Mr. Andrew Skafel reports

EDGEWATER WIRELESS ANNOUNCES DELAY IN FILING OF ANNUAL FINANCIAL REPORTS

Edgewater Wireless Systems Inc. will be delaying the filing of its annual consolidated financial statements for the year ended April 30, 2023, the related management's discussion and analysis of financial condition and results of operations, and the chief executive officer and chief financial officer certificates relating to the audited annual financial statements as required by National Instrument 52-109, Certificate of Disclosure in Issuers' Annual and Interim Filings, beyond the Aug. 28, 2023, filing deadline.

During its audit of the company's annual consolidated financial statements, KPMG LLP identified a potential adjustment related to the accounting treatment of $716,000 worth of convertible debentures issued by the company on Sept. 1, 2022.

The company is currently working diligently to complete the convertible debentures related analysis and facilitate the completion of the audit of the annual consolidated financial statements by KPMG at the earliest possible date. It expects to be able to file the required documents by Sept. 8, 2023, or sooner.

The company confirms that there is no other material information relating to its affairs that has not been generally disclosed. The OSC may issue a general cease trade order against the company for failure to file the required documents prior to the Aug. 28, 2023, filing deadline. Other than as disclosed herein, Edgewater Wireless is up to date in its filing obligations.

About Edgewater Wireless Systems Inc.

Edgewater Wireless is the industry leader in innovative spectrum slicing technology for residential and commercial markets. The company develops advanced Wi-Fi silicon solutions, access points and IP (intellectual property) licensing designed to meet high-density and high-quality-of-service needs of service providers and their customers. With 26 granted patents, Edgewater's spectrum slicing 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) 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.