Mr. Brett Newton reports

TORNADO GLOBAL HYDROVACS REPORTS FIRST QUARTER 2023 RESULTS

Tornado Global Hydrovacs Ltd. has released its unaudited condensed consolidated financial results for the three-month period ended March 31, 2023. The unaudited condensed consolidated financial statements and related management discussion and analysis are available on the Company's issuer profile in Canada on SEDAR at www.sedar.com, the United States at www.otcmarkets.com and on the Company's website www.tornadotrucks.com. All amounts reported in this news release are in thousands ($000's CAD) except per share amounts.

First Quarter 2023 Overview and Recent Developments

The economic environment continued to improve during Q1/2023 resulting in the improvement of several key operating financial metrics compared to the same period in 2022. The Company achieved its highest ever quarterly sales, Gross Profit and EBITDAS.

Revenue of $21,031 increased 111.6% in Q1/2023 compared to $9,939 in Q1/2022 as customer demand continued to recover. The quarter was another record quarterly revenue for the Company.

Gross Profit of $3,448 increased by $1,104 in Q1/2023 compared to $2,344 in Q1/2022 due to increased revenue. Gross Profit was also positively impacted by the benefits from cost savings on parts sourced globally during Q1/2023. Gross Profit was negatively impacted by increased material, labour and freight costs in Q1/2023. General and administrative expense of $1,789 in Q1/2023 increased by $391 compared to $1,398 in Q1/2022. The increase was principally due to general increased employee costs in North America incurred to handle present and anticipated growth.

EBITDAS of $1,659 increased 75.4% in Q1/2023 compared to $946 in Q1/2022. This increase was due to the factors discussed above.

In July 2022 the Company entered into a Product Supply and Development Agreement for the co-development and supply of customized hydrovac trucks (the "Supply Contract") with Ditch Witch, a division of The Toro Company ("Ditch Witch"). The Supply Contract contains a commitment for the delivery of a number of innovative, proprietary hydrovac trucks to Ditch Witch that are estimated to generate minimum gross revenue for the Company in the amount of $44 million USD during the four year term. In addition the agreement provides for the transfer and sale of certain intellectual property rights ("IP") relating to the proprietary hydrovac trucks developed for Ditch Witch. This strategic alliance brings together two strong brands with a collective purpose to better serve customers and meet future demand including the improved outlook on infrastructure spending and the effect this spending will have on hydrovac demand globally. In Q1/2023, twelve customized hydrovac trucks were sold and delivered to Ditch Witch.

Outlook

Management believes the Company's business will continue to strengthen and expects the Company's production and sales of hydrovac trucks in North America in 2023 to continue to grow for the following reasons:

The positive impact of the Supply Contract with Ditch Witch including an anticipated total of $3 million USD cash proceeds in 2023 upon meeting certain milestones related to the transfer of IP.

The Company anticipates increasing revenues and benefits from the exclusive sales agreement with its US strategic partner, Custom Truck One Source ("Custom Truck"), a single-source provider of specialized truck and heavy equipment solutions including sales, rentals, and financing and has an integrated network of 35 locations across North America that the Company entered into in 2019.

Expected increased spending on infrastructure in North America, particularly in the USA as a result of the US Infrastructure Bill passed in late 2021.

The anticipated addition of new and innovative products to its product lines that will support the infrastructure, telecommunications and oil and gas industries.

The Company's commitment to continuous improvement of its hydrovac truck design which in the Company's view will result in compelling advantages over other hydrovac trucks currently offered in the market.

The Company has secured key manufacturing components, including chassis for customers, into future years through strategic relationships.

The Company has strengthened its dealer relationships in both Canada and US to meet the expected demand increase.

Expanded North American coverage for maintenance warranty and repair to better serve customers.

Increased sales pricing to customers to reflect changes in material and labour costs.

Limiting factors on the Company's ability to meet increased demand include: (i) the possibility of chassis supply chain interruption due to chip shortages at the chassis manufacturer level and other supply chain issues related to other key hydrovac components exacerbated by the COVID pandemic, Russia's invasion of Ukraine and USA China tensions, Canada China relations, and China Taiwan tensions; and (ii) general inflationary increases in components and labour. However, management believes that it will be able to manage these supply chain issues as a result of strategic decisions made by the Company.

About Tornado Global Hydrovacs Ltd.

Tornado is a pioneer and leader in the vacuum truck industry and has been a choice of utility and oilfield professionals with over 1,200 hydrovacs sold since 2005. The Company designs and manufactures hydrovac trucks as well as provides heavy duty truck maintenance operations in central Alberta. It sells hydrovac trucks to excavation service providers in the infrastructure and industrial construction and oil and gas markets. Hydrovac trucks use high pressure water and vacuum to safely penetrate and cut soil to expose critical infrastructure for repair and installation without damage. Hydrovac excavation methods are quickly becoming a standard in the North America to safely excavate in urban areas and around critical infrastructure greatly reducing infrastructure damage and related fatalities. In China, the Company's subsidiary is used principally to source certain parts to the Company's North America operations.

We seek Safe Harbor.