Mr. Neil Magrath reports

TOTAL TELCOM ANNOUNCES RECORD FOURTH QUARTER AND FISCAL YEAR 2023 RESULTS. FISCAL 2023 REVENUES INCREASED 45%, NET INCOME INCREASED 99%

Total Telcom Inc. today released its financial results for its fourth quarter and fiscal year ended June 30, 2023. The financial statements and related management's discussion and analysis (MD&A) can be viewed on SEDAR+.

Key fiscal year 2023 highlights

• Record revenue of $2.39-million, an increase of 45 per cent driven by continued growth in hardware sales and communication revenues.
• Hardware revenue of $1.23-million, an increase of 131 per cent.
• Communication or recurring revenues of $647,000, an increase of 27 per cent.
• Record gross profit of $1.48-million, an increase of 57 per cent.
• Record cash provided by operating activities of $799,000, an increase of 68 per cent.
• Record net income of $583,000, an increase of 99 per cent.
• Record earnings per share of 2.2 cents, an increase of 100 per cent.
• Cash and cash equivalents, and term deposits, improved to $2.4-million.
• Working capital improved to $2.73-million.
• Launched a new product, Water-TraX, which is a proprietary advanced satellite telemetry device, designed specifically for water management environmental monitoring.
• Launched the company's second-generation hardware of the RV integrated controller, which expanded the company's technological capabilities and was a key driver for fiscal 2023's success.

Key fourth quarter 2023 highlights

• Record revenue of $714,000, an increase of 52 per cent.
• Hardware revenue of $456,000, an increase of 113 per cent.
• Communication or recurring revenues of $190,000, an increase of 26 per cent.
• Gross profit of $509,000, an increase of 63 per cent.
• Cash provided by operating activities of $229,000, an increase of 26 per cent.
• Net income of $252,000, an increase of 29 per cent.
• Earnings per share of one cent.

Neil Magrath, chief executive officer of Total Telcom, commented: "By all measures, 2023 was a remarkable year, and Total Telcom has once again demonstrated its leadership in remote asset monitoring and communication solutions. With several commercialized products in the market, of which most have a recurring revenue stream, our business model is demonstrating success. Our teams are focused on expanding our collaborations with distributors and manufacturers to execute our growth strategy across all product lines. The successful launch of our second-generation RV integrated controllers, is an important catalyst in our long-term growth strategy. These new hardware units are being installed and integrated at the RV assembly level, we've just announced another important addition to this core technology in Q1 2024: the SATrv initiative, which allows us to generate recurring subscription-based data communication revenues. In addition we unveiled our unique water, weather and environmental monitoring product Water-TraX in Q2 2023, which has already proven its global market potential and is receiving promising interest from commercial partners. Our teams' commitment and dedication to helping solve our clients' complex challenges continues to be the ultimate driver of our success."

About Total Telcom Inc.

Total Telcom, through its wholly owned subsidiary, ROM Communications Inc., is a leading developer and provider of remote asset monitoring, tracking, and communications products and services. ROM specializes in the development of innovative wireless communications that provide low-cost, high-tech monitoring, tracking and remote control solutions for commercial, industrial and consumer applications. ROM is uniquely positioned and qualified to deliver complete Web-to-wireless solutions that enable companies and organizations to remotely monitor, track and control their fixed and mobile assets with a Web browser from any Internet-enabled PC. Products and services are based on ROM's Web-to-wireless technology and proprietary second-generation hardware and software marketed as TextAnywhere, ROM Controllers, ROMTraX, MotoTraX, TraX, DataTraX, WaterTraX, SiteTraX, CamTraX, AlarmTraX and SATrv. These modules are wireless modems that utilize microcomputers integrated with sensors, GPS engines, and various inputs and outputs, and interfaced by the user through the Internet. ROM is an authorized airtime reseller and hardware developer for satellite, cellular and wireless IP (Internet protocol) networks.