Mr. Andrew Malion reports

SPECTRA PRODUCTS INC. REPORTS FIRST QUARTER 2023 RESULTS

Spectra Products Inc. has released its financial results for the three months ended March 31, 2023.

Continued operational profitability in 2022 has allowed the company to maintain its cash reserves at over $1-million as at March 31, 2023.

Revenues for the three-month period ended March 31, 2023, were $533,572 compared with $356,561 for the same period in 2022, an increase of 50 per cent.

In the three-month period ended March 31, 2023, net income before taxes of $109,551 was earned, compared with net income before taxes of $43,521 for the same period in 2022, an increase of 152 per cent.

"We are excited to report a strong first quarter for Spectra Products Inc., with significant revenue growth and profitability," said Andrew Malion, chief executive officer of Spectra Products. "This is a result of increased sales in the large U.S. trucking market for several products."

Spectra Products is the Toronto-based North American designer, manufacturer and distributor of wheel end safety products to the transportation industry. These products include Brake SafeO, Zafety Lug LockO, Hub Alert as well as the Termin-8RO line of electric vehicle protection, anti-corrosion and extreme-pressure lubricants.

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