Mr. Jason Siemens reports

NAMSYS INC. REPORTS FIRST QUARTER RESULTS

Namsys Inc. has released its financial results for the first quarter of fiscal 2024 ended Jan. 31, 2024. All amounts referenced herein are in Canadian dollars.

First quarter highlights (for the three months ended Jan. 31, 2024, compared with Jan. 31, 2023):

• Revenue of $1,584,272, compared with $1,497,364, an improvement of 6 per cent;
• Net income for the quarter was up 12 per cent to $425,584 (two cents per share) from $378,864 (one cent per share);
• The company purchased and cancelled an additional 120,300 common shares. A total of 187,300 shares have been purchased and cancelled as part of the normal course issuer bid that commenced Aug. 30, 2023.

"I'm proud of our team's dedication to product quality and delivering unparalleled support to our customers," commented Jason Siemens, president and chief executive officer.

The financial statements and management's discussion and analysis for the fiscal quarter ended Jan. 31, 2024, 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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