Cleantech

Facedrive Inc. (" Facedrive " or the " Company ") (TSXV:FD) (OTCQX:FDVRF), a Canadian "people-and-planet first" tech ecosystem, is pleased to announce that its food delivery vertical Facedrive Foods is steadily growing with total customer delivery orders exceeding 5,000 per day during mid-April 2021, demonstrating a 5% month-over-month growth since February 2021. Restaurant partners are now nearing 5,000, with over 6,800 drivers and 280,000 active users registered on a platform that is operational in 19 cities across Canada. Service areas now include Toronto, Montreal, Ottawa, Winnipeg, Kingston, London, Edmonton, Halifax and other locations. In several markets, Facedrive has recently added multiethnic delivery services, which has significantly contributed to achieving these growth results. For example, in London, ON, order count had increased by 392% within just three weeks of the multiethnic deliveries launch, and in Scarborough, ON, it has grown by 118% over the month of March.

Facedrive Foods continues to capitalize on the shift in commerce patterns and consumer behavior that has taken place during the pandemic. As store fronts and restaurants in many regions continue to limit their offerings to take out and delivery services, volumes of orders made through online on-demand food delivery platforms continue on a growth trajectory. At the same time, consumers are increasingly demanding that companies do business in an environmentally and socially responsible manner. The tandem of these two trends has played strongly into the Facedrive Foods' playbook and growth strategy. In addition, the ethnically diverse North American market continues to demonstrate increasing demand for national cuisines, adding to the positive factors that provide a strong tail-wind for Facedrive Foods.

Furthermore, Facedrive Foods continues growing its grocery delivery service connecting multiethnic supermarkets and convenience stores with the end customer. Another popular and key differentiating feature is its increasingly extended delivery radius, which enables service access for residents in remote areas who often find themselves underserved by conventional providers. In order to meet growing demand for these various responsible food delivery services, the platform has developed ambitious additional service extension and geographical expansion plans which will be announced shortly.

Facedrive Foods prides itself on supporting local businesses, as well as women-owned and minority-owned businesses. Through its social and marketing campaigns, Facedrive Foods helps such businesses raise awareness about challenges that still exist in the industry and share success stories to enable entrepreneurs to reach wider audiences and empower them to dream big. For example, in the month of March, Facedrive Foods prepared a campaign dedicated to women in the restaurant industry in conjunction with celebrations of International Women's Day.

"It is an honor for us to be connecting an increasing number of restaurant partners with our growing user base. We encourage our customers to stay tuned for upcoming announcements of new partnerships and service areas. Just like before, all our offerings will continue to be centered around the safety and well-being of our customers and driver partners, and will be offered in the spirit of supporting local businesses and giving back to the community," said Di Han, General Manager of Facedrive Foods.

About Facedrive

Facedrive is a multi-faceted "people-and-planet first" tech ecosystem offering socially-responsible services to local communities with a strong commitment to doing business fairly, equitably and sustainably. As part of this commitment, Facedrive's vision is to fulfil its mandate through a number of products and offerings that either leverage existing technologies of the Company or project synergies with existing lines of business (the " Facedrive Offerings "). These services and offerings include: an eco-friendly rideshare business (" Facedrive Rideshare "); a food-delivery business (" Facedrive Foods "); a contact-tracing and health services business (" Facedrive Health" ); an e-commerce business (" Facedrive Marketplace "); and an e-social platform (" Facedrive Social ").

Facedrive Rideshare was among the first to offer a wide variety of environmentally and socially responsible solutions in the Transportation as a Service (TaaS) sector, where the Company competes head-to-head with a number of established competitors. However, Facedrive has created a unique niche in such sector, as the Company offers its riders something different among competitors – the opportunity to mitigate the carbon footprint of their ride with carbon offsets. Facedrive Rideshare incentivizes drivers and passengers to choose a green alternative, thereby promoting the use of electric and hybrid vehicles and ultimately reducing carbon emissions. Facedrive Foods is a food delivery platform that connects residents, restaurants (local, ethnic restaurants in particular) and driver partners. Facedrive Health develops connected health technology solutions to help solve some of the pressing healthcare issues that communities face, including providing individuals with the ability to more easily comply with pandemic-related safety protocols. Facedrive Health's first product, TraceSCAN, is an artificial-intelligence (" AI ") enhanced wearable contact tracing solution that has been developed by the Company and the University of Waterloo. TraceSCAN tracks exposure to COVID-19 without the need for GPS information. Facedrive Marketplace is an online socially-conscious store that offers goods and merchandise for sale. The items that are selected for sale on the online marketplace are eco-friendly and/or sustainably manufactured and their sales are linked to support for social causes. Facedrive Social strives to keep people connected in a physically-distanced world through its HiQ Social App, which is an e-socialization platform that allows users to interact with each other based on common interests and by offering gamification and mutual community support features.

