VANCOUVER, British Columbia, March 19, 2020 (GLOBE NEWSWIRE) — SiQ Mountain Industries Inc. (TSXV: SIQ) (the “Company” or “SiQ”) announces that it has terminated the Company’s agreements with Gautier Arcouette regarding the development and production of a snowbike and a snowshoe climbing device.Under technology purchase agreements, SiQ acquired rights to develop and produce a snowbike, where skiers and snowboarders could stand on a bike-like device and glide over snow and ice. SiQ expended time, effort and financial investment to develop the snowbike and the snowshoe to safety standards and consumer specifications but did not complete the development of either because of technical issues ballooning expected completion costs, making profit projections unattainable.Under the termination agreement with Mr. Arcouette, the inventor of the snowbike and snow climbing devices, the Company has turned the technologies back to Mr. Arcouette and settled all outstanding matters between the Company and Mr. Arcouette regarding those technologies and any payments owing.SiQ retains the rights to the proprietary adjustable camber device for snowboards known as the SiQRocker™. The SiQRocker™ provides a convenient way to adjust the camber profile of a snowboard for optimal performance on either powder or hard-packed snow. Using the SiQRocker™, a snowboarder can quickly and easily adjust their snowboard profile with the turn of a dial and without exiting their bindings. The SiQRocker™ is believed to provide a unique on-mountain advantage to users of snowboards and a PCT patent application has been filed.Peter Hughes, CEO of the Company, comments “The Company can now concentrate on looking for another potential project while continuing to explore whether a market can be developed for SiQRocker™. The Company’s SiQRocker™ has the potential to dramatically improve the performance of up to 30 million* snowboards in the worldwide market. The Company believes that opportunities exist for expansion of SiQ’s business in other directions, and the Company will continue to look at opportunities as they arise.”On behalf of the Board of Directors,Peter Hughes, CEO and President*Sources: snowsports.org, skicanada.com, boardsportsource.comAbout SiQ Mountain Industries Inc.The Company is an early-stage development organization focused on the creation and distribution of a unique brand of products for outdoor athletic entertainment in domestic and international markets.For a more complete business and financial profile of the Company, please view the Company’s website at www.siqmountain.com and documents posted under the Company’s profile on www.sedar.com.Legal Notice Regarding Forward-Looking Statements and Information: This news release contains “forward-looking statements and information” within the meaning of applicable securities laws. Forward-looking statements are indicated expectations or intentions. Forward-looking statements in this news release include without limitation: that the Company’s patent application will be accepted and protect the SiQRocker™ design; that the SiQRocker™ is believed to be a unique on-mountain advantage to users of snowboards. Although the Company believes its anticipated future results, performance, or achievements expressed or implied by the forward-looking statements are based upon reasonable assumptions and expectations, they can give no assurance that such expectations will prove to be correct. The reader should not place undue reliance on forward-looking statements as such statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to differ materially from anticipated future results, performance, or achievements expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation: the risk that the Company’s technology and products may not work as well as expected; demonstration opportunities may be cancelled for any number of reasons; the Company may not be able to break into new markets, because such markets are served by strong and embedded competitors; the products may not be well accepted by consumers; the Company may not be able to grow and sustain anticipated revenue streams; the Company may have underestimated the cost of production and the time it takes to bring products to market; the Company may not be able to finance its intended product development; the Company’s products may not sell as well as expected, and competitors may offer better or cheaper alternatives to their products; the Company’s technologies may not be patentable and, if patents are granted, the Company may not protect their investment in intellectual property if their patents are challenged; the Company’s intended technologies may infringe on the intellectual property of other parties; and the Company may not have any parties interested in distributing their products and, even if they have distributors, the Company may not be able to break into the international market. Except as required by law, the Company does not intend to update the forward-looking information and forward-looking statements contained in this news release.NEITHER 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 RELEASE.For further information, please contact:Peter Hughes, CEO and President
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