Mr. Andrew Skafel reports

EDGEWATER ANNOUNCES EXCHANGE APPROVAL OF WARRANT EXTENSION AND PROPOSED PAYMENT OF DEBENTURE INTEREST

Further to Edgewater Wireless Systems Inc.'s news release dated March 15, 2024, the TSX Venture Exchange has approved the extension to the expiry dates of an aggregate of 17,224,633 outstanding share purchase warrants, as described below.

The company currently has an aggregate of 6,985,752 warrants outstanding that were issued in two tranches of a private placement that closed on March 30, 2021, and April 26, 2021 (the March warrants). The expiry dates of the March warrants have been extended, such that 6,316,405 March warrants will expire on March 30, 2025, and 669,347 March warrants will expire on April 26, 2025. Each March warrant entitles the holder to purchase one common share in the capital of the company at a price of 23 cents per share. All other terms of the March warrants will remain the same.

The company currently has an aggregate of 10,238,881 warrants outstanding that were issued in two tranches of a private placement that closed on April 1, 2021, and April 26, 2021 (the April warrants). The expiry dates of the April warrants have been extended, such that 9,681,189 April warrants will expire on April 1, 2025, and 557,692 April warrants will expire on April 26, 2025. Each April warrant entitles the holder to purchase one common share in the capital of the company at a price of 23 cents per share. All other terms of the April warrants will remain the same.

The company further announces that it will satisfy its obligation to pay an aggregate of $17,850.96 in interest as of March 1, 2024, to the holders of its unsecured debentures issued Sept. 1, 2022, through the issuance of an aggregate of 357,016 common shares of the company. The debt shares will be issued at a deemed price of five cents per share in full satisfaction of the March 1 interest payment obligation in accordance with the terms of the debentures. The shares for debt transaction remains subject to approval of the TSX-V.

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 that 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. The company develops advanced Wi-Fi silicon solutions, access points and IP (intellectual property) 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.