Mr. Derek Spratt reports

TURNIUM PROVIDES CORPORATE UPDATE AND FORECASTS STRONG FY2024

Turnium Technology Group Inc. has signed a five-year OEM (original equipment manufacturer) licensing agreement with a large technology group and service provider in Southeast Asia. The new five-Year OEM licensing agreement with the Southeast Asian service provider, signed on July 18, 2023, will activate across Indonesia initially.

Turnium will capture a major business market where the service provider intends to expand its enterprise and government offerings to deliver reliability, better bandwidth and failover with secure connectivity to multiple mission-critical sites. This new licensing agreement further confirms that Turnium's solution is government and enterprise grade, which is being actively sold in similar customer market segments worldwide.

Turnium continues to gain momentum and capture market share, with this news release coming fresh off of the Sept. 12 announcement where Turnium contracted with United Kingdom-based SDWAN & SASE Solutions. This three-year contract, signed on May 23, 2023, has the potential to increase revenue by $24-million over the next two years, on a $2-million in monthly recurring revenue (MRR) basis with gross margins greater than 80 per cent.

"We continue to find success in the Asia Pacific region, as our partners look for cost-effective connectivity solutions for their enterprise and government customers," said Derek Spratt, chief executive officer at Turnium. "As our global partner network (Comms365, Damen IT Groep, Metro Lightspeed, SDWAN & SASE Solutions) continues to expand, we are seeing rapid revenue growth, giving us a clear near-term pathway to positive cash flow, and we expect FY 2024 revenue growth close to the overall market along with double-digit EBITDA margins."

The SD-WAN (software-defined wide-area network) market is expected to increase at a 31.6-per-cent compound annual growth rate from $3.4-billion (U.S.) in 2022 to $54-billion (U.S.) in 2032, according to Future Market Insights Inc. Turnium's global partnership program continues to add fresh growth opportunities that are translating into major contract agreements and wins, as announced on Aug. 24 in the new Go-To-Market AI and Smart Connectivity Solutions. With a refreshed offering, major new customers being onboarded and the removal of a $2-million debt burden, the company is focused on growth and contract fulfilment, as well as the potential merger with ActivePort -- the indicative terms of the non-binding letter of intent were originally announced on April 3 and May 5, 2023.

About Turnium Technology Group Inc.

Turnium Technology Group delivers its SD-WAN solution as a white-label, containerized, disaggregated software platform that OEM channel partners host, manage, brand and price. Turnium is also available to resellers as a Turnium-branded managed service. Turnium SD-WAN solutions are sold through a channel partner program designed for communications service providers, Internet and managed service providers, system integrators, and value-added resellers.

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