Mr. Andrew Skafel reports

EDGEWATER WIRELESS ANNOUNCES YEAR END 2023 FINANCIAL RESULTS

Edgewater Wireless Systems Inc. has released its financial and operational results for the year ended April 30, 2023, which are available on SEDAR+.

"Further review by our team and an external subject matter expert has resulted in the recategorization of the 2022 convertible debentures. The additional prudence taken in preparing our [year-end] financials led to a delay in filing our results," said Andrew Skafel, president and chief executive officer of Edgewater Wireless. "Operationally, we're delighted by the progress over these last few months, and we're on track for a positive 2023 and 2024. The launch of our next-generation WiFi7 spectrum slicing silicon has captured the imagination of service providers, and we're fielding multiple requests for engineering samples from Tier 1 service providers and [original equipment manufacturers]. Spectrum slicing offers a proven, real-world solution to better home WiFi for all devices -- existing and new."

Fiscal 2023 operating results:

• Net loss for FY 2023 was $799,444 compared with a net loss of $1,057,599 for FY 2022.
• Revenue in FY 2023 was $7,574 from sales of WiFi spectrum slicing development kit and lab system purchases compared with $11,369 in FY 2022.

FY 2023 and subsequent activities and accomplishments highlights:

• On May 25, 2023, Edgewater Wireless reached a significant milestone, announcing its next-generation WiFi spectrum slicing powered silicon solutions targeting residential, enterprise and prosumer applications. Building on the latest WiFi standard, WiFi7 (802.11BE), Edgewater Wireless's groundbreaking platform offers more physical channel capacity than single-channel, legacy WiFi architectures -- bringing lower latency and reduced contention for existing and new devices. The artificial-intelligence-enabled, dynamic, channel-width-capable platform supports up to 28 concurrent links and channels. It is the world's first silicon solution to couple the performance of WiFi7 with the proven robustness and flexibility of WiFi spectrum slicing.
• On April 25, 2023, Edgewater Wireless completed submissions, a new patent application to the U.S. Patent and Trademark Office titled: "Method and Apparatus for In-Band Multi-channel Determination and Utilization." The new patent application further solidifies Edgewater Wireless's leadership position in multilink WiFi and wireless innovation, which is essential in delivering a higher quality of service and lower latency for all modern and legacy wireless devices. The culmination of many years of customer-driven, extensive real-world research and development, the company leveraged the industry research assistance program funded by the National Research Council of Canada to identify and further IP licensing opportunities.
• On March 7, 2023, Liberty Global joined Edgewater Wireless on a Light Reading-hosted webinar titled "Unlocking Real-World Performance in Home WiFi." A significant milestone for the company, the webinar has generated commercial momentum from additional major Tier 1 service providers facing identical WiFi challenges.

Detailed information from the company's interim consolidated financial statements and management's discussion and analysis is available on SEDAR+.

For more information on the benefits of increasing channel and link density with spectrum slicing, watch the recent Light Reading webinar, "Unlocking real-world performance in home WiFi," with its guest Liberty Global.

About Edgewater Wireless Systems Inc.

Edgewater Wireless is the industry leader in innovative spectrum slicing technology for residential and commercial markets. It develops advanced WiFi silicon solutions, access points and IP licensing designed to meet the real-world needs of service providers and their customers. With over 26 granted patents, Edgewater Wireless's in-band multichannel and link technology revolutionizes WiFi, delivering next-generation WiFi today.

Edgewater Wireless'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 WiFi 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 greatest improvements.

We seek Safe Harbor.