Mr. John Wallace reports

CALDWELL REPORTS FIRST QUARTER RESULTS

Talent acquisition firm The Caldwell Partners International Inc. today issued its financial results for the fiscal 2024 first quarter ended Nov. 30, 2023. All references to quarters or years are for the fiscal periods unless otherwise noted and all currency amounts are in Canadian dollars.

"From a revenue perspective, this remained a challenging quarter, as client focus on the uncertain macroeconomic environment continued to dampen and delay hiring decisions," said John Wallace, chief executive officer. "With improving economic news and expectations of falling interest rates, our client conversations indicate increased plans for hiring with the new calendar year -- in both our Caldwell executive search and IQTalent on-demand/RPO businesses.

"From a profit perspective, we are extremely pleased that we favourably resolved IQTalent's Nashville lease obligation. We had recognized a lease impairment charge of $8.1-million in the fourth quarter of the prior year with our decision to reduce our real estate footprint and sublease a substantial portion of the leased space in Nashville based on sublease market conditions at the time. Effective Nov. 30, 2023, we successfully executed a penalty-free termination agreement of the lease, which we will fully exit on Feb. 29, 2024, resulting in a net gain in our first quarter of $9.1-million. Eliminating these future payment obligations gives us the financial flexibility to continue adjusting and investing in the business as needed and solidifies and strengthens our capital structure. The restructuring at IQTalent throughout the last fiscal year has had the desired outcome of stabilizing the business, to return to growth on both the revenue and operating profit lines in the second half of the year."

Mr. Wallace added: "We anticipate improved demand conditions in calendar 2024. Our business pipelines are deep and growing, and we are forecasting an upward revenue trend for the remainder of the year."

About The Caldwell Partners International Inc.

Caldwell Partners is a technology-powered talent acquisition firm specializing in recruitment at all levels. Through two distinct brands -- Caldwell and IQTalent -- the firm leverages the latest innovations in AI (artificial intelligence) to offer an integrated spectrum of services delivered by teams with deep knowledge in their respective areas. Services include candidate research and sourcing through to full recruitment at the professional, executive and board levels, as well as a suite of talent strategy and assessment tools that can help clients hire the right people, then manage and inspire them to achieve maximum business results.

Caldwell Partners' common shares are listed on The Toronto Stock Exchange (TSX: CWL) and trade on the OTCQX Market (OTCQX: CWLPF).

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