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Martello Reports Financial Results for the Fourth Quarter and 2024 Fiscal Year

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES./ Strategic improvements in FY24 designed to boost sales momentum in FY25. Vantage DX achieved 27% year-over-year revenue growth. Sales process and go-to-market strategy re-engineered in FY24 to accelerate Vantage DX growth in FY25. Strategic investments in product and channel leaders are driving capacity to focus on revenue growth. Mitel's acquisition of Unify coupled with partners including leading telcos engaged with Vantage DX provide growth opportunities. Legacy products are sunsetting as planned. Demonstrating continued confidence in Martello, Chairman Terence Matthews provided CAD$1.5M in an unbrokered private placement of common shares in March 2024. Nicolae Lungu appointed Interim Chief Financial Officer subsequent to quarter-end. OTTAWA, ON, June 20, 2024 /CNW/ - Martello Technologies Group Inc., ("Martello" or the "Company") (TSXV:MTLO), a provider of software that optimizes the Microsoft Modern Workplace environment, today released financial results for the three and twelve months ended March 31, 2024. Martello software provides businesses with actionable insights on the performance and user experience of cloud services such as video conferencing and voice calls, with a focus on Microsoft 365, Microsoft Teams and Mitel unified communications. Terence Matthews, Chairman of Martello Technologies is pleased to see a growing engagement with Mitel and its global partners: "At recent international Mitel Next events, the engagement of Mitel and Unify with Martello for both MPA and Vantage DX is increasing everywhere," said Mr. Matthews. "Activity with other Martello partners is also increasing. As an example, one of the world's largest telcos recently launched a Vantage DX trial.  I'm very encouraged by this groundswell of activity and continue to work closely with the Martello team to maximize the growth with key partners." "In FY24 we made a number of important improvements that I am confident will drive Vantage DX sales momentum in FY25", said Jim Clark, Chief Executive Officer of Martello. "We recruited exceptional talent in product, marketing and channel leadership in the last half of FY24, which has already resulted in the development of Martello's AI strategy and a channel activation plan which brought our first deal with US partner Yorktel. By re-engineering our sales processes and go-to-market strategy, we have laid the foundation for growth. I'm pleased that we executed on an aggressive slate of improvements across the business while decreasing operating expenses, and will maintain my focus on Vantage DX revenue growth in FY25 as we monitor the impact of these improvements". Having appointed Jim Clark as Chief Executive Officer in April 2024, Martello is pleased to announce the appointment of Nicolae (Nick) Lungu as Interim Chief Financial Officer, effective June 21, 2024. Mr. Lungu has led Martello's accounting team since 2018 as Director of Corporate Accounting, helping drive key acquisition, disposition, financing transactions, implementing corporate finance processes, structural changes and policies to enhance accounting, external reporting and financial efficiency. Mr. Lungu is a Chartered Professional Accountant in Canada and the US (CPA, CA and CPA Vermont). Q4 and FY24 Financial Highlights Financial Highlights March 31,  March 31, March 31,  March 31, (in 000's) 2024 2023 2024 2023 (Three months ended) (Twelve months ended) Sales $ 3,808 4,027 15,773 16,099 Cost of Goods Sold 482