Spectra Products : April 29, 2024 - Spectra reports first quarter results

Spectra Products Inc. Reports First Quarter 2024 Results

For Immediate Release - April 29, 2024

Toronto, Ontario - Spectra Products Inc. (SSA: TSX VENTURE) reports the release of its financial results for the three months ended March 31, 2024.

Continued operational profitability in 2024 has allowed the Company to maintain strong cash reserves as at March 31, 2024. Cash and investments comprise over $1.4M, and increase of almost $100,000 since December 31, 2023.

Revenues for the three-month period ended March 31, 2024 were $437,618 compared to $533,572 for the same period in 2023, a decrease of 18%.

In the three-month period ended March 31, 2024, net income before taxes of $57,810 was earned compared to net income before taxes of $109,551 for the same period in 2023, a decrease of 53%.

"We are happy to report the launch of revenues from Optimum Fleet Health" said Andrew Malion, CEO of Spectra Products Inc. "We are striving to realize the revenue potential from this new product line, and to take advantage of its synergies with Spectra's existing product portfolio and the Company's position in the marketplace as a leader in wheel end safety."

Spectra Products Inc. is the Toronto-based North American designer, manufacturer and distributor of wheel end safety products to the transportation industry. These products include Brake Safe, Zafety Lug Lock, and Hub Alert™, the Termin-8R line of Electric vehicle protection, anti-corrosion and extreme pressure lubricants, and Optimum Fleet Health, a revolutionary AI predictive and prescriptive vehicle maintenance software.

Except for the historical information contained herein, this news release contains forward looking statements that involve risks and uncertainties, including the impact of competitive products and pricing and general economic conditions as they affect the Corporation's customers. Actual results and developments may therefore differ materially from those described in this release.

NOT FOR DISTRIBUTION TO US NEWS WIRE SERVICES NOR FOR DISSEMINATION IN THE UNITED STATES

On behalf of the Board of Directors,

Andrew Malion, President, Spectra Products Inc.

Investor Relations: 1-800-308-5255

E-Mail:[e-mail]

Website:www.spectrainc.ca

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