Mr. Jason Siemens reports

NAMSYS REPORTS RESULTS OF OPERATIONS FOR FISCAL 2023

Namsys Inc. has released the results of operations for the fiscal year.

Fiscal year highlights (for the 12 months ended Oct. 31, 2023, compared with Oct. 31, 2022):

• Record revenue of $6,093,020 increased by 13 per cent or $698,239 compared with $5,394,781.
• Gross profit of $3,652,500 increased by 16 per cent or $505,868 compared with $3,146,632.
• Net income of $1,614,875 (six cents per share) increased 16 per cent or $220,435 compared with $1,394,440 (five cents per share).
• Net cash of $7,218,312 increased by 31 per cent or $1,710,190 compared with $5,508,122 and now represents 26 cents of net cash per share.
• The company purchased and cancelled 67,000 common shares as part of the normal course issuer bid that commenced Aug. 30, 2023.

"The company continues to execute on our [software-as-a-service] strategy. We are excited for our prospects in 2024 as we expand our product portfolio and enter new markets," commented Jason Siemens, president and chief executive officer.

The financial statements and management's discussion and analysis for the fiscal year ended Oct. 31, 2023, are available under the company's profile on SEDAR+.

NamSys products are designed to bring efficiency to the processing of currency and other value instruments in retailers, financial institutions and cash-in-transit providers. NamSys's proprietary systems for this market are sold as software-as-a-service subscriptions and operate in the public cloud service providers.

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