Mr. Ralph Garcea reports

TURNIUM TECHNOLOGY GROUP INC. REPORTS 15% YOY REVENUE GROWTH IN FISCAL Q2 2024 FINANCIAL RESULTS

Turnium Technology Group Inc. has released its financial results for fiscal Q2 2024. All financial information is provided in Canadian dollars unless otherwise indicated.

Ralph Garcea, chairman of Turnium, commented: "I am pleased to report that Turnium is well positioned to meet its goal of being cash flow positive in fiscal 2024. We continue to expand our business organically by adding new global channel partners and increasing our monthly recurring revenue (MRR). Complementing our organic growth efforts with accretive acquisitions has also taken a high priority; and we continue to progress in our efforts on the M&A front, especially with respect to our anticipated entry into a definitive agreement with respect to the acquisition of Claratti Ltd. In addition, the Turnium team negotiated and settled numerous shares for debt transactions, preserving capital and more importantly cleaning up our balance sheet of legacy account payables."

The consolidated financial statements and management discussion and analysis (MD&A) for the second fiscal quarter ended March 31, 2024, are available on the company's SEDAR+ profile.

Fiscal second quarter 2024 highlights:

• Revenue increased to $1.37-million, up 7 per cent compared with $1.28-million quart-over-quarter (QoQ) and up 15.1 per cent compared with $1.19-million year-over-year (YoY);
• Gross margin increased to $990,000, compared with $890,000 QoQ and $880,000 YoY;
• Total Expenses decreased to $1.37-million, compared with $1.50-million QoQ and $2.08-million YoY;
• Net loss decreased to ($400,000), compared with ($620,000) QoQ and ($1.20-million) YoY;
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) decreased to ($40,000), compared with ($350,000) QoQ and ($980,000) YoY;
• Number of common shares outstanding (basic) at the end of the second quarter 2024 was 104,605,243. Current shares outstanding, as of May 29, 2024, are 112,823,143.

Fiscal quarter financial highlights:

The company's key financial results for the three months ended March 31, 2024, are as noted herein.

Subsequent Highlights to the Fiscal Second Quarter:

May 17, 2024 -- Turnium completes shares for debt transaction, settling outstanding debt to Manning Elliott LLP, by issuing 2,982,190 common shares at a deemed price of 7.9 cents per common share. The common shares to be issued pursuant to the shares for debt transaction are subject to a hold period of four months and one day from the date of issuance.

May 8, 2024 -- Turnium provides update regarding shares for debt transaction, announcing further to its news release dated March 6, 2024, the company has amended its previously announced shares for debt transaction such that the Company will settle outstanding debt in the amounts of approximately C$345,500 (versus $600,000 previously announced) owing to certain directors and arm's-length creditors of the company, by issuing up to 4,935,710 common shares in the capital of the company (versus 8,567,857 shares previously announced) at a deemed price of seven cents per common share, to the creditors. The board of directors has determined that it is in the best interests of the company to settle the outstanding debt by the issuance of common shares in order to preserve the company's cash for continuing operations.

About Turnium Technology Group Inc.

Turnium makes Internet connections more secure and reliable for businesses. Its proprietary software-defined wide-area networking (SD-WAN) platform is used to deliver highly reliable and secure connections using standard Internet, wireless or low-Earth orbit satellite services for maintaining uninterrupted Internet connectivity. Compared with other options, Turnium's SD-WAN solution is easier to manage, more flexible and faster to deploy, and more cost-effective than virtual private network (VPN) solutions or the services offered by traditional telecommunication carriers.

We seek Safe Harbor.