Mr. Rob Turley reports

AUDITED ANNUAL STATEMENTS FOR THE FISCAL YEAR ENDED MARCH 31, 2023

Plaintree Systems Inc. has released its audited consolidated financial statements and related management discussions and analysis for the fiscal year ending March 31, 2023.

During fiscal 2023, Plaintree realized revenues from operations of $19,943,120, up from revenues of $16,192,530 in fiscal 2022. Plaintree ended fiscal 2023 year with a net loss before income tax expense and impairment of $1,587,712, compared with losses of $200,856 in fiscal 2022.

"This year included the integration of our Elmira purchase into Plaintree's operations, including transferring, setting up and retraining of the entire Elmira manufacturing process from Elmira to Arnprior," said David Watson, chief executive officer. "This resulted in heavy expenditure with only nominal revenues for the first two fiscal quarters of 2023 for Elmira. Plaintree also made a number of investments in productivity such as acquiring the largest laser cutter in Eastern Ontario, an investment in inventory of over a $1-million as well as the installation of a Triodetic dome in our backyard for additional storage. Also the delay of a large mining order from Q4 of 2023 to Q3 of 2024 for Triodetic lowered expected revenues for last year. Last year was a challenge, but we believe that the investment and focus spent in fiscal 2023 should produce more positive results in fiscal 2024."

About Plaintree Systems Inc.

Plaintree has two diversified product lines consisting of specialty structures and applied electronics.

The specialty structures division includes the Triodetic Group, with over 40 years of experience, a design/build manufacturer of steel, aluminum and stainless steel specialty structures, such as commercial domes, foundations for unstable soil conditions and flood zones, for free form structures, barrel vaults, space frames and industrial dome coverings, and Spotton Corp., a design and manufacturer of high-end custom hydraulic and pneumatic valves and cylinders.

The applied electronics division includes the legacy Hypernetics, Summit Aerospace USA Inc. and Elmira Stove Works Inc. businesses. Hypernetics was established in 1972 and is a manufacturer of avionic components for various applications, including aircraft anti-skid braking, aircraft instrument indicators, solenoids, high-purity valves and permanent magnet alternators. Summit Aerospace USA provides high-precision machining to the aerospace and defence markets. Its facility includes five-axis CNC precision machining of complex castings and large ring parts, such as turbine and assembly shrouds, as well as assembly and pressure seals. Summit will support requirements from concept, prototype and throughout production. Elmira Stove Works is a manufacturer of high-end heritage and retro-styled kitchen appliances under the brand names Northstar, Fireview and Heritage.

Plaintree's shares are traded under the symbol NPT. Shareholders and investors can access company information on the Canadian Securities Exchange website and receive full company disclosure monthly.

Plaintree has 12,925,253 common shares and 18,325 Class A preferred shares outstanding.

We seek Safe Harbor.