For more about Facedrive, visit www.facedrive.com .

Facedrive Inc.
100 Consilium Pl, Unit 104, Scarborough, ON, Canada M1H 3E3
www.facedrive.com

Forward-Looking Statements

Certain information in this press release contains forward-looking information. This information is based on management's reasonable assumptions and beliefs in light of the information currently available to us and are made as of the date of this press release. Actual results and the timing of events, such as those pertaining to the expected continued growth of the business activities of Facedrive Foods, may differ materially from those anticipated in the forward-looking information as a result of various factors. Similarly, while the Company intends to continue its efforts to grow the business as noted above, there can be no assurance that such expansion can continue at the same pace. There is also not necessarily a direct correlation between users, orders and revenue. Information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. Statements containing forward-looking information are not facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements.

See "Forward-Looking Information" and "Risk Factors" in the Corporation's Filing Statement dated August 28, 2019 for a discussion of the uncertainties, risks and assumptions associated with these statements. Readers are urged to consider the uncertainties, risks and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. We have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Media: S ana Srithas | sana@facedrive.com
Tel: 1-888-300-2228

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STEER Announces Rollout of its Delivery as a Service Offering with 200 + Small and Medium Businesses

 Facedrive Inc. (" STEER " or " the Company ") (TSXV: FD) (OTCQX: FDVRF), an integrated ESG technology platform, is pleased to announce it has successfully rolled out its Delivery as a Service (" DaaS ") offering with over 200 small and medium businesses (" SMBs "), and is now marketing such services to large big box retailers. STEER's DaaS offering provides a last mile logistics solution for retailers to offer just-in-time deliveries to end-users. The Company expects the DaaS platform to be a key element of its business and a valuable driver of ESG data, reporting and analytics.

DaaS by STEER (CNW Group/Facedrive Inc.)

STEER's DaaS offering has demonstrated operational success, with over 200 local merchants in the Greater Toronto Area and a 99% on-time delivery rate. The Company has also seen many of its customers transition from a hybrid to a full-time arrangement with STEER. Following its success with smaller local vendors, STEER's DaaS offering is being promoted to big box retailers, some of whom have also expressed an interest for the offering. The Company feels its ESG value proposition, powered by its proprietary EcoCRED carbon offset analytics platform, sets the STEER DaaS offering apart from competitors. In particular, EcoCRED's capabilities to capture, analyse and report on key ESG data can appeal to socially-responsible brands and larger retailers, who are increasingly conscious of environmental tracking and reporting protocols.

The global Delivery as a Service market, valued at USD 18.7Bn in 2020, is expected to grow at 18.9% CAGR for the period 2021-2027 1 , making it one of the high-growth sectors in today's global economy. This growth has been accelerated by the global impact of the COVID-19 pandemic and goes beyond food deliveries, spanning nearly all categories of consumer products.  This megatrend presents qualified providers like STEER with a potentially-lucrative opportunity to increase market presence and significantly increase revenues.

STEER's DaaS offering leverages the assets and technology developed by the Company through its existing on-demand offerings. Specifically, introduction of DaaS enables the Company to draw on its tech stack, operational expertise, and its existing infrastructure—including drivers—to deliver a nimble, agile, cost efficient, and customizable product. STEER's tech-driven delivery management software integrates directly with the merchant's Point of Sale (" POS ") solution and provides visibility, KPI controls and data processing. Moreover, STEER leverages its built-in data science algorithms to analyse daily demand cycles for each individual offering and to streamline resource allocation. In the future, this data will be utilized to identify cross-selling opportunities within the STEER platform and provide customers with analytics, metrics and data that quantify their carbon reduction efforts.

STEER's DaaS offering also capitalizes on synergies with its existing on-demand services through a shared driver fleet. For drivers, this means potentially higher earnings through an additional revenue stream, minimized idle time, and the convenience of managing fewer apps on their phone. For the Company, introduction of the DaaS functionality results in greater operational efficiencies through unified driver acquisition, training and optimized marketing spend across the platform. The Company feels these operational efficiencies will translate into economies of scale as STEER's DaaS onboards more vendors and launches operations in new geographies.

