Press release

NamSys Reports Results of Operations for the Second Quarter, April 30th, 2022

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NamSys Inc. (CTZ – TSX-V) today reports the results of operations for the first six months and the second quarter of fiscal 2022 ended April 30th. All amounts referenced herein are in Canadian dollars. Revenue for the second quarter was $1,317,069 as compared to $1,244,719 for the same period last year. Net income before tax for the quarter of $426,135 ($0.015 per share) was recorded as compared to $416,175 ($0.015 per share) for the three months ended April 30th, 2021.

Revenue for the first six months of fiscal 2022 was $2,590,111 as compared to revenue in the same period last year of $2,471,074. The Company recorded net income before tax of $821,444 ($0.02 per share) in the six months ended April 30th, 2022 as compared to $838,585 ($0.02 per share) in the same period last year.

As the bulk of the Company’s sales are in US dollars, fluctuations in the exchange rate between Canadian and US dollars impact reported income. Revenues are converted to Canadian dollars when sales are completed and booked. Foreign exchange adjustments are then required when payments are actually received.

The Financial Statements and Management’s Discussion and Analysis for the fiscal quarter ended April 30th, 2022 are available under the Company’s profile on SEDAR at www.sedar.com.

Jason Siemens, our Chief Executive noted that the net income of the Company has remained rather stable over the past few quarters. We are however continuing to focus on domestic and international opportunities and are encouraged by the quality of the prospects in our pipeline.

It remains our belief that we will continue to grow and achieve greater revenue and profitability in 2022 and beyond.”

The TSX Venture Exchange has neither approved nor disapproved of the information contained in this release. This Media Release may contain forward-looking statements, which reflect the Corporation’s current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual events could differ from those projected herein and depend on a number of factors including the success of the Corporation’s sales strategies.