Mr. Elliott Etheredge reports

PUDO INC. REPORTS FY 2024 SECOND QUARTER END RESULTS

Pudo Inc. has filed the interim financial results (unaudited) and operational highlights for its second quarter, which ended Aug. 31, 2023 (Q2 fiscal year (FY) 2024).

Commented Elliott Etheredge, chief executive officer: "Our new partnership with Wish is a significant opportunity for us to efficiently grow our number of Pudopoints as well as a strong validation of the value of our network to the e-commerce industry. Also, during the second quarter, we initiated returns activity in New York City with one of our large Canadian customers as a pilot program for our U.S. expansion. As was the case in the first quarter, the revenue decline in the second quarter was the result of customers' change in their business model for processing returns. As we pursue our expansion activity and further customer acquisition, we have removed overhead expenses, which will provide Pudo with a cash break-even cost structure for cash operating profit."

In Q2 FY 2024, returns accounted for 43.7 per cent of revenue, versus 34.8 per cent in Q2 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.

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

About Pudo Inc.

Pudo is North America's only independent parcel pickup and drop-off counter network.

Pudo has created a network of more than 1,200 storefront partners known as Pudopoint counters, strategically located very near to where people live, work and play.

Pudo partners with retailers and logistics providers to offer a last-mile pickup and returns network for e-commerce shoppers that reduces cost, increases convenience and provides package security to the last-mile of package logistics.

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