"Delivery as a Service represents a natural evolution for our Company. Having built significant assets and expertise in the mobility and food delivery segments, it is important for us to leverage our existing assets to enter a growing market space. It allows us to grow incremental revenues in the near future while not increasing costs at the same rate. We have confirmed the demand during our launch with over 200 small and medium vendors and are now focused on large retail customers. With the launch of DaaS, STEER's vision of creating a one-stop shop ecosystem for an environmentally-conscious B2C and B2B consumer has come a step closer to fulfilment", said Suman Pushparajah , Chief Executive Officer.

________________________________
1 https://www.globenewswire.com/news-release/2021/09/02/2290996/0/en/Last-Mile-Delivery-Market-is-Expected-to-Reach-to-USD-62-7-Bn-with-CAGR-of-18-9-by-2027.html

About the Company

STEER is an integrated ESG technology platform that moves people and delivers things through subscription and on-demand services. The Company's goal is to build a one-of-a-kind system that aggregates conscientious users, through a series of connected offerings, and enables them to buy, sell, or invest with the same platform, STEER. The Company's offerings generally fall into two categories: subscription-based offerings led by its flagship electric vehicle subscription business, Steer EV, and on-demand services incorporating delivery, B2B marketplace, Delivery-as-a-Service (DaaS) and rideshare businesses. The Company's platform is also powered by EcoCRED, its big data, analytics and machine learning engine which seeks to capture, analyse, parse and report on key data points in ways that measure the Company's impact on carbon reductions and offsets.

For more about the Company, visit www.facedrive.com .

STEER
100 Consilium Pl, Unit 400
Scarborough , ON
Canada M1H 3E3
www.facedrive.com

Forward-Looking Information

Certain information in this press release contains forward-looking information, including with respect to the Company's business, operations and condition, management's objectives, strategies, beliefs and intentions, and the company's forward plans to rebrand. This information is based on management's reasonable assumptions and beliefs in light of the information currently available to us and are made as of the date of this press release. Actual results and the timing of events, such as those pertaining to the Company's next step launch with big box retailers, may differ materially from those anticipated in the forward-looking information as a result of various factors. Information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. Statements containing forward-looking information are not facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements.

See "Forward-Looking Information" and "Risk Factors" in the Company's Annual Management Discussion & Analysis (MD&A) for the year ended December 31, 2021 (filed on SEDAR on may 2, 2022 ) and its interim MD&A for the period ended September 30, 2021 (filed on SEDAR on November 29, 2021 ) for a discussion of the uncertainties, risks and assumptions associated with these statements and other risks. Readers are urged to consider the uncertainties, risks and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. We have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation and regulatory requirements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

STEER Logo (CNW Group/Facedrive Inc.)

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/steer-announces-rollout-of-its-delivery-as-a-service-daas-offering-with-200--small-and-medium-businesses-301547644.html

SOURCE Facedrive Inc.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2022/16/c1734.html

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dynaCERT Invited to Present at the International Investment Forum

dynaCERT Invited to Present at the International Investment Forum

dynaCERT Inc. (TSX: DYA) (OTCQX: DYFSF) (FRA: DMJ) (" dynaCERT " or the "Company") is pleased to announce that dynaCERT will be presenting at the third International Investment Form ("IIF") on May 19 th , 2022.

Jim Payne, CEO of dynaCERT , will be presenting at 10:00 am EST on May 19 th , 2022.

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Nano One

Nano One Provides Quarterly Progress Update and Reports Q1 2022 Results

Nano One® Materials Corp. (TSX: NANO) (OTC Pink: NNOMF) (FSE: LBMB) ("Nano One" or the "Company") is a clean technology company with patented processes for the low-cost, low-environmental footprint production of high-performance cathode materials used in lithium-ion batteries. Nano One has filed its financial results and operations overview for the first fiscal quarter ended March 31, 2022 and is pleased to provide the following highlights from Q1 2022.

Q1 Highlights and Headlines

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Greenlane Renewables Announces First Quarter 2022 Financial Results

Greenlane Renewables Announces First Quarter 2022 Financial Results

~Company reports its second highest quarterly revenue, Q1 growth of 33% over Q1 2021~

Greenlane Renewables Inc. (" Greenlane '' or the " Company ") (TSX: GRN) (FSE: 52G) (OTC: GRNWF) today announced financial results for the first quarter ended March 31, 2022 . For further information on these results please see the Company's Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis filed on SEDAR at www.sedar.com . All amounts are in Canadian dollars unless otherwise stated and in accordance with IFRS.

