Mr. Dan Stearne reports

INVENTRONICS ANNOUNCES 2022 Q3 FINANCIAL RESULTS

Inventronics Ltd. has released its unaudited 2022 Q3 financial results.

For the three months ended Sept. 30, 2022, Inventronics reported net earnings of $536,000 or 11.1 cents per share on revenue of $3.4-million, compared with net earnings of $967,000 or 20.8 cents per share on revenue of $3,348,000 for the three months ended Sept. 30, 2021. For the nine months ended Sept. 30, 2022, Inventronics reported net earnings of $1,841,000 or 38.3 cents per share on revenue of $11,374,000, compared with net earnings of $1,587,000 or 34.9 cents per share on revenue of $7,924,000 for the comparative period in 2021.

Earnings before income tax more than doubled to $2,516,000 in the nine months ended Sept. 30, 2022, compared with $1,193,000 in the same period of 2021. In 2021, the recognition of the deferred tax benefit of non-capital loss carryforwards increased net earnings for the three- and nine-month periods by $389,000 or 8.4 cents per share. These losses were recognized under IFRS (international financial reporting standards) reporting guidelines due to revenue and profit growth over the past few years and management's anticipation of continuing profitability.

On Sept. 27, 2022, based on the strength of the 2022 financial results, the Inventronics board of directors declared a special dividend of 35 cents per share, payable on Nov. 4, 2022. The declaration of this dividend has the effect of lowering the working capital for the corporation into a more typical range required to support the future operation of the business.

Further information about the financial results of the corporation can be found in the corporation's unaudited interim financial statements for the quarter ended Sept. 30, 2022, and accompanying management's discussion and analysis (Q3 2022 MD&A), which have been filed on SEDAR.

About Inventronics Ltd.

Inventronics designs and manufactures enclosures and other products for an array of customers in the telecommunications, cable, power distribution, energy and other industries in North America. The corporation owns its ISO 9001-registered production facility in Brandon, Man.

Shares of Inventronics trade on the TSX Venture Exchange under the symbol IVX.