Mr. Andrew Malion reports

SPECTRA PRODUCTS INC. REPORTS 4TH QUARTER 2022 RESULTS

Spectra Products Inc. has released its financial results for the year ended Dec. 31, 2022.

Continued operational profitability in 2022 has allowed the company to increase its cash reserves by almost $200,000, to $1,073,067 at Dec. 31, 2022.

Revenues for the year ended Dec. 31, 2022, were $1,653,485 compared with $1,692,872 for the same period in 2021. Revenues for the fourth-quarter ending Dec. 31, 2022, were $500,953 compared with $390,083 for the same period in 2021.

In the year ended Dec. 31, 2022, net income before taxes of $168,848 was earned, compared with net income before taxes of $387,721 for the same period in 2021. In the fourth-quarter ended Dec. 31, 2022, a net loss before taxes of $54,782 was incurred, compared with net income before taxes of $74,246 for the same period in 2021.

The main factors that contributed to the $218,873 decrease in annual net income before taxes was a $123,884 decrease to gross profit, an increase in the stock-based compensation expense to directors by $44,020 and the elimination of government wage subsidies of $28,595.

About Spectra Products Inc.

Spectra Products is the Toronto-based North American designer, manufacturer and distributor of wheel end safety products to the transportation industry. These products include Brake SafeO, Zafety Lug LockO and Hub Alert, as well as the Termin-8RO line of anti-corrosion and extreme-pressure lubricants.

We seek Safe Harbor.