Mr. Leonard Jaroszuk reports

ENTERPRISE GROUP ANNOUNCES RESULTS FOR THIRD QUARTER 2023

Enterprise Group Inc. has released its Q3 2023 results.

The first nine months of the year was one of the strongest in recent history despite a challenging second quarter. The second quarter of 2023 saw industry activity slow compared with the first quarter, due to spring breakup and seasonal road bans and the reduction of activity from forest fires in Northern Alberta and British Columbia. However, activity in the third quarter bounced back and continues to remain strong. Revenue for the three months ended Sept. 30, 2023, was $8,433,369 compared with $5,230,675 in the prior period, an increase of $3,202,694 or 61%. Gross margin for the three months ended Sept. 30, 2023, was $3,878,931 compared with $1,590,082 in the prior period, an increase of $2,288,849 or 144%. Adjusted EBITDA for the three months ended Sept. 30, 2023, was $3,402,589 compared with $862,807 in the prior period, an increase of $2,539,782 or 294%. Revenue for the nine months ended Sept. 30, 2023, was $23,901,556 compared with $18,157,778 in the prior period, an increase of $5,743,778 or 32%. Gross margin for the nine months ended Sept. 30, 2023, was $10,657,777 compared with $6,722,053 in the prior period, an increase of $3,935,724 or 59%. Adjusted EBITDA for the nine months ended Sept. 30, 2023, was $8,911,144 compared with $4,908,611 in the prior period, an increase of $4,002,539 or 82%. Increases in revenue, gross margin and EBITDA for the three and nine months, are reflective of increases customer activity in 2023 while maintaining the operating efficiencies of the company.

For the nine months ended Sept. 30, 2023, the company generated cash flow from operations of $10,578,612 compared with $5,160,161 in the prior period. This change is consistent with the higher activity levels during the period. The company continues to utilize a combination of cash flow and debt to right-size and modernize its equipment fleet to meet customer demands.

During the nine months ended Sept. 30, 2023, the company acquired $12,136,602 of capital assets, primarily for natural gas power generation, upgrading the energy efficiency of existing equipment and meeting specific requests from customers. The company continues to see its customers switching to natural gas as a cleaner and more efficient alternative to diesel, increasing the demand for natural gas generators and micro-grid packages. During the nine months ended Sept. 30, 2023, the company repurchased and cancelled 1,278,500 shares at a cost of $512,085, or $0.40 per share. These shares had a carrying value of $1.32 per share for a total of $1,169,393 which has been removed from the share capital account. Since the initiation of the share buyback program, the company has purchased and cancelled 11,336,000 shares at a cost of $2,903,646 or $0.26 per share. These shares have a carrying value of $1.41 per share for a total of $15,970,630 which has been removed from the share capital account over the entire share buyback program. The company renewed its bid on August 24, 2023, with a termination date of August 29, 2024, or such earlier time as the bid is completed or terminated at the option of the company. Management will continue to be aggressive in acquiring its shares as they believe its stock remains undervalued as the company's book value is $0.77 per share. Additionally, the company has available tax losses of $0.16 per share and is in the process of developing a consolidated tax plan to utilize those losses.

On September 29, 2023, the company made changes to its bank loan facility. The term has been extended for one additional year, now expiring on September 29, 2025. The interest rate changed to 10.5% and prepayment penalties have been removed. These changes give the company greater flexibility on financing choices to meet increased activity and the demands of its customers.

On January 23, 2023, the company's common shares began trading on the OTCQB Venture Market under the ticker symbol ETOLF. In addition to the listing, Enterprise's shares are now eligible for electronic clearing and settlement with the Depository Trust Company for trading in the United States. This listing will help to increase Enterprise's visibility and accessibility to a growing audience of U.S. investors.

About Enterprise Group, Inc.

Enterprise Group, Inc is a consolidator of services-including specialized equipment rental to the energy/resource sector. The company works with particular emphasis on systems and technologies that mitigate, reduce, or eliminate CO2 and Greenhouse Gas emissions for itself and its clients. The company is well known to local Tier One and international resource companies with operations in Western Canada. More information is available at the company's website www.enterprisegrp.ca. Corporate filings can be found on www.sedarplus.ca. For questions or additional information, please contact:

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