Leo Acquisitions Corp. Announces Management Cease Trade Order Application

TORONTO, ONTARIO--(Marketwired - June 3, 2013) - Leo Acquisitions Corp. ("Leo" or the "Company") (TSX VENTURE:LEQ.P), a capital pool company, today announces that it has made an application to the Ontario Securities Commission to approve a management cease trade order ("MCTO"). If approved, it is anticipated that the MCTO will be issued effective June 3, 2013. The Company was unable to file its unaudited interim financial statements, management discussion and analysis and related Chief Executive Officer and Chief Financial Officer certificates for its nine-month period ended March 31, 2013 (the "Required Filings") before the May 31, 2013 filing deadline (the "Filing Deadline").

Through the process of completing the interim financial statements, the Company's CEO and CFO were unable to complete the Required Filings within the allotted timeframe, and as such the Required Filings were not made by the Filing Deadline.

The Company anticipates that it will be in a position to remedy the default within on or before June 15, 2013, and file the Required Filings on or before June 15, 2013. The MCTO restricts all trading in securities of the Company, whether direct or indirect, by management of the Company. The MCTO will be in effect until the Required Filings are filed.

The Company intends to satisfy the provisions of the alternative information guidelines set out in sections 4.3 and 4.5 of National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults so long as the Required Filings are outstanding.

The Company has not taken any steps towards any insolvency proceeding and the Company has no material information to release to the public.

The Company continues to pursue the Qualifying Transaction described in the press release of the Company dated February 8, 2013.

Forward Looking Statements

This press release contains "forward looking information", as such term is defined in applicable Canadian securities legislation. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. Accordingly, readers should not place undue reliance on forward looking information. The forward looking information in this press release is made as of the date of this press release, and the Company disclaims any intention or obligation to update or revise such information, except as required by applicable law.