Mr. Michel Guay reports

ATW TECH ANNOUNCES ITS RESULTS FOR ITS 2022 YEAR

ATW Tech Inc. has released its financials results for its year ended on Dec. 31, 2022.

• The company generated revenues of $1.7-million in 2022 compared with $2.1-million in 2021, a decrease of $431,000;
• Cost of sales totalled $1.7-million in 2022 compared with $1.9-million in 2021, a decrease of $202,000;
• Operational charges went from $5.2-million in 2021 to $2-million in 2022, a decreased of $3.2-million;
• On Dec. 20, 2022, the company announced the completion of a $535,000 private placement through the issuance of 10.7 million units at a price of five cents per unit;
• Between April 25 and May 1, 2023, the company signed for a total of $975,000 in subscriptions to issue 19.5 million units at a price of five cents per unit.

Outlook

During the third quarter of fiscal 2022, the company suffered a significant decline in revenue, mainly due to an issue with Voxtel's technology platform. Indeed, between July 13, 2022, and Aug. 25, 2022, some of the services offered by Voxtel were non-functional or operated intermittently following a technological migration whose objective was to upgrade the virtualization platform.

"This migration has brought us more flexibility, security and technological improvements, but it has forced us to adapt many applications, which are the sources of the main problems. Everything is now back to order," said Michel Guay, president and chief executive officer.

Finally, since the signing of the letters of intent, announced on June 21, 2023, and updated on May 30, 2023, the company has mainly focused these efforts on the acquisition of one of the two targets and intends to close its acquisition by Aug. 31, 2023. The company and the target's management are already working in partnership on certain files and have put in place a transition team that operates constructively and effectively so that the operational consolidation between the two organizations will be almost immediate upon the closing of the transaction.

"In a context marked by labour shortages, we are very encouraged by the quality of the target's human resources with which we have been able to collaborate. In a tightening financial market, we firmly believe in the closing of this transaction and that it will be very beneficial for ATW and the target's shareholders, its customers and its employees," said Michel Guay, president and chief executive officer.

The synergy of the company's expertise, skills and technologies in the fields of data analytics, artificial intelligence and machine learning will bring the company's clients operational improvements that will provide real and significant measurable productivity and profitability gains.

About ATW Tech Inc.

ATW Tech is a technology company, owner of several recognized technology platforms, such as VoxTel, Option.vote and Semeon. VoxTel specializes in telephone billing and alternative payment solutions for fixed and mobile lines. 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. Semeon 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.

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