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American Manganese Reschedules Shareholder Meeting

American Manganese Reschedules Shareholder Meeting

American Manganese Inc. (TSXV:AMY)(OTCQB:AMYZF)(FSE:2AM) ("AMY" or the "Company") has rescheduled its annual general and special meeting of shareholders (the "Meeting") to July 8, 2022, at 11:00 a.m. Further details on the meeting will be contained in a new Notice of Meeting and the management information circular that will be mailed to shareholders and filed on SEDAR

About American Manganese Inc.

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Tantalus Systems Holding Inc. Reports Financial Results for Q1, 2022

Tantalus Systems Holding Inc. Reports Financial Results for Q1, 2022

Tantalus Systems (TSX: GRID) ("Tantalus" or the "Company"), a smart grid technology company focused on helping build sustainable utilities for the future, is pleased to announce its financial and operating results for the first quarter ended March 31, 2022.

"We are pleased with our financial results and operating performance despite navigating through a challenging business environment. Revenue contributions from our software and services business segment continue to improve our financial performance and increased to 36% of our total revenue profile in the quarter. Revenue from our Connected Devices and Infrastructure segment also grew as supply chain challenges began to stabilize throughout the quarter. Additionally, we witnessed our Gross Profit Margin increase to 48% as compared to 45% a year ago," stated Peter Londa, President & CEO of Tantalus. "Beyond our financial results, the feedback we continue to receive regarding our acquisition of Congruitive is extremely favorable, as the combined capabilities deliver a differentiated and secure smart grid platform that empowers utilities to connect devices deployed at the edge of the grid, where people live and work, directly to mission-critical systems that utilities rely upon every day to deliver power. While the current business environment remains fluid, we continue to witness strong momentum as utilities seek to digitize distribution grids to improve their resiliency and prepare for the broad adoption of electric vehicles, solar installations and distributed storage."

Consolidated Financial Highlights1:

  • Revenue for the Company increased by 16% to $9.3 million as compared to the prior year, reflecting the momentum witnessed across Tantalus' target market. Utility Software Applications and Services revenue increased by 28% to $3.4 million and represented 36% of total revenue as compared to 33% for the same period last year. The increase from software and services is tied to the increasing number of connected endpoints that drives software licenses and recurring maintenance and support agreements. Congruitive's software and services contributed approximately $290,000 in the quarter. Connected Devices and Infrastructure revenue increased by 10% as COVID-19 pandemic restrictions subsided allowing utilities to accelerate deployments. A portion of delayed shipments in 2021 also materialized in the quarter.

  • Gross Profit2 Margin increased to 48% as compared to 45% for the same period last year. The Company was able to increase Gross Profit Margin despite inflationary pressures across its supply chain. The increase in Gross Profit Margin tied to the Company's continued focus on expanding revenue contributions from software and services and managing its supply chain effectively. Moving forward, the Company initiated a price increase that went into effect on April 15, 2022, to further offset inflationary cost pressures.

  • Adjusted EBITDA3 was ($0.7 million) compared to $0.1 million in the prior year. The decline in Adjusted EBITDA was primarily due to targeted investments in research and development to accelerate key projects, integrating the team from the acquisition of Congruitive, bolstering sales and marketing activities given the continued momentum in the market, and the Company's continued absorption of costs associated with going public.

  • The loss for the period was ($1.8 million) compared to ($2.9 million) in the prior year, an improvement of 38%. The loss per share in the quarter was $0.04 compared to $0.08 in the prior year.

  • The Balance Sheet remained strong with total assets amounting to $40.0 million, inclusive of $12.0 million in cash, compared to $31.0 million of total assets and $14.2 million in cash as at December 31, 2021. The cash balance remained strong despite investing $3.5 million of cash as part of the consideration in acquiring Congruitive on January 31, 2022.

  • Adjusted Working Capital4 was $9.0 million compared to $13.6 million as at December 31, 2021. The decline in Adjusted Working Capital is primarily due to the cash consideration of $3.5 million and corresponding fees and expenses incurred as a result of the acquisition of Congruitive.

