Mr. Leonard Jaroszuk reports

ENTERPRISE GROUP ANNOUNCES RESULTS FOR THE FOURTH QUARTER OF 2023

Enterprise Group Inc. has released Q4 2023 and full year 2023 unaudited results.

Increased capital spending in the energy industry has resulted in higher activity levels and improved results for the quarter. "Our unaudited numbers show that Enterprise delivered a 10-per-cent revenue increase in Q4 and a 25-per-cent increase for FY23," stated Leonard Jaroszuk, president and chief executive officer. "Our aggressive growth plans going forward will build on initiatives commenced in 2021 with significant development in the area of cost-effective solutions to markedly reduce greenhouse gases for our clients' projects, including our numerous Tier 1 customers."

Highlights:

• Revenue for the three months ended Dec. 31, 2023, was $9,599,000 compared with $8,734,000 in the prior period, an increase of $865,000 or 10 per cent. Gross margin for the three months ended Dec. 31, 2023, was $4,844,000 compared with $4,158,000 in the prior period, an increase of $686,000 or 16 per cent. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the three months ended Dec. 31, 2023, was $4,375,000 compared with $3,236,000 in the prior period, an increase of $1,136,000 or 34 per cent.
• Revenue for the year ended Dec. 31, 2023, was $33,501,000 compared with $26,892,000 in the prior year, an increase of $6,609,000 or 25 per cent. Gross margin for the year ended Dec. 31, 2023 was $15,502,000 compared with $10.88-million in the prior year, an increase of $4,622,000 or 42 per cent. Adjusted EBITDA for the year ended Dec. 31, 2023, was $13,286,000 compared with $8,149,000 in the prior year, an increase of $5,137,000 or 63 per cent.
• For the year ended Dec. 31, 2023, the company purchased and cancelled 1,278,500 shares at a cost of $512,000, reducing the share capital account by $1,169,000. Since the initiation of the share buyback program, the company has purchased and cancelled 11,336,00 shares at a cost of $2,904,000 and, as a result, the company's share capital account has been reduced by $15,971,000 over the entire share buyback program. Enterprise believes its stock remains undervalued and will continue to reinvest positive cash flow to buy-back shares to enhance shareholder value.
• On Jan. 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 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 (carbon dioxide) and greenhouse gas emissions for itself and its clients. The company is well known to local Tier 1 and international resource companies with operations in Western Canada.

We seek Safe Harbor.