Ms. Dawn Leeder reports

WI2WI CORPORATION REPORTS THIRD QUARTER 2023 FINANCIAL RESULTS AMIDST MARKET HEADWINDS AND PREPARES FOR NEW LEADERSHIP

Wi2Wi Corp. has released its unaudited financial results for the third quarter ended Sept. 30, 2023. The company reported revenues of $1.42-million, reflecting a strategic realignment in the face of global supply chain challenges and delayed customer orders, which are expected to resume to normal levels in the coming months.

"While we encountered headwinds this quarter, with revenues impacted by broader market forces, we are encouraged by our positive cash flow and the strategic adjustments we've enacted," said Gary DuBroc, chairman of the board. "Our financial stability is underscored by our solid cash position and shareholders' equity, and we are on track with the planned transition to new leadership."

Key financial highlights:

• Revenue for Q3 2023 reported at $1.42-million, with external factors influencing a temporary deferment in customer orders;
• Bookings remained on target, signalling sustained demand for Wi2Wi's high-quality frequency oscillators;
• Positive cash flow achieved in Q3 2023 is a notable improvement over the prior year's negative cash flow;
• The company is actively managing margin pressures due to increased raw material costs and freight charges.

"The delayed orders, which have affected our quarterly revenue, are expected to be a temporary situation," Mr. DuBroc added. "Our key customers have assured us of the transitory nature of these delays and anticipate a return to normal order levels shortly. As we finalize the appointment of new leadership, Wi2Wi remains steadfast in its commitment to operational excellence and financial discipline."

Wi2Wi is navigating through the economic turbulence with a clear focus on enhancing value for shareholders and ensuring the delivery of top-tier products to its customers. The upcoming finalization of new leadership marks the beginning of a new chapter, one in which Wi2Wi is poised to harness the growth potential of the burgeoning oscillator market.

About Wi2Wi Corp.

Wi2Wi enables customers to substantially reduce their wireless research and development expenses, and time to market. Wi2Wi designs, manufactures and markets deeply integrated, end-to-end wireless connectivity solutions as well as customizable, high-performance timing and frequency control devices. Wi2Wi provides real-time technical support throughout the entire product life cycle for customers across the Internet of Things (IoT), Industrial Internet of Things (IIoT), avionics, space, industrial, medical and government sectors.

Wi2Wi was founded in 2005 and is strategically headquartered in San Jose, Calif., with satellite offices in Middleton, Wis., and Hyderabad, Ind. Wi2Wi's manufacturing operations, its laboratory for reliability and quality control, together with design and engineering for timing and frequency control devices, are located in Middleton, Wis. The branch office, located in Hyderabad, Ind., focuses on developing end-to-end wireless connectivity subsystems and solutions.

Wi2Wi has partnered with best-in-class global leaders in technology, manufacturing and sales. The company uses a global network of manufacturer's representatives to promote its products and services, and has partnered with world-class distributors for the fulfilment of orders along with direct sales.

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