Mr. Andrew Skafel reports

EDGEWATER WIRELESS ANNOUNCES COMPLETION OF SECOND PAYMENT OF DEBENTURE INTEREST

Edgewater Wireless Systems Inc. has settled 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 at a deemed price of 5.39 cents per share. The shares are issued in full satisfaction of the June 1 interest payment obligation in accordance with the terms of the debentures. The debt settlement has been approved by the TSX Venture Exchange.

Certain directors of the company received an aggregate of 64,532 shares and therefore the share issuance constitutes a related party transaction as that term is defined in Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company will rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value of the shares nor the debt exceeds 25 per cent of the company's market capitalization.

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.