Spectra Products : August 22, 2024 - Spectra reports second quarter results

About this update from Spectra Products Inc.

Spectra Products Inc. Reports Second Quarter 2024 Results For Immediate Release - August 22, 2024 Toronto, Ontario - Spectra Products Inc. (SSA: TSX VENTURE) reports the release of its financial results for the three and six months ended June 30, 2024. Continued operational profitability in 2024 has allowed the Company to maintain its cash reserves (including investments) at over $1.2 million as at June 30, 2024. Revenues for the six-month period ended June 30, 2024 were $872,887 compared to $1,188,669 for the same period in 2023. In the six-month period ended June 30, 2024, net income before taxes of $104,869 was earned compared to net income before taxes of $270,109 for the same period in 2023. "Although sales are lower compared to 2023 due to the downturn in truck parts sales, the company remained profitable due to the cost cutting measures the company has undertaken over the past several years. We are continuing to open new accounts which should show results in the second half of 2024" said Andrew Malion, President of Spectra Products Inc. Normal Course Issuer Bid On April 3, 2024, the TSX Venture Exchange has accepted Spectra Products Inc.'s notice of intention to make a normal course issuer bid to purchase for cancellation, from time to time, as Spectra considers advisable, up to a maximum of 705,294 common shares in the capital of the company. The maximum number of common shares to be purchased pursuant to the bid represents 5 per cent of the company's 14,105,895 common shares outstanding as at the date hereof. The bid commenced on April 8, 2024, and will terminate on April 7, 2025, or at such earlier time as the bid is completed or terminated at the option of Spectra. The company has retained Canaccord Genuity Corp. as its broker to conduct the bid on its behalf. 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™ as well as the Termin-8R  line of Electric vehicle protection, anti-corrosion and extreme pressure lubricants. 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: [email protected] Website: www.spectrainc.ca ______________________________________________________________________ Neither the 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.

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