Ms. Cathy Hume reports

TENET REPORTS THIRD QUARTER 2023 FINANCIAL RESULTS AS IT CONTINUES TO PREPARE DATA-DRIVEN REVENUE PHASE OF ITS STRATEGIC PLAN AND FOCUS ON NORTH AMERICAN OPERATIONS

Tenet Fintech Group Inc. today released its financial results and operating highlights for the three-month and nine-month periods ended Sept. 30, 2023, and Sept. 30, 2022. The impact of the disruption in the company's operations in both China and Canada during the second quarter of 2023 continued to take its toll on the company's revenue during the third quarter. Tenet reported total revenue of $9.2-million for the quarter and a net loss of $43.0-million. The net loss reported includes $36.4-million of non-cash impairment charges attributed to delays in forecasted revenue from the company's Heartbeat platform in China and its Cubeler platform in Canada. The company is hopeful that a significant portion of these impairment charges (excluding goodwill) may be reversed in future quarters as the platforms become significant revenue generators for the company. All amounts expressed in this news release are in Canadian dollars.

Q3 financial highlights:

• Total revenue of $9.2-million;
• Net loss of $43.0-million;
• EBITDA (earnings before interest, taxes, depreciation and amortization) of ($40.8-million);
• Adjusted EBITDA ($3.8-million).

Q3 operating highlights:

• Closing of $10.9-million of planned total of $20-million private placement financing;
• Strategic alliance with Certified Professional Bookkeepers of Canada.

Summary of third quarter operating results

As a development-stage company, timely access to capital continues to be an important element for the execution of Tenet's business plan. One of the main priorities for the company in the third quarter, following the events that had occurred in Q2, was to ensure that it would have the capital to carry out its business plan for the coming year. The company estimated that it would need approximately $20-million to do so and was able to raise about $10.9-million of that amount during the quarter. Tenet expects to close on the balance of the target amount by the end of 2023. However, there can be no assurances that the company will be successful in doing so.

In addition to shoring up its finances, Tenet spent a significant portion of the quarter on activities related to preparing the company's transition from a predominantly transaction-fee-based revenue model to a predominantly data-driven subscription-fee-based revenue model. This implied resuming the development of the Cubeler Business Hub's networking, advertising and insights pillars, putting more emphasis on industrial and geographic diversification and expansion of Tenet's service offering in China, and on partnerships with business associations, bookkeepers, accounting software vendors and others with large numbers of small and medium-sized business clients or members, that the company can work with to promote the benefits of membership on the Cubeler Business Hub. The company believes the strategic alliance it was able to forge with Certified Professional Bookkeepers of Canada during the quarter will significantly impact its ability to rapidly add members to the Cubeler Business Hub once the networking and advertising pillars of the hub are live sometime during the first quarter of 2024.

Operational outlook for Q4 2023 and fiscal 2024

While Tenet's revenue in Q3 was still entirely generated under a predominantly transaction-fee-based model in China, transitioning to a predominantly subscription-fee-based revenue model, offering data-driven analytics and artificial-intelligence-based products and services to global capital markets participants, will be the company's main focus in Q4 2023 and beyond. Tenet estimates the market for its ie-Pulse product offering in North America to be between $45-million and $450-million in monthly subscription fees, and the addressable market for its Equity Insider product offering in North America to be between $575-million and $2.3-billion in monthly subscription fees. The company believes that a prompt transition to this phase of its strategic plan will be most beneficial to its shareholders in both the short run and the long run and therefore endeavours to take the necessary steps to start to commercialize its initial data-driven products in North America sometime during the first half of 2024. More information about Tenet's upcoming data-driven product offering is available at the Tenoris 3 website.

Tenet by no means plans to forego the transaction-fee-based revenue it generates in China. Rather, this form of revenue is expected to go from playing a leading role to a supporting role in how the company generates revenue in the future, complementing the data-driven revenue the company expects to generate in North America and eventually in other parts of the world, including China.

Summary of third quarter financial results

In summary, the company generated revenue of $9,244,460 for the three-month period and $35,514,978 for the nine-month period ended Sept. 30, 2023, compared with $21,585,258 for the three-month period and $88,758,946 for the nine-month period ended Sept. 30, 2022.

Total expenses before taxes for the quarter amounted to $53,133,401 compared with $30,164,621 for the same period in 2022. Net loss for the third quarter of 2023 was $43,002,953 compared with a net loss of $7,715,209 for the same period in 2022.

Full details of the company's third quarter 2023 financial results can be found in the unaudited condensed interim consolidated financial statements and management's discussion and analysis (MD&A) for the three-month and nine-month periods ended Sept. 30, 2023, and Sept. 30, 2022, which are available at SEDAR+.

Tenet will host a conference call on Thursday, Nov. 30, at 9 a.m. ET, where president and chief executive officer Johnson Joseph, chief financial officer Jean Landreville and chief operating officer Mayco Quiroz will discuss the Q3 2023 financial results and the company's operational outlook for Q4 2023 and fiscal year 2024.

About Tenet Fintech Group Inc.

Tenet Fintech is the parent company of a group of innovative financial technology (fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, include Tenet and all its subsidiaries. Tenet's subsidiaries provide analytics and AI-based (artificial intelligence) services to businesses and financial institutions through the Cubeler business hub, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B (business-to-business) transactions among its members.

We seek Safe Harbor.