Mr. Elliott Etheredge reports

PUDO INC. REPORTS FY 2024 FIRST QUARTER END RESULTS

Pudo Inc. today filed interim financial results (unaudited) and operational highlights for its first quarter, which ended May 31, 2023 (Q1 FY (fiscal year) 2024).

"While the revenue decline in the first quarter from our for pickup and third party logistics business is disappointing, the traction that we are seeing in the returns business is very exciting," commented Elliott Etheredge, chief executive officer. "The weakness that we have seen in the business is the result of customers' decline in activity and changes made in their business model. We see solid continued interest in the returns service and view this as the future growth driver for the company."

In Q1 FY 2024, returns accounted for 42.9 per cent of revenue versus 35.9 per cent in Q1 FY 2023.

Pudo continues to expand the availability and volume of its Pudo label return services. By increasing the number of retailers using the solution and partnering with additional SaaS (software-as-a-service) and 3PL (third party logistics) providers, the Pudo network is becoming an important part of the e-commerce returns solution.

The company is currently working with its partners to develop the rollout out plan for the United States network expansion this year. The company anticipates that the initial rollout will potentially double the company's overall revenue.

A complete copy of the interim consolidated financial statements and the management's discussion and analysis report for the three-month period ended May 31, 2023, can be found on the Canadian Securities Exchange website and on SEDAR.

About Pudo Inc.

Pudo is North America's only carrier-neutral parcel pickup and drop-off counter network, conceived to resolve the last-mile parcel-traffic-control gridlock that challenges North America's over $800-billion retail e-commerce sector and eliminate over $6-billion in door-dropped parcel theft.

Pudo's team of logistics and parcel traffic management experts have created a plug-and-play, pay-as-you-go platform and network of parcel pickup and drop-off storefront counters known as Pudopoint Counters, strategically located very near to where people live, work and play.

The Pudo model reduces or eliminates crippling last-mile related expenses for on-line retailers, marketplaces and carrier/delivery partners, with fulfilment and distribution solutions that include parcel storage and consolidation for click-and-collect deliveries, on-line returns, and the nearly 35 per cent of e-commerce parcels that are undeliverable on first attempt.

Membership in the Pudopoint Counters network program offers consumers parcel receipt certainty, early/late/weekend pickup, return convenience, 100-per-cent elimination of door-drop parcel theft and a mobile home-away-from-home address network that goes wherever they do.

The Pudopoint Counters network provides all carriers, retailers and consumers with badly needed cost controls, choice and convenience.

We seek Safe Harbor.