Mr. Gennaro Magistrale reports

WESTBOND REPORTS FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2023

WestBond Enterprises Corp. posted a loss of $69,374 (negative 0.2 cent per share) for the three months ended June 30, 2023, compared with a profit of $415,352 (1.2 cents per share) for the same period last year. Sales were $2,366,838 for the three months ended June 30, 2023, which is 28.7 per cent lower than for the three months ended June 30, 2022, and 5.7 per cent lower than for the three months ended March 31, 2023.

The decrease in sales and profitability are due to the decrease in sales of airlaid parent rolls since the beginning of this quarter. This is because one of the company's customers had a change in ownership and decided to purchase airlaid parent rolls from their new owner's supplier. The larger inventory of airlaid parent rolls now allows the company to produce finished napkins and wipes, which yield higher profit margins than parent roll sales. With the expected sales of higher-margin products and full production staff levels, sales are expected to increase with a corresponding return to profitability.

The quarterly report and other information are available on the company's website and on SEDAR+.

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