Mr. Tony Busseri reports

ROUTE1 ANNOUNCES Q4 AND FISCAL YEAR 2022 FINANCIAL RESULTS

Route1 Inc. has released its financial results for the three- and 12-month periods ended Dec. 31, 2022.

Fiscal year 2022

The company's operating results for fiscal year 2021 with comparatives are set out herein.

Fourth quarter 2022

"Route1's fourth quarter of 2022 net income was negatively impacted by our decision to remove deferred taxes assets and liabilities from the company's balance sheet in the net amount of approximately $1.1-million. It had no cash consequence. Further, the accounting decision has no impact on the ability to use its $11.8-million in Canadian operating tax losses that are being carried forward to reduce or eliminate cash tax obligations annually on our taxable operating income," said Tony Busseri, Route1's president and chief executive officer.

The company's operating results for Q4 2022 with comparatives are set out herein.

Business update conference call and webcast

The company has decided to hold a conference call and webcast with the announcement of its first quarter 2023 financial results in late May, 2023.

About Route1 Inc.

Route1 is an advanced North American technology company that empowers its clients with data-centric solutions necessary to drive greater profitability, improve operational efficiency and gain sustainable competitive advantages, while always emphasizing a strong cybersecurity and information assurance posture. Route1 delivers exceptional client outcomes through real-time secure delivery of actionable intelligence to decision makers, whether it be in a manufacturing plant, in a theatre or in a university parking lot. Route1 is listed in Canada on the TSX Venture Exchange under the symbol ROI.

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