Mr. Ryan Hamlin reports

POSABIT TO ANNOUNCE FIRST US$10.0+ MILLION QUARTER, UP 58%+ YEAR-OVER-YEAR, ENTERS NEW YORK MARKET AND HAS CONTRACTED MERCHANTS IN 4 MORE STATES TO GO LIVE BY YEAR-END

Posabit Systems Corp. had its first ever $10-million-plus (U.S.) revenue quarter with record revenue of at least $10-million (U.S.) in Q3 2022 as compared with revenue of $6.3-million (U.S.) in Q3 2021, representing an approximately 60-per-cent increase year-over-year. The company expects to announce complete results for the third quarter of 2022 by the end of November.

Additionally, Posabit has announced its imminent entry into the New York market, the 21st active state for the company and its fifth new state entered in 2022.

"We are kicking off the fourth quarter with two tremendously exciting announcements," said Ryan Hamlin, co-founder and chief executive officer of Posabit. "Another record-breaking revenue quarter is in the books and we cannot wait to release our full earnings to investors next month. On top of that, our mission of eastward expansion continues with our entry into the state of New York, a major target market for us now that they are on the eve of recreational cannabis going live."

Posabit's 2022 goal of entering eight new states will soon be achieved, as the company has contracted merchants in four more states preparing to go live within the next two months.

About Posabit Systems Corp.

Posabit is a financial technology company that delivers unique and innovative payment processing and point-of-sale systems for cash-only businesses. Posabit specializes in resolving pain points for complex, high-risk, emerging industries like cannabis with an all-in-one solution that is compliant, user-friendly and utilizes top-of-the-line hardware. Posabit's unique solution provides a safe and transparent environment for merchants while creating a better overall experience for the consumer.

We seek Safe Harbor.