Mr. Tony Busseri reports

ROUTE1 ANNOUNCES Q1 2023 FINANCIAL RESULTS

Route1 Inc. today released its financial results for the three month period ended March 31, 2023.

As of May 25, 2023, there are a total of 2,575,000 options currently outstanding under the stock option plan.

Business and operations metrics

Further to the company's most recent shareholder call and webcast presentation held on Feb. 28, 2023, Route1 communicated operating metrics that it believes assists in establishing its business model direction change is successful and can be scaled. Specifically, the growth of gross profit (GP) generated from non-MobiKEY sales on a quarterly basis needs to achieve a minimum of $1.15-million (U.S.) (Benchmark A), and recurring ALPR support contracts need to grow to in excess of $1.0-million (U.S.) in annualized revenue value (Benchmark B).

Benchmark B

Route1 continued to see improved levels of recurring revenue derived from its LPR clients through improved support contracts -- technology life-cycle maintenance and support revenue. Route1 started the year at a base of $595,000 (U.S.) per annum.

Since the closing of the Spyrus Solutions acquisition, Route1 has monetized the inventory acquired and realized good short-term success in selling the PocketVault P-3X technology. The company spent approximately $580,000 (U.S.) to acquire Spyrus Solutions.

Business update conference call and webcast

Route1 will hold a shareholder conference call and web cast to provide a business update on Thursday, June 1, 2023, at 10 a.m. Eastern Time. Participants should dial toll-free 888-506-0062 or toll/international 973-528-0011 at least 10 minutes prior to the conference call and webcast. The participant access code is 298761. For those unable to attend the call, a replay will be available at toll-free 877-481-4010 passcode 48498 until 4:30 p.m. on June 6, 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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