Mr. Leonard Jaroszuk reports

ENTERPRISE GROUP ANNOUNCES RESULTS FOR THIRD QUARTER 2022

Enterprise Group Inc. has released its Q3 2022 results.

In April of this year, Enterprise Group officially launched a new wholly owned subsidiary, Evolution Power Projects, Inc. ("EPP"). EPP is the leading provider of low emission, mobile power systems and associated surface infrastructure to the Energy, Resource, and Industrial sectors. The company's highly innovative methods are delivering to its client's low emission natural gas powered systems and micro-grid technology, allowing clients to eliminate diesel entirely. EPP's systems are equipped to deliver real-time emission metrics providing its clients the assurances necessary for them to accomplish their ESG reporting and objectives.

The first nine months of the year has been one of the strongest in recent history. Higher capital spending in the energy industry combined with increased customer activity levels in has resulted in improved results. Revenue for the three months ended September 30, 2022, was $5,230,675 compared to $3,916,528 in the prior period, an increase of $1,314,147 or 34%. Adjusted gross margin for the three months ended September 30, 2022, was $1,590,082 compared to $835,794 in the prior period, an increase of $754,288 or 90%. Adjusted EBITDA for the three months ended September 30, 2022, was $862,807 compared to adjusted EBITDA of $332,691 in the prior period, an increase of $530,116 or 159%. Revenue for the nine months ended September 30, 2022, was $18,157,778 compared to $13,001,357 in the prior period, an increase of $5,156,421 or 40%. Adjusted gross margin for the nine months ended September 30, 2022, was $6,722,053 compared to $2,845,982 in the prior period, an increase of $3,876,071 or 136%. Adjusted EBITDA for the nine months ended September 30, 2022, was $4,908,611 compared to $1,366,597 in the prior period, an increase of $3,542,014 or 259%.

During the nine months ended September 30, 2022, the Company purchased and cancelled 784,000 shares at a cost of $268,838, or $0.34 per share. These shares had a carrying value of $1.42 per share for a total of $1,110,152 which has been removed from the share capital account. Since the initiation of the share buyback program, the Company has purchased and cancelled 9,042,500 shares at a cost of $1,945,784 or $0.22 per share. These shares have a carrying value of $1.43 per share for a total of $12,953,227 which has been removed from the share capital account over the entire share buyback program. In addition to the share buyback program, during the nine months ended September 30, 2022, management exercised 4,881,000 options resulting in net proceeds of $901,070 being reinvested into the Company, creating a management ownership position of 39.4%. Enterprise believes its stock remains undervalued as the Company's book value is $0.64 per share and management will continue to be aggressive in acquiring company shares.

For the nine months ended September 30, 2022, the company generated cash flow from operations of $5,160,161 compared to $3,467,365 for the same period in the prior year. This change is consistent with the higher activity at the end of the year and continuing into the first nine months of 2022. The Company continues to utilize a combination of cash flow and debt to right-size and modernize its equipment fleet to meet customer demands. During the nine months ended September 30, 2022, the Company purchased $4,282,923 of capital assets, primarily for natural gas power generation equipment, upgrading the energy efficiency of existing equipment and meeting specific requests from customers. During this same period, the Company also sold property, plant and equipment and received proceeds of $1,104,061 which were re-invested in new equipment.

In the prior year, the Company has benefited from the Canadian Emergency Wage Subsidy and Rent Subsidy Programs ("CEWS" and "CERS") which ended in October 2021. To provide further comparability to pre-COVID operations, the Company has presented adjusted gross margin and adjusted EBITDA to reflect the results without any subsidy programs. Utilizing the CEWS and CERS programs, the Company recorded $nil for the three months ended September 30, 2022 (September 2021 - $360,624) against direct costs and $nil (September 2021 - $417,890) against EBITDA. Utilizing the CEWS and CERS programs, the Company recorded $nil for the nine months ended September 30, 2022 (September 2021 - $1,620,502), against direct costs and $nil (September 2021 - $1,877,242) against EBITDA.

About Enterprise Group, Inc.Enterprise Group, Inc. is a consolidator of services to the energy sector. The Company's focus is primarily on specialized equipment rental. The Company's strategy is to acquire complementary service companies in Western Canada, consolidating capital, management, and human resources to support continued growth. More information is available at the Company's website www.enterprisegrp.ca. Corporate filings can be found on www.sedar.com.

We seek Safe Harbor.