Mr. Shafin Tejani reports

VICTORY SQUARE TECHNOLOGIES REPORTS 2023 FINANCIAL RESULTS

Victory Square Technologies Inc. has filed its audited annual consolidated financial statements for the year ended Dec. 31, 2023, along with its management discussion and analysis (MD&A).

• A diverse portfolio of 25-plus innovative companies from around the world (founders from: Ireland, Sri Lanka, Bulgaria, Australia, India, Brazil, the Middle East and North America);
• Sectors include: digital health, artificial intelligence (AI), machine learning (ML), blockchain/Web3, virtual and augmented reality (VR/AR), gaming, climate tech;
• Revenue for the year ended Dec. 31, 2023, was $12,055,070 compared with $5,929,096 for the corresponding prior-year period;
• Cash and liquid securities approximately $4,903,363.

Company

Victory Square is a venture builder that provides investors a liquid way to invest in early stage technology companies without buying a venture fund that requires accredited investor status or multiyear commitments.

• A diverse portfolio of 25-plus innovative companies from around the world (founders from: Ireland, Sri Lanka, Bulgaria, Australia, India, Brazil, the Middle East and North America);
• Sectors include: digital health, artificial intelligence (AI), machine learning (ML), blockchain/Web3, virtual and augmented reality (VR/AR), gaming, climate tech;
• Owner-operated (approximately 15-per-cent management ownership).

Business model:

The Victory Square business model is to buy, build and invest in early stage tech companies. The company spend upwards of 48 months with those companies until they are ready to spin off or stand on their own. There are a couple of unique elements to its business model ...

1. The company has unparallelled access to start-ups through its internal incubator and international network with over 250-plus founders, investors, tech accelerators and venture capital firms from more than 60 countries.
2. Second, the company's management team and advisers are actively involved in its investments from incubation through monetization, providing them with financial, operational and strategic support to scale globally.
3. The company drives value by monetizing investments and reinvesting the gains in new innovations. The strategy was to build a self-sustaining business.

Financial highlights

The company's consolidated financial statements comprise the financial statements of the company and its subsidiaries: Futura Health and Wellness Inc., Hydreight Technologies Inc. (HTI), Victory Square Digital Health Inc. (VS Digital Health), Draft Label Technologies Inc., XR Immersive Tech Inc. (XRI) and Synthesis VR Inc. (SVR), PDL USA Inc., BlockX Capital Corp., VS Blockchain Assembly, and Insu Therapeutics Inc.

Victory Square invests in early stage technology companies. Increases and decreases in the value of those companies have the greatest impact on the results of operations of the company from quarter to quarter. It is within the business cycle to see periods of net losses when first investing in a new company, spending up to 48 months incurring expenses and building the business, and then in subsequent periods realizing the gains and revenues from those early investments.

The net loss for the year ended Dec. 31, 2023, is primarily due to the fair value writedown on portfolio investments due to the market environment as well as operating losses from consolidated subsidiaries.

Revenue

Revenue for the year ended Dec. 31, 2023, was $12,055,070 compared with $5,929,096 for the corresponding prior-year period.

Cost of goods sold

Cost of goods sold for the year ended Dec. 31, 2023, was $6,564,681 compared with $2,672,672 for the corresponding prior-year period.

Gross margin

The gross margin for the year ended Dec. 31, 2023, was $5,490,389 compared with $3,256,424 for the corresponding prior-year period.

Cash and liquid securities approximately $4,903,363

The company's consolidated financial statements for the year ended Dec. 31, 2023, along with its management discussion and analysis (MD&A) are available under the company's profile on SEDAR+.

Portfolio companies

The attached table sets out Victory Square Portfolio companies as at the date Dec. 31, 2023.

Victory Square Technologies portfolio company Stardust Solar Investor Q&A (question and answer)

"We have built a portfolio full of phenomenal companies, we have a strong team and a robust pipeline of catalysts to continue our growth trajectory. We are confident that this momentum will continue in 2024. We'd like to thank our loyal shareholders and look forward to creating long-term value for Victory Square, its network of companies and our shareholders," said Shafin Diamond Tejani, chief executive officer of Victory Square.

About Victory Square Technologies Inc.

Victory Square builds, acquires and invests in promising start-ups, then provides the senior leadership and resources needed for fast-track growth. Victory Square's sweet spot is cutting-edge tech that is shaping the fourth industrial revolution. Victory Square's corporate portfolio consists of more than 25 global companies using AI (artificial intelligence), VR/AR (virtual reality/augmented reality) and blockchain to disrupt sectors as diverse as fintech, insurance, health and gaming.

What Victory Square does differently for start-ups

Victory Square is not your ordinary investor. With real skin in the game, Victory Square is committed to ensuring each company in its portfolio succeeds. Victory Square's secret sauce starts with selecting start-ups that have real solutions, not just ideas. Victory Square pairs you with senior talent in product, engineering, customer acquisition and more. Then, Victory Square lets you do what you do best -- build, innovate and disrupt. In 24 to 36 months, you will scale and be ready to monetize.

What Victory Square does differently for investors

For investors, Victory Square offers a liquid way to invest in some of the world's most innovative early-stage technology companies without buying a venture fund that requires accredited investor status or multiyear commitments. It also can be purchased by non-accredited investors who are restricted from buying venture funds. Victory Square's portfolio provides a uniquely liquid and transparent way for investors to get access to the latest technologies and emerging global trends. It is an excellent way to diversify into early-stage venture.

Victory Square invests primarily in leading-edge technologies such as artificial intelligence (AI), machine learning (ML), digital health, blockchain, gaming and climate tech, which provide the potential for high growth and returns.

Victory Square integrates a strong ESG (environmental, social and corporate governance) component throughout its operations. Victory Square's portfolio highlights minority entrepreneurs, often overlooked by traditional investors, including many from developing countries. Victory Square is also dedicated to giving back to the communities in which it serves and operates. Victory Square's mandate is to assist organizations through its time, talent and treasure. Victory Square is committed to organizations that provide services in the youth, mental health, special need, sport, technology, education, marginalized group, first nation and accessibility sectors.

Victory Square is a publicly traded company headquartered in Vancouver, Canada, and listed on the Canadian Securities Exchange (VST), Frankfurt Stock Exchange (6F6) and the OTCQX (VSQTF).

We seek Safe Harbor.