Continued Strong Momentum

  • Tantalus secured 5 new utilities in the quarter through its ongoing sales activity. Coupled with over 40 utilities within Congruitive's user community, the combined business now supports over 250 utility customers, including several of the largest investor-owned utilities ("IOUs") in the United States.

  • The Company continues to anticipate growing revenue year-over-year by 20% to 25%, targeting approximately $38.6 to $40.2 million in 2022. This guidance includes revenue contributions from the recent acquisition of Congruitive.

  • Tantalus is actively leading an effort to support current and prospective utility customers with the submission of applications to access funding across several programs being offered by the US Federal government, including the ARPA and BRIC programs. For more information, please go to the Company's website (https://www.tantalus.com/resources/funding/).

"Due to our team's ongoing commitment to adapt to changes and the continued execution of our plan, we are in the fortunate position to make prioritized investments in our next-generation TRUSense™ Fiber Gateway and our AI-enabled data analytics, both of which further position Tantalus as a market leader," noted Mr. Londa. "The TRUSense Fiber Gateway will allow utilities to backhaul consumption and power quality data across a fiber network, gain direct access to and control of EV chargers and inverters for solar panels and battery walls deployed behind the meter, and deliver broadband services to customers. Coupled with the expanding portfolio of AI-enabled data analytics, this one-of-a-kind offering will propel Tantalus forward as a market leader to truly build sustainable utilities. We remain optimistic as market dynamics remain favorable and believe Tantalus remains well positioned for the future."

The Company will hold a conference call and webcast to discuss the financial results on Wednesday, May 11, 2022 at 11:00 am Eastern Time.

Conference Call
Participant Dial In (Toll Free) 1-844-854-4410
Participant International Dial In 1-412-317-5791
Please ask to join the Tantalus Systems earnings call.

Webcast
https://services.choruscall.com/mediaframe/webcast.html?webcastid=5gmBWvNT

Replay Information
A conference call replay will be available until May 18, 2022. The webcast will be available until May 17, 2023 at the link set out above. To access the conference call replay, please see details below:

US Toll Free: 1-877-344-7529
International Toll: 1-412-317-0088
Canada Toll Free: 1-855-669-9658
Replay Access Code: 1750619

Financial Statements and Management Discussion & Analysis

Please see the consolidated financial statements ("Financial Statements") and related Management's Discussion & Analysis ("MD&A") for more details. The consolidated financial statements for the quarter ended March 31, 2022, and related MD&A have been reviewed and approved by Tantalus' Audit Committee and Board of Directors. For a more detailed explanation and analysis, please refer to the MD&A that has been filed on SEDAR at www.sedar.com and is also available on the Company's website at www.tantalus.com.

Non-IFRS and Other Financial Measures
This press release refers to the following non-IFRS measures:

"EBITDA" is comprised as income (loss) less interest, income tax and depreciation and amortization. Management believes that EBITDA is a useful indicator for investors, and is used by management, in evaluating the operating performance of the Company. See "Reconciliation of Net (Loss) / Income to Adjusted EBITDA" for a quantitative reconciliation of EBITDA to the most directly comparable financial measure. "Adjusted EBITDA" is comprised as income (loss) less interest, income tax, depreciation, amortization, stock-based compensation, foreign exchange gain (loss) and other income / expenses not attributable to the operations of the Company. Management believes that EBITDA is a useful indicator for investors, and is used by management, in evaluating the operating performance of the Company. See "Reconciliation of Net (Loss) / Income to Adjusted EBITDA" for a quantitative reconciliation of Adjusted EBITDA to the most directly comparable financial measure.

"Gross Profit" is comprised as the Company's revenues less cost of sales. Management believes that Gross Profit is a useful indicator for investors, and is used by management, in evaluating the operating performance of the Company. See "Gross Profit Reconciliation" for a quantitative reconciliation of Gross Profit to the most directly comparable financial measure. This press release refers to "Gross Profit Margin" which is a non-IFRS ratio. Gross Profit Margin is comprised of Gross Profit expressed as a percentage of the Company's revenues. Management believes that Gross Profit Margin is a useful indicator for investors, and is used by management, in evaluating the operating performance of the Company.

"Adjusted Working Capital" is comprised as current assets less current liabilities exclusive of the Company's bank loan. Management believes Adjusted Working Capital is a useful indicator for investors, and is used by management, for evaluating the operating liquidity to the Company. See "Adjusted Working Capital Reconciliation" for a quantitative reconciliation of Adjusted Working Capital to the most directly comparable financial measure.

