Mr. Andrew Skafel reports

EDGEWATER WIRELESS ANNOUNCES PAYMENT OF DEBENTURE INTEREST

Edgewater Wireless Systems Inc. has elected to satisfy its obligation to pay an aggregate of $18,047.12 in interest as of June 1, 2023, to the holders of its unsecured debentures issued Sept. 1, 2022, through the issuance of an aggregate of 334,822 common shares of the company. The debt shares will be issued at a deemed price of 5.39 cents per share in full satisfaction of the June 1 interest payment obligation in accordance with the terms of the debentures. The shares for debt transaction remains subject to approval of the TSX Venture Exchange.

Interest on the debentures is calculated at a rate of 10 per cent per annum (non-compounded), payable quarterly in arrears in cash or, at the election of the company, in common shares. Subject to TSX-V acceptance, any interest that has accrued on the principal amount outstanding under the debenture will be payable in shares at a price per share which equals the higher of the market price (as that term is defined in the policies of the TSX-V) on the date the accrued interest becomes payable, or the volume-weighted average trading price of the shares on the TSX-V for the 10 consecutive trading days preceding the date the accrued interest becomes payable. For more information regarding the debentures please see the company's news release dated Sept. 1, 2022.

About Edgewater Wireless Systems Inc.

Edgewater Wireless is the industry leader in innovative spectrum slicing technology for residential and commercial markets. It develops advanced Wi-Fi silicon solutions, access points and Internet protocol licensing designed to meet service providers' and their customers' high-density and high-quality-of-service needs. With 26 granted patents, Edgewater's multichannel, single radio (MCSR) technology revolutionizes Wi-Fi, delivering next-generation Wi-Fi today.

Edgewater's physical-layer spectrum slicing allows a frequency band to be divided, or sliced, to enable more radios to operate in a given area. Think of spectrum slicing like moving from a single-lane road to a multilane highway -- regardless of Wi-Fi technology. The recently completed proof of concept (PoC) and pilot with a major Tier 1 service provider showed seven to 18 times performance gains in 75 per cent of homes surveyed. Interestingly, homes with the most devices saw the most significant improvements.