Echelon Financial Holdings Inc. Provides Update on First Quarter 2020 Results

TORONTO, May 14, 2020

This news release is being issued in accordance to the blanket relief of a 45-day extension provided by the Canadian Securities Administrators and Ontario Instrument 51-502 - Temporary Exemption from Certain Corporate Finance Requirements for periodic filings normally required to be made by issuers during the period from March 23, 2020 to June 1, 2020.

EFH expects to file its Interim Filings on May 26, 2020.

The Company confirms that management and other insiders are subject to an insider trading black-out policy that reflects the principles in section 9 of National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.

The Company confirms that there have been no material business developments that have occurred since the filing of its annual financial statements and management's discussion and analysis for the year ended December 31, 2019 on February 21, 2020.

Forward-looking Information

This news release contains forward-looking information based on current expectations. This information includes, but is not limited to, the expected filing date of the Interim Filings. This information is based upon certain material factors or assumptions that were applied in drawing a conclusion or making a projection as reflected in the forward-looking information. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific. A variety of material factors, many of which are beyond EFH's control, affect the operations, performance and results of its business and could cause actual results to differ materially from the expectations expressed in any of this forward-looking information. EFH does not undertake to update any forward-looking information. Additional information about the risks and uncertainties about EFH's business is provided in its disclosure materials, including its Annual Information Form and Management Discussion & Analysis, filed with the securities regulatory authorities in Canada, available at www.sedar.com.