Mr. Michel Guay reports

ATW TECH INC. ANNOUNCES UPDATE ON PRIVATE PLACEMENT AND ACQUISITION

ATW Tech Inc. has provided an update on a private placement and an acquisition previously announced on May 1, 2023.

Private placement

The non-brokered private placement, initially expected to raise gross proceeds of $975,000, has been reduced to gross proceeds of $725,000 in units of the company, issued at a price of five cents per unit. Each unit consists of one common share of the company together with a warrant entitling the holder to acquire one share at an exercise price of seven cents for a period of 36 months from the date of closing. The proceeds of the private placement will be used by ATW for its benefit and that of its subsidiaries, for its continuing operations.

This change to the private placement is caused in particular by the additional time required to close the acquisition (as defined below). A subsequent private placement to finance the acquisition, in which insiders of the company will participate, will be completed concurrently with the closing of the acquisition, for estimated gross proceeds of $250,000.

Acquisition

On April 25, 2023, the company announced its intention to proceed with the acquisition of a target entity by May 31, 2023. On May 30, 2023, the company extended the deadline for the acquisition to June 15, 2023, and then extended it again to June 30, through a press release issued on June 14, 2023. As of today, the company hereby confirms that it still intends to close the acquisition of the target entity, but will further extend the closing date, in order to complete the required work and allow for the fulfilment of certain closing conditions, to no later than Aug. 31, 2023.

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

About ATW Tech Inc.

ATW Tech is a technology company, 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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