Mr. Andrew Malion reports

SPECTRA PRODUCTS INC. REPORTS FIRST QUARTER 2024 RESULTS

Spectra Products Inc. has released its financial results for the three months ended March 31, 2024.

Continued operational profitability in 2024 has allowed the company to maintain strong cash reserves as at March 31, 2024. Cash and investments comprise over $1.4-million, an increase of almost $100,000 since Dec. 31, 2023.

Revenues for the three-month period ended March 31, 2024, were $437,618 compared with $533,572 for the same period in 2023, a decrease of 18 per cent.

In the three-month period ended March 31, 2024, net income before taxes of $57,810 was earned compared with net income before taxes of $109,551 for the same period in 2023, a decrease of 53 per cent.

"We are happy to report the launch of revenues from Optimum Fleet Health," said Andrew Malion, chief executive officer of Spectra Products. "We are striving to realize the revenue potential from this new product line, and to take advantage of its synergies with Spectra's existing product portfolio and the company's position in the marketplace as a leader in wheel end safety."

About Spectra Products Inc.

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 and Hub Alert, the Termin-8RO line of electric vehicle protection, anti-corrosion and extreme pressure lubricants, and Optimum Fleet Health, a revolutionary artificial intelligence predictive and prescriptive vehicle maintenance software.

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