Mr. Derek Spratt reports

TURNIUM TECHNOLOGY GROUP INC. REPORTS RECORD FISCAL Q3 2023 FINANCIAL RESULTS

Turnium Technology Group Inc. has released its financial results for third quarter fiscal 2023.

The consolidated financial statements and management's discussion and analysis for the second quarter ended June 30, 2023, are available on the company's SEDAR+ profile.

Derek Spratt, chief executive officer of Turnium, commented: "In the third quarter of fiscal 2023, the Turnium team continued its focus on rightsizing the corporate balance sheet, repaying the approximate $2-million term loan in full to FirePower Capital and recapitalizing the business to execute on its growth strategy. We are very excited about Turnium's future and remain focused in growing the customer base, introducing new products and expanding our geographic sales footprint, and managing costs in a fiscally responsible manner. I am happy to report that the many improvements to our business have translated to a record third quarter."

Third quarter fiscal 2023 highlights:

• Revenue in the third quarter increased to $1.48-million, compared with $1.12-million in the third quarter of 2022.
• Gross margin in the third quarter was $917,000, compared with $831,000 in the third quarter of 2022.
• Total expenses in the third quarter decreased to $1.5-million, compared with $2.2-million in the third quarter of 2022.
• Net loss in the third quarter decreased to ($750,000) compared with ($3.3-million) in the third quarter of 2022.
• The number of common shares outstanding (basic) at the end of the third quarter 2023 was 68,935,614.

Fiscal quarter financial highlights

The company's key financial results for the three months ended June 30, 2023, are set out in the attached table.

Special notes

It is anticipated that revenues and expenses may vary, perhaps materially, from quarter to quarter due to several factors, including changes in product mix, costs related to planned increase in market share, global expansion costs and continuing corporate development initiatives. Although revenues may fluctuate from quarter to quarter, and such fluctuations may be material, management expects that revenues will increase year over year.

There are no known trends or seasonal impacts on the company's business although seasonal trends may develop as the company grows.

Additional third quarter fiscal 2023 highlights

May 25, 2023: Turnium and Damen IT deliver a disruptive Starlink solution for point-to-point communications across the Netherlands and Germany:

• Damen IT deploys Turnium to aggregate and bond multiple low Earth orbit (LEO) satellite links from Starlink with multiple LTE connections to deliver faster communications and operational continuity for businesses, field operations and organizations operating in off-net, remote areas.

May 18, 2023: Turnium signs amended loan agreement with FirePower Capital:

• Turnium announces it has entered into a fourth amending agreement with affiliates of FirePower Capital to extend the maturity date of Turnium's FirePower term loan from March 31, 2023, to July 31, 2023.

May 17, 2023: Turnium announces closing of first tranche of unsecured convertible note offering:

• Turnium closes the first tranche of its non-brokered private placement of unsecured convertible notes for aggregate gross proceeds of up to $1-million. The first tranche closing of the offering was composed of the issuance of unsecured convertible notes in the aggregate principal amount of $276,500.

May 5, 2023: Turnium extends exclusivity period of non-binding letter of intent with ActivePort Group Ltd.:

• Turnium announces that the counterparty to the potential transaction is ActivePort, an Australian software company. The parties have extended the exclusivity period for negotiation of definitive documents through to May 31, 2023.

May 4, 2023: Turnium and Metro Lightspeed SDN BHD announce new partnership agreement: introducing next-generation Internet connectivity solutions to the Malaysian market and Asia Pacific region:

• Metro Lightspeed, an existing Turnium channel partner, signs a new 60-month licensing agreement, enhancing wireless, POS and business connectivity solutions for the Malaysian and Asia Pacific market.

April 11, 2023: Turnium and Comms365 Ltd. announce preferred partnership agreement: introducing next-generation Internet connectivity solutions to the United Kingdom market:

• Comms365 signs 24-month preferred partner licensing agreement with Turnium valued at over $500,000, enhancing managed service delivery, Internet of Things applications and reliable connectivity for U.K. businesses.

April 3, 2023: Turnium creates special committee to review non-binding letter of intent to acquire the shares of the company:

• Turnium enters into a non-binding letter of intent with respect to a potential share purchase transaction with one of its publicly listed strategic partners. Final structure and terms of the potential transaction not yet been finalized.

Subsequent highlights to the fiscal third quarter

Aug. 22, 2023: Turnium announces closing of second tranche non-brokered life offering for gross proceeds of $479,000:

• Turnium closes its second tranche non-brokered private placement offering of 4.79 million units of the company at a price of 10 cents per unit for gross proceeds of $479,000. The offering was completed pursuant to the listed issuer financing exemption.

Aug. 9, 2023: Bahrain's Gulf Wireless City implements Turnium software to further monetize artificial intelligence, smart building technology, security, home automation and wireless solutions:

• Turnium announces that Gulf Wireless City has implemented Turnium's SD-WAN software technology to deliver business connectivity, high-quality voice calls over Internet, and reliable and secure multicarrier managed connections in Bahrain.

Aug. 3, 2023: Turnium announces closing of brokered and non-brokered life offering for gross proceeds of $3-million:

• Turnium closes its brokered and non-brokered private placement offering of 30.21 million units of the company at a price of 10 cents per unit for gross proceeds of $3,021,000. The offering was completed pursuant to the listed issuer financing exemption.

July 31, 2023: Turnium provides update regarding previously announced brokered life offering for up to $3.5-million:

• Turnium files a second amended offering document with respect to its commercially reasonable effort private placement basis offering of units of the company under the listed issuer financing exemption. Under the final terms of the offering, the units will be issued at a price of 10 cents per unit for gross proceeds of a minimum of $3-million and a maximum of $3.5-million.

Engagement of digital communications service provider

Turnium also announces that it has entered into an agreement with Blue Summit Ventures, an arm's-length party to the company, to provide marketing services to enhance its social media and digital marketing functions.

Blue Summit will oversee the company's social media campaigns, harnessing the power of various platforms to raise awareness of Turnium, engage with stakeholders and communicate the company's continuing advancements in the SD-WAN market. Blue Summit has agreed to provide digital communications services to the company in exchange for an aggregate amount of $175,000 plus applicable taxes. The services will include continuing social media consultation regarding engagement and enhancement, social sentiment reporting, social engagement reporting, and corporate video dissemination.

The initial term of the Blue Summit agreement is for a period of six months. As of the date hereof, to the company's knowledge, Blue Summit (including its directors and officers) does not own any securities of the company.

Frankfurt Stock Exchange listing

The company announces that it has been accepted for listing on the Frankfurt Stock Exchange under the symbol E48. The FSE is one of the world's leading international stock exchanges by revenue, profitability and market capitalization, and is the largest of Germany's stock exchanges.

About Turnium Technology Group Inc.

Turnium delivers its SD-WAN solution as a white label, containerized, disaggregated software platform that original equipment manufacturer channel partners host, manage, brand and price. Turnium is also available to resellers as a Turnium-branded managed service. Turnium SD-WAN solutions are sold through a channel partner program designed for communications service providers, Internet and managed service providers, system integrators, and value-added resellers.

We seek Safe Harbor.