News Release For Immediate Release <br /> <br /> February 7, 2019 <br /> <br /> ASCENT INDUSTRIES PROVIDES UPDATE ON HEALTH CANADA   <br /> <br /> Vancouver, B.C. – Ascent Industries Corp. (CSE: ASNT) (“Ascent” or the “Company“) announces that it <br /> has received further correspondence from Health Canada (the “Agency”) regarding the suspension and <br /> proposed revocation of the Canadian producer’s licence and dealer’s licence (collectively, the <br /> “Licences”) issued by the Agency to Agrima Botanicals Corp (“Agrima”), a wholly-owned subsidiary of <br /> the Company. <br /> Health Canada has repeated its previous position that the Company has failed to demonstrate that the <br /> suspension, and proposed revocation, of Agrima’s Licenses is unfounded, or that the failures that gave <br /> rise to the suspension were rectified.  The Agency re-iterated its concerns that unauthorized activities <br /> with cannabis took place after the Canadian producer’s licence and dealer’s licence were granted to <br /> Agrima, in contravention of the ACMPR and Controlled Drugs and Substances Act (now regulated under <br /> the Cannabis Act).  Health Canada has therefore advised that it still intends to revoke the Licenses, and <br /> has given Ascent until February 20, 2019 to make any additional submissions.    <br /> Ascent previously launched an investigation into these alleged contraventions of the ACMPR and <br /> Controlled Drugs and Substances Act (now regulated under the Cannabis Act) which is ongoing, including <br /> a forensic analysis of the Company’s books and records. <br /> Should the Company not be successful in its attempt to have the Licences re-instated so that it may <br /> commence operations and generate revenue and cash flow in Canada, the Company’s ability to continue <br /> as a going-concern may be in doubt.  As previously disclosed by the Company, a strategic review process <br /> is continuing, with a view to stabilizing the Company’s financial position and maximizing the value of the <br /> Company.     <br /> Ascent will provide further updates as available.