Mr. Bruce Howard reports

UPSNAP ANNOUNCES Q1 2023 FINANCIAL RESULTS

UpSnap Inc. has released its first quarter (Q1) financial results for the three-month period ended March 31, 2023.

"We continue to focus on growing our customer pipeline, delivering highly effective, targeted and data-driven advertising solutions to our clients, and developing new solutions to address some of the key challenges that advertisers are facing on a daily basis," said Bruce Howard, chief executive officer of UpSnap. "These are the key three pillars that we believe will strengthen our position in the market with advertisers to drive both short-term and long-term growth in our business."

Q1 2023 financial highlights

• Total operating revenue was $236,000 for three months ended March 31, 2023, compared with $225,000 for the three months ended March 31, 2022, an increase of 5 per cent.
• Total operating costs for three months ended March 31, 2023, was $356,000 compared with $335,000 for three months ended March 31, 2022.
• Total net loss before taxes for the three months ended March 31, 2023, was $(148,000) compared with $(137,000) for the same period in 2022.
• As March 31, 2023, the company had a cash and cash equivalents of $218,000 compared with $206,000 on Dec. 31, 2022.

This news release should be read in conjunction with UpSnap's unaudited condensed interim financial statements and the accompanying notes, as at and for the quarter ended March 31, 2023, 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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