Mr. Bruce Howard reports

UPSNAP ANNOUNCES Q4 & FULL YEAR 2022 FINANCIAL RESULTS

UpSnap Inc. has released its fourth quarter (Q4) and full year financial results for the three- and 12-month periods ended Dec. 31, 2022.

"UpSnap is delivering highly targeted, data-driven advertising solutions to businesses and we are excited for the upcoming year and what we have in the pipeline," said Bruce Howard, chief executive officer of UpSnap. "Two thousand twenty-two had its challenges with growing overall costs and inflationary pressures, but we used this time to begin developing new solutions that we believe will be catalysts in future growth of our business."

Q4/FY 2022 financial highlights

• Total operating revenue was $271,000 for three months ended Dec. 31, 2022, compared with $222,000 for the three months ended Dec. 31, 2021, an increase of 22 per cent.
• Total operating revenue for the 12 months ended Dec. 31, 2022, was $900,000 compared with $1.1-million for the same period in 2021.
• Total operating costs for three months ended Dec. 31, 2022, was $485,000 compared with $324,000 for three months ended Dec. 31, 2021.
• Total operating costs for the 12 months ended Dec. 31, 2022, was $1.5-million compared with $1.5-million for the same period in 2021.
• Total net loss before taxes for the three months ended Dec. 31, 2022, was $(216,000) compared with $(126,000) for the same period in 2021.
• Total net loss before taxes for the 12 months ended Dec. 31, 2022, was $(660,000) compared with $(366,000) for the same period in 2021.
• As at Dec. 31, 2022, the company had a cash and cash equivalents of $206,000 compared with $212,000 as at Dec. 31, 2021.

This news release should be read in conjunction with UpSnap's unaudited financial statements and the accompanying notes, as at and for the quarter ended Dec. 31, 2022, together with the related management discussion and analysis. Those documents have been filed with certain securities regulatory authorities in Canada and are available on SEDAR and on the UpSnap website.

About UpSnap Inc.

UpSnap provides highly targeted, data-driven mobile advertising to attract the ideal audience for brands big and small. Utilizing real-time analytics, UpSnap goes beyond location to deliver app-agnostic and results-driven campaigns that produce qualified, engaged customers. UpSnap tailors each campaign to align with unique business goals, delivering the right customers for more meaningful exposure and better business results.

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