discussion and analysis, and the related officer certifications for the financial year ended April 30, 2018 (collectively, the “Annual Filings“). Due to the location of the Company’s business operations in China, the change in the Company’s auditors from Kreston GTA LLP to K.R. Margetson Ltd. in July of this year, and the pending sale of Creative Grace Limited, the Company’s audit remains ongoing at this time. The Company has responded or is responding to certain information requested by the auditors relating to bank confirmation, receivables and payables confirmations, and subsequent transactions information. The Company continues to respond to all the information requested by the auditors and intends to cooperate with the auditors and hopes to file the Annual Filings as soon as possible.

The Company intends to follow the provisions of the Alternative Information Guidelines as set out in National Policy 12—203 — Management Cease Trade Orders, for as long as the Company remains in default, including the issuance of further by-weekly default status reports, each of which will be issued in the form of a press release. A general cease trade order may be issued as a result of the Company’s default status.

The Company also announces today an update on the sale of Creative Grace Limited (“Creative Grace“). Shareholder approval for the sale of Creative Grace was obtained at a special meeting held on August 27, 2018. At this time, the Company is waiting for the receipt of the final acceptance of the TSX Venture Exchange (“TSXV“), and the payment of the $120,000 purchase price by the purchaser, Amax Deluxe Limited. The Company intends to complete the sale of Creative Grace forthwith upon the receipt of the TSXV final acceptance and the $120,000 purchase price.

About China Keli Electric Company Ltd.

China Keli Electric Company Ltd. specializes in the manufacturing and installation of electrical components and equipment, including pre-assembled mini substations, electrical controllers, pressurized and vacuumed switchgears and circuit breakers.

For further information, please contact:

CHINA KELI ELECTRIC COMPANY LTD.

Philip Lo, Chief Financial Officer
Tel. No.: (86) 13632 173732
Email: philip@zkl.cc

For further company information please access our website: www.zkl.cc

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.