Mr. Gali Bar-Ziv reports

EVERYBODY LOVES LANGUAGES REPORTS FINANCIAL RESULTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2023

Everybody Loves Languages Corp. has released its financial results for the third quarter ended Sept. 30, 2023. All figures are in accordance with international financial reporting standards unless otherwise noted.

Q3 2023 operational highlights:

• On-line English language learning:
  • Launched Everybody Loves Languages' AcadeMe Junior program:
    • Deployed English for Success+ and AcadeMe Junior with more than 15,000 users;
    • Initiated targeted campaign for AcadeMe Junior;
  • Launched Planet Pop in select markets;
  • Added three distributors in Peru and Ecuador;
  • Expanded the sales team with a director in Brazil;
• Content-based English language learning:
  • Continued to develop content for the latest revision of the PEP books;
  • Initiated scripts for video material to be used as supplement to the PEP books.

• Revenue for the third quarter ended Sept. 30, 2023, totalled $123,866 as compared with $181,014 in Q3 2022.
• Operating and development expenses for the quarter ended Sept. 30, 2023, totalled $443,975 compared with the expenses of $453,616 in Q3 2022. Included as a reduction of selling, general and administrative expenses are government grants of $53,393 as compared with $55,000 relating to the company's publishing and software projects and $15,000 related to the financing of developing accessible audio books in Q3 2022.
• Net loss for the quarter ended Sept. 30, 2023, was ($282,532) or (nil) loss per share (basic and diluted) based on 35.6 million shares as compared with a net loss of ($117,148) for Q3 2022 or (nil) loss per share (basic and diluted) based on 35.5 million shares.
• Loss before amortization, share-based payments, depreciation, finance charges and taxes was ($320,109) in Q3 2023 compared with a loss of ($272,602) in Q3 2022.

• Revenue for the nine-month period ended Sept. 30, 2023, totalled $1,338,660 compared with $1,320,824 for the same period in 2022.
• Operating and development expenses for the nine-month period ended Sept. 30, 2023, totalled $1,661,786 as compared with $1,229,849 for the same period in 2022.
• Net loss for the nine-month period was ($321,530) as compared with net profit of $100,954 for the same period in 2022.
• Loss before amortization, share-based payments, depreciation, finance charges and taxes was ($323,126), as compared with income of $20,975 for the same period in 2022.

"We have started promoting our Junior program in August and have implemented in a number of schools. In addition, we have added sales resources for Brazil. We expect to see the results and growth in users as more distributors and clients are exposed to the benefits of the program. Furthermore, we continue to invest in our solutions to ensure a competitive advantage with the Hollywood movies in multiple markets," said Gali Bar-Ziv, president and chief executive officer of Everybody Loves Languages.

The unaudited condensed interim financial statements for the quarter ended Sept. 30, 2023, and management's discussion and analysis are available at SEDAR+.

About Everybody Loves Languages Corp.

Everybody Loves Languages is an edtech language-learning and content development company empowering language educators to easily transition from traditional teaching methods to digital learning by integrating education, edutainment and technology.

The company provides on-line and print-based solutions through two distinct business units: Everybody Loves Languages and Lingo Learning Inc. Everybody Loves Languages is a state-of-the-art technology platform that delivers personalized learning experiences in classrooms and on-line. Its programs provide innovative software-as-a-service-based e-learning solutions, including on-line and off-line content, a learning management system, assessments, real-time reports, speech recognition technology, and white-label tools. At the same time, Lingo Learning is the content development arm and co-publishes print-based English language learning materials in China.

Everybody Loves Languages has established successful relationships with key government and industry organizations internationally, with a presence in Latin America and China, and continues to expand its product offerings and extend its market reach.

We seek Safe Harbor.