Mr. Andrew Skafel reports

EDGEWATER WIRELESS ANNOUNCES CLOSING OF PRIVATE PLACEMENT

Edgewater Wireless Systems Inc., further to its news release dated Feb. 9, 2024, has closed the second and final tranche of its previously announced non-brokered private placement. Pursuant to the second tranche closing, the company issued 500,000 units for gross proceeds of $25,000. In total, the Company has issued an aggregate of 8,330,000 units ("Units") at a price of $0.05 per Unit for gross proceeds of $416,500 (the "Offering") (see new releases dated November 15, 2023, November 17, 2023, December 20, 2023, January 10, 2024 and February 9, 2024).

Each Unit is comprised of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share of the Company at an exercise price of $0.10 per share for a period of 24 months from the date of issuance.

In connection with the second tranche closing, the Company paid finder's fees of $1,750 in cash and issued 35,000 finder's warrants. In total, the Company paid aggregate finder's fees of $4,025 in cash and issued 80,500 non-transferable share purchase warrants entitling the holder to acquire one common share of the Company at a price of $0.10 per share for a period of 24 months from the date of issuance.

The Company expects to use the net proceeds of the Offering for product commercialization and general working capital. The Company may reallocate the proceeds from the Offering as may be required depending upon the development of the Company's business.

The securities issued in connection with the Offering are subject to a four-month hold period, in accordance with securities laws and the policies of the TSX Venture Exchange, as applicable. The securities issued pursuant to the Offering have not been registered under the U.S. Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or an exemption from the registration requirements.

About Edgewater Wireless

Edgewater Wireless is the industry leader in innovative Spectrum Slicing technology for residential and commercial markets. We develop advanced Wi-Fi silicon solutions, Access Points, and IP 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 multi-lane highway - regardless of Wi-Fi technology. The recently completed Proof of Concept (PoC) with a major Tier 1 Service Provider showed 7 to 18 times performance gains in 75% of homes surveyed. Interestingly, homes with the most devices saw the most significant improvements.

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