Vancouver - Comet Industries Ltd. (TSX-V: CMU) ('Comet' or the 'Company') announces that due to the COVID-19 pandemic, Comet's auditor has been delayed in the completion of its audit of the Company's January 31, 2020 annual financial statements which are due to be filed on SEDAR before the end of Monday, June 1, 2020.

Instead of filing the annual financial statements and related Management's Discussion & Analysis ('MD&A') before that deadline, Company will be relying on the 45 day filing and delivery extension for annual financial statements and related MD&A provided by the British Columbia and Alberta Securities Commissions in their recent blanket orders. Comet expects that the annual financial statements and related MD&A will be filed on or before Tuesday, June 30, 2020.

There have not been any material business developments since the Company's financial statements and MD&A for the third quarter ended October 31, 2019 other than: the Directors of Comet have exercised options to purchase 259,100 shares of Comet at a price of $1.50 per share for which it received $388,650. 140,900 options that were not exercised expired effective February 24, 2020.

Comet's management and other insiders are subject to a trading black-out that reflects the principles in section 9 of National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.

Contact:

Richard J. Angus

Email: rickangus@msn.com

Forward Looking Information

Information set forth in this document may include forward-looking statements. While these statements reflect management's current plans, projections and intents, by their nature, forward looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of Comet Industries Ltd.

Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on these forward-looking statements. The Company's actual results, programs, activities and financial position could differ materially from those expressed in or implied by these forward-looking statements

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