Mr. Robert Turley reports

PLAINTREE SYSTEMS INC. ANNOUNCES THIRD QUARTER FISCAL 2024 RESULTS

Plaintree Systems Inc. has released its unaudited interim consolidated financial statements and related management discussion and analysis for the three and nine months ended Dec. 31, 2023.

For the quarter ending Dec. 31, 2023, Plaintree realized revenues from operations of $4,857,244, as compared with $6,238,193 for the same period in fiscal 2023. Plaintree's consolidated revenues for the first nine months of fiscal 2024 were $17,788,121, as compared with $16,545,490 for the same period in fiscal 2023.

Net loss was $173,920 for the quarter ended Dec. 31, 2023, as compared with net income of $830,907 for the same period a year earlier. Year-to-date net income for the first three quarters of fiscal 2024 was $447,085 in the nine-month period ended Dec. 31, 2023, as compared with net income of $1,390,041 for the same period a year earlier.

"As I have mentioned many times," said David Watson, chief executive officer, "Triodetic is our largest division and its contracts are often in the millions of dollars, so the financial performance of Plaintree can vary greatly from quarter to quarter depending on how these contracts materialize. At the current time, Triodetic's backlog exceeds historic levels but these contracts will not begin in earnest until Q1 of fiscal 2025."

About Plaintree Systems Inc.

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

The specialty structures division includes the Triodetic Group, which, with over 40 years of experience, is a design/build manufacturer of steel, aluminum and stainless steel specialty structures such as commercial domes, foundations for unstable soil conditions and flood zones as well as 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.

Plaintree is publicly traded in Canada on the Canadian Securities Exchange under the symbol NPT and it has 12,925,253 common shares and 18,325 Class A preferred shares outstanding.

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