Such non-IFRS measures and non-IFRS ratio do not have a standardized meaning under IFRS and may not be comparable to a similar measure disclosed by other issuers.

Gross Profit Margin Reconciliation

  Three months ended March 31, 2022 Three months ended March 31, 2021
Revenue$9,291,478 $ 8,011,331
Cost of sales 4,870,365 4,409,319
Gross Profit 4,421,113 3,602,012
Gross Profit Margin 48% 45%

 

Reconciliation of Net (Loss) to Adjusted EBITDA

  Three months ended March 31, 2022 Three months ended March 31, 2021
Loss for the period $(1,789,383)$(2,908,432)
Finance expense (a) 236,986 166,329
Income taxes - -
Depreciation and amortization 493,169 434,957
EBITDA (1,059,228) (2,307,146)
Stock-based compensation (b) 203,056 195,769
Foreign exchange (c) (385,050) 14,068
Congruitive acquisition related costs (d) 586,960 -
RiseTech reverse acquisition listing expense (e) - 1,188,175
Reverse acquisition legal, professional and related costs (e)  - 964,484
Adjusted EBITDA $(654,262)$55,350

 

(a)Finance expense comprised of interest and related finance expense on bank loans and lease liabilities. 
(b)Share-based non-cash compensation expense. 
(c)Foreign exchange comprised of unrealized (gain) / loss from non-functional currency assets and liabilities. 
(d)General and administrative expenses pertaining to the Company's acquisition of Congruitive.
(e)Reverse acquisition listing expense comprised of excess purchase price over RiseTech net assets acquired and costs. 

Adjusted Working Capital Reconciliation

  March 31, December 31,
Adjusted Working Capital  2022 2021
Total current assets$25,494,272$26,427,657
Less current liabilities (25,730,784) (20,953,001)
  (236,512) 5,474,656
Add Bank loans - current portion 9,200,000 8,100,000
Adjusted Working Capital $8,963,488$13,574,656

 

About Tantalus Systems Holding Inc. (TSX: GRID)

Tantalus is a smart grid technology company that transforms aging one-way grids into future-proofed multi-directional grids that improve the efficiency, reliability and sustainability of public power and electric cooperative utilities and the communities they serve. Our solutions are purpose-built to allow utilities to restore power quickly after major disruptions, adapt to rapidly shifting consumer expectations and population shifts, innovate new solutions based on the adoption of distributed energy resources and evolve their grid infrastructure at their own pace without needless cost or complexity. All this gives our user community the flexibility they need to get the most value from existing infrastructure investments while planning for future requirements. Learn more at www.tantalus.com.

Forward-Looking Statements:

This news release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words "believes", "may", "plans", "will", "anticipates", "intends", "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release includes statements such as those relating to: continuing extremely favorable feedback regarding our acquisition of Congruitive, strong momentum going forward as utilities seek to digitize distribution grids to improve their resiliency and prepare for the broad adoption of electric vehicles, solar installations and distributed storage, growing revenue year-over-year by 20% to 25% and targeting approximately $38.6 to $40.2 million in 2022, the development of our next-generation TRUSense Fiber Gateway and our AI-enabled data analytics, both of which further position Tantalus as a market leader, and Tantalus being well positioned for the future.

To the extent any forward-looking information in this news release constitutes a "financial outlook" within the meaning of securities laws, such information is being provided because management's estimate of the future financial performance of Tantalus is useful to investors, and readers are cautioned that this information may not be appropriate for any other purpose and that they should not place undue reliance on such information.

In connection with the forward-looking information contained in this news release, Tantalus has made numerous assumptions, regarding, among other things: the expected impact of COVID-19, the expected impact of supply chain constraints, the expected impact of inflationary pressures on costs and the expected timing of new product introductions. While Tantalus considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause Tantalus' actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein.A complete discussion of the risks and uncertainties facing Tantalus is disclosed under the heading "Risk Factors" in the Tantalus' Annual Information Form dated March 23, 2022, as well as those risk factors included with Tantalus' continuous disclosure filings with Canadian securities regulatory authorities available at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Tantalus disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.

Contact Tantalus:
Linda Armstrong
Investor Relations
647-456-9223 | larmstrong@tantalus.com

Website: www.tantalus.com
LinkedIn: LinkedIn/company/tantalus
Twitter: @TantalusCorp

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