Mr. Josh Bruni reports

AMERICAN AIRES CLARIFIES CORPORATE UPDATE PRESS RELEASE

American Aires Inc. has issued this news release in order to clarify certain financial disclosure contained in its news release dated June 18, 2024 (the June 18 press release).

In the June 18 press release, the company disclosed year-over-year (YoY) order volume figures for April and May, 2024, expressed as percentage increases compared to the same months in 2023. For ease of comparison, the company is pleased to further report that it achieved order volume:

• In April, 2024, of $561,206 (U.S.), representing a 47-per-cent increase in order volume realized in April, 2023, of $380,616 (U.S.);
• In May, 2024, of $940,695 (U.S.), representing a 98-per-cent increase in order volume realized in May, 2023, of $475,114 (U.S.);
• Between June 1, 2024, and June 25, 2024, of $477,691 (U.S.), representing an 18-per-cent increase in order volume realized between June 1, 2024, and June 25, 2024, of $406,323 (U.S.).

Aires tracks order volume figures in United States dollars, as this is the principal currency of the company's on-line store and therefore enables investors to compare YoY results excluding the effect of foreign exchange conversions. When the YoY order volume figures given above are converted into Canadian dollars, the company's order volumes:

• In April, 2024, were $767,393, representing a YoY increase of 50 per cent from the same month in 2023;
• In May, 2024, were C$1,285,929, representing YoY increase of 100 per cent from the same month in 2023;
• Between June 1, 2024, and June 25, 2024, were C$654,898, representing a YoY increase of 21 per cent from the same period in 2023.

The company has chosen to provide order volume figures (a non-IFRS (international financial reporting standards) metric) rather than revenue figures (an IFRS metric) because order volume figures are more readily available than revenue figures, but still represent a consistent, accurate metric to measure growth in the company's sales for YoY comparison. Order volume is a reflection of demand for the company's products and ability to generate sales to the end user. Order volume figures are derived from the company's Shopify store reports by taking gross sales and deducting discounts. Revenue figures are based on same order volume figures, but are subsequently adjusted to: (1) subtract refunds, (2) add shipping revenue, and (3) add or subtract any adjustment caused by the timing differences between when an order was placed and when it was shipped (as IFRS requires revenue to be reported when orders are shipped, whereas order volume is reported when orders are placed). Due to the time it takes to make the adjustments required to obtain revenue figures, the company chooses to report revenue on a quarterly basis only. The company does not expect order volume and revenue figures to be materially different for any given period.

In Q1 of 2024, the company's advertising and promotion expenses represented 53 per cent of the company's revenue generated during Q1 of 2024. Although the company's advertising and promotion expenses for June, 2024, are not yet available, to their best estimation, management expects that advertising and promotion expenses for Q2 of 2024 will represent approximately the same percentage (53 per cent) of the company's revenue generated during Q2 of 2024.

The information contained in this press release constitutes corrective disclosure as defined in OSC Staff Notice 51-711 (Revised) Refilings and Corrections of Errors, and was requested to be disclosed by staff of the OSC in connection with a staff review.

About American Aires Inc.

American Aires is a Canadian-based nanotechnology company committed to enhancing well-being and environmental safety through science-led innovation, education and advocacy. The company has developed a proprietary silicon-based resonator that protects against the harmful effects of electromagnetic radiation (EMR). Aires' Lifetune products target EMR emitted by consumer electronic devices such as cellphones, computers, baby monitors and Wi-Fi, including the more powerful and rapidly expanding high-speed 5G networks. Aires is listed on the Canadian Securities Exchange under the ticker WIFI and on the OTCQB under the symbol AAIRF.

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