Montreal, QC - TheNewswire - June 7, 2023 - ATW Tech Inc.  (  the "Company" or "ATW Tech") (TSX-V:ATW) today announced its results for the quarter ended March 31, 2023.

• The Company generated revenues of $ 250k compared to $ 577k in 2022, a decrease of $ 327k 

• Cost of sales totalled $ 251k in 2023 compared to $ 545k in 2022, a decrease of $ 294k; 

• Operating expenses decreased from $ 645k in 2022 to $267k, a decrease of $ 378k; 

On June 21, 2022, the Company announced the signing of two letters of intent to acquire complementary technology companies in the areas of business intelligence, advanced data analytics and public safety softwares powered by artificial intelligence. On May 1, 2023 and with an update on May 30, 2023, the Company announced its intention to close the acquisition of one of these two companies by June 15, 2023.

On April 14, 2023, the Company announced a late filing of its consolidated annual financial statements following the change of auditor. The Board of Directors and management of the Company confirm that they are working diligently to file the Required Documents and intend to do so as soon as they are available, no later than June 30, 2023, and confirm that there is no other material information regarding the affairs of the Company that has not been disclosed in a general manner. At the request of the Corporation, on May 3, 2023, the Corporation announced that the Autorité des marchés financiers (the "AMF") has issued a Management cease of trade order for executive officers (the "MCTO") in connection with the Company's delay in filing its consolidated annual financial statements, Management's Discussion and Analysis and related certifications for the year ended December 31, 2022. An update was given on May 16, 2023 and May 30, 2023.

On May 1, 2023, the Company announced its intention to complete a private placement for an aggregate amount of $975,000 through the issuance of 19,500,000 units at a price of $0.05 per unit. The Company also expects to enter into loan agreements with related persons for a total amount of $575,000.

Outlook

In the spring of 2023, the Corporation made available its voting system for the return of La Voix on TVA. This ninth season recalled how much viewers were attached to the show and especially to the live broadcast that call them to support their favourites. The vote took place from 19 March to 9 April 2023.

Since the signing of the letters of intent, announced on June 21 and updated on May 30, the Company has focused these efforts primarily on the acquisition of one of the two targets and intends to close its acquisition by June 15, 2023. The Company and the target's management are already working in partnership on certain files and have put in place a transition team that operates constructively and effectively so that the operational consolidation between the two organizations will be almost immediate upon the closing of the transaction.

"In a context marked by labour shortages, we are very encouraged by the quality of the human resources of the two Targets with whom we have had to collaborate. In a tightening financial market, we firmly believe in the closing of this transaction and that it will be very beneficial for ATW and the Targets shareholders, its customers and its employees," said Michel Guay, President and Chief Executive Officer.

The synergy of our expertise, skills and technologies in the fields of Data Analytics, Artificial Intelligence and Machine Learning will bring innovative client companies operational improvements that will provide real and significant measurable productivity and profitability gains.

The information presented above is a summary of the highlights. For additional information, please refer to the Company’s interim condensed consolidated financial statements and the Management’s Discussion and Analysis for the three-month periods ended March 31, 2023 at www.sedar.com.

Forward-Looking Statements and Disclaimer

Certain information in this press release may constitute “forward-looking” statements that involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, such information may include words such as “anticipate”, “estimate”, “may”, “will”, “expect”, “believe”, “plan”, “project” and other terminology. This information reflects current expectations regarding future events and operating performance and speak only as of the date of this press release. Except as may be required by law, we do not assume any obligation to update or revise any forward-looking information to reflect new events or circumstances.

Additional information regarding ATW Tech is available on SEDAR www.sedar.com

The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept no responsibility for the adequacy or accuracy of this release. The Plan remains subject to the approval of the TSX Venture Exchange.

ATW Tech’s Profile

ATW Tech (TSX-V: ATW) is a technology company, owner of several recognized technology platforms such as VoxTel, Option.vote and Semeon. VoxTel specializes in telephone billing and alternative payment solutions for fixed and mobile lines. Option.vote offers a customized multimethod voting system for unions, political parties, professional associations, and anyone looking for a secure way to reduce their voting costs and improve their participation rate. Semeon is a highly accurate and flexible text analysis platform for customer reviews and uses a unique combination of machine learning and natural language processing (NLP) to discover significant trends in customer reviews across all channels.

SOURCE :       

ATW TECH

Michel Guay

President, Founder and Chief Executive Officer

Tel.: 844.298.5932 ext. 301

mguay@atwtech.com

www.atwtech.com