Mr. Ronald Loucks reports

NEXGENRX ANNOUNCES Q1 2023 QUARTERLY RESULTS WITH CONTINUED REVENUE GROWTH AND POSITIVE EBITDA AND ANNOUNCES ELECTION OF NEW DIRECTOR

NexgenRx Inc. has released its interim financial results for the first quarter ended March 31, 2023, with revenues growing to $3,458,619, an increase of $284,743 (or 8.97 per cent) over the same quarter in 2022. The company's cash position also remained strong at $1,264,334. The company also held its annual and special meeting of shareholders today, at which all proposed resolutions were approved, including the election of a new director, Dave Bennett.

Q1 results

In addition to increasing total revenues for Q1, the company also experienced a healthy growth in recurring revenues. Total operating expense was $315,482 or 13.98 per cent higher compared with same period prior year, attributed to IT (information technology) implementation expenses and compensation adjustments. Management continues to carefully monitor and control all operating expenses. The company has emphasized keeping its costs low, plus looking for further cost-reduction opportunities, and these efforts have shown their value in the company's ability to generate an EBITDA (earnings before interest, taxes, depreciation and amortization) of $519,061 and additional shareholder value.

New director

The company is pleased to welcome Mr. Bennett to the board, following his election by shareholders at today's annual and special meeting. Mr. Bennett is a seasoned senior executive and actuary with more than 30 years experience working in the life insurance and wealth management industries. Most recently, he was at The Equitable Life of Canada, where he led the group benefits business for six years. Prior to that, he was the chief financial officer of the company, responsible for all financial oversight, strategic planning and corporate business development. He also has extensive experience in strategy, with time spent at McKinsey & Co., and led the mergers and acquisitions function at Manulife. Mr. Bennett attained his ICD.D in 2022, and has served on a number of not-for-profit boards such as Grand River Hospital, the Waterloo District School Board and as the chair of an independent school. He also has considerable experience working with boards as management, having been accountable to the audit and pension committees of Equitable Life's board of directors for seven years, and leading strategic reviews.

Ron Loucks, president and chief executive officer, stated: "Let me start by welcoming Dave to our board. We are extremely fortunate to be able to add someone of Dave's calibre and experience to our team, and we all look forward to working together with him as we continue work towards further growth and prosperity for NexgenRx and its shareholders." Regarding financial results, Mr. Loucks continued: "The strength of our operating model, together with the agility of our leadership teams, allowed us to end Q1 with solid results that were in line with our objectives to protect our financial position and maintain our margin. The World Health Organization has officially announced that COVID-19 is no longer a global health emergency, marking a symbolic end to the coronavirus pandemic that changed the world in so many ways. This message sets a positive tone for the first quarter as we have a strong sales pipeline that we expect to be able to capitalize on with more frequent face-to-face interactions with our prospective clients."

About NexgenRx Inc.

NexgenRx is Canada's only independent full-service third party administrator and technology solutions provider, offering proprietary full front-end, eligibility, enrolment, hour bank and mobile access capabilities, together with state-of-the-art claims adjudication and full provider network coverage. These combined capabilities allow NexgenRx to provide plan sponsors, sophisticated administration and health benefit technology applications in a cost-effective SaaS (software-as-a-service) model.

NexgenRx is committed to building partnerships with organizations looking to exceed the expectations of their clients and plan members, and deliver superior administration and claims processing solutions at a competitive cost.

We seek Safe Harbor.