TORONTO - Adcore Inc. (the 'Company' or 'Adcore') (TSX: ADCO) (OTCQX: ADCOF) (FSE: ADQ) (TSX: ADCO-WT), a leading e-commerce advertising management and automation platform to leverage digital marketing in an effortless and accessible way ('Effortless Marketing'), today announced its financial results for the three months ended March 31, 2022.

'During the quarter we successfully executed on our strategy started in the second part of 2021 to achieve improved and sustainable gross margins in the 45%-55% range by focusing on higher margin indirect revenue. We began to see the positive impact of our strategy in Q4 2021 and continued to drive significantly higher gross margins in Q1 2022 from a higher quality revenue mix as well as growing our gross profit. We are encouraged by our progress thus far in fiscal year 2022 and confident this strategy will deliver enhanced profitability over the long term as we continue to grow our business,' said Omri Brill, Chief Executive Officer of Adcore.

First Quarter Highlights

Total revenue for the three months ended March 31, 2022 was CAD$4.7 million compared to CAD$8.6 million for the same period in 2021.

Gross profit for the three months ended March 31, 2022, was CAD$2.0 million, an increase of 2% compared to the same period in 2021. Gross margin for the three months ended March 31, 2022, was 43% compared to 23% for the same period in 2021, an increase of 87%.

Operating loss for the three months ended March 31, 2022, was CAD$446 thousand compared to an operating profit of CAD$36 thousand for the same period in 2021.

Adjusted EBITDA for the three months ended March 31, 2022, was CAD$85 thousand compared to CAD$584 thousand for the same period in 2021, a decrease of 85%.

Announced 14 new clients across four of its main regions: North America, EMEA, AUNZ and Greater China.

Renewed an advertising contract with the Israeli Government Advertising Agency for the fifth year at an annual advertising budget of up to CAD$25 million.

Named to Elite Tier of Microsoft's Advertising Partner Program and Attained Google Premier Partner Status.

ABOUT AMPHY

Founded in 2021 in the midst of the pandemic, Amphy is the world's most diverse 24/7 live online learning marketplace. With Amphy, learners can choose from over 1,900 classes across 90 categories to grow their passions and skills, expand their children's learning opportunities, and much more. Instructors on the Amphy platform join a vibrant virtual teacher community that promotes and supports their success through enrichment seminars, marketing and advertising, and a suite of tools that allow them to run their classes hassle-free and focus on their students. Amphy students gain access to high-quality, personalized classes accessible from 24/7, as well as join a growing community of lifelong learners.

FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements, including statements about the Company. Wherever possible, words such as 'may', 'will', 'should', 'could', 'expect', 'plan', 'intend', 'anticipate', 'believe', 'estimate', 'predict' or 'potential' or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

Contact:

Tel: 203-972-9200

Email:adcore@imsinvestorrelations.com

(C) 2022 Electronic News Publishing, source ENP Newswire