Mr. Michel Guay reports

ATW TECH INC. ANNOUNCES UPDATE ON ACQUISITION AND MCTO

ATW Tech Inc. has provided an update on a previously announced acquisition and on its MCTO (management cease trade order).

Acquisition

On April 25, 2023, the company announced its intention to proceed with the acquisition of one target entities by May 31, 2023. The company hereby confirms that it still intends to close the acquisition of the target entity, but extends the closing date no later than June 15, 2023, in order to complete its work.

The target provides data analytics tools and expert consulting services to help clients drive business transformation through sophisticated data strategies. Fuelled by strong management, more than 15 seasoned employees and tailored analytics solutions, the target helps clients fast-track their data initiatives and drive tangible value in the fields of public safety, finance, retail and more.

The transaction is still subject to a number of closing conditions, including the approval of the TSX Venture Exchange.

MCTO

ATW is providing a second update with respect to its previously announced management cease trade order ("MCTO) issued by the corporation's principal regulator, the Autorite des marches financiers (the AMF), on May 2, 2023. The MCTO was issued in connection with the delay by the company in filing its audited financial statements, management's discussion and analysis, and related certification for the period ended Dec. 31, 2022, before the prescribed deadline of May 1, 2023.

Further to the default announcement and the subsequent updates provided by the corporation on May 3, 2023, and May 16, 2023, the corporation reports that it continues to work diligently with its auditors to finalized the required documents as soon as they are available but no later than June 30, 2023.

As previously announced, pursuant to the MCTO, Carlos Bedran, Michel Guay, Christian Trudeau and Louis Lessard may not trade securities of the company until such time as the company files the required documents and the AMF revokes the MCTO. The MCTO does not affect the ability to other shareholders to trade their securities.

The corporation is providing this biweekly default status report in accordance with Policy Statement 12-203 Respecting Management Cease Trade Orders. Until such time as the corporation files the required documents and the MCTO has been revoked, the corporation intends to follow the provisions of the alternative information guidelines set out in PS 12-203, including the issuance of biweekly default status reports in the form of news releases.

Pursuant to the provisions of the alternative information guidelines specified in PS 12-203, the corporation confirms that, as of the date of this news release, that there have been no material change to the information contained in the default announcement issued on May 1, 2023, that would reasonably be expected to be material to an investor; (b) there have been no failure by the defaulting company to fulfill its stated intentions with respect to satisfying the provisions of the alternative information guidelines under PS 12-203; (c) there has not been, nor is there anticipated to be, any specified default subsequent to the default which is subject of the default announcement; and (d) there is no material information concerning the affairs of the company that has not been generally disclosed.

About ATW Tech Inc.

ATW Tech is a technology company and owner of several recognized technology platforms, such as Semeon Analytics, Option.vote and Voxtel. Semeon Analytics is a highly accurate and flexible text analysis platform for customer reviews and uses a unique combination of machine learning and natural language processing (NLP) to discover significant trends in customer reviews across all channels. Option.vote offers a customized multimethod voting system for unions, political parties, professional associations, and anyone looking for a secure way to reduce their voting costs and improve their participation rate. VoxTel specializes in telephone billing and alternative payment solutions for fixed and mobile lines.

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