Mr. Ronald Loucks reports

NEXGENRX INC. ANNOUNCES Q3 2023 QUARTERLY RESULTS WITH CONTINUED REVENUE GROWTH AND POSITIVE EBITDA

NexgenRx Inc. has released its interim financial results for the third quarter ended Sept. 30, 2023, with continued revenue growth to $3,390,174 for the quarter and $10,272,578 year to date. The quarterly revenue growth represents an increase of 8.86 per cent over the same quarter in 2022. Year-to-date EBITDA (earnings before interest, taxes, depreciation and amortization) is $1,020,591.

The strength of the company's operating model, together with the agility of its leadership teams, allowed the company to end Q3 with solid results that were in line with the company's objectives of continued growth while maintaining margin. Q3 revenue was $275,792 higher compared with the same period last year, with a healthy growth in recurring revenues. Total operating expense for Q3 was $277,639 or 10.98 per cent higher compared with the same period in the prior year, which is attributed to information technology implementation expenses, consulting services and compensation adjustments. Management continues to carefully monitor and control all operating expenses. Management has emphasized managing the company's costs plus looking for further cost reduction opportunities, and these efforts have shown their value in the company's ability to generate a year-to-date EBITDA of $1,020,591 and additional shareholder value.

Ron Loucks, president and chief executive officer, stated: "I am pleased to present our Q3 2023 results showing our revenue growth of 8.86 per cent. The quarter has been very active in preparation for several new client initiatives with prospective clients; however, these clients required more time to execute their implementation, and we expect to see our efforts rewarded commencing [first quarter] 2024. The management team continually balances new revenue growth initiatives and our cost structure to keep a balance between our push for growth and the resources necessary to accomplish our plans. We anticipate additional marketing and related expenditures in the following quarter. With this process complete, new revenues are expected to be incremental without any additional significant cost."

About NexgenRx Inc.

NexgenRx is Canada's only independent full-service third party administrator and technology solution provider, offering proprietary full front-end, eligibility, enrolment, hour bank and mobile access capabilities, together with state-of-the-art claim 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 claim processing solutions at a competitive cost.

We seek Safe Harbor.