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PopReach Provides Q4 2021 Update on Selected Financial Information with Federated Foundry

Inclusive of PopReach, the combined businesses delivered 2021 year-over-year consolidated pro-forma revenue growth of 30%, Adjusted EBITDA1 growth of 43%, and improvement in net income

TORONTO, April 27, 2022 - PopReach Corporation ("PopReach" or the "Company") (TSXV: POPR) (OTCQX: POPRF) is, further to its press releases dated August 17, 2021, October 18, 2021, October 29, 2021, November 29, 2021, February 14, 2022, February 16, 2022, March 23, 2022 and April 18, 2022, regarding the proposed business combination (the "Transaction") of PopReach with 2810735 Ontario Inc. d/b/a Federated Foundry ("Federated" and together with PopReach, the "Parties"), pleased to provide an update on selected unaudited pro-forma consolidated financial information for the combined Parties for the three months and year ended December 31, 2021. The selected unaudited pro-forma financial information presented is inclusive of the financial information of PopReach for the applicable periods, as previously reported and filed on

1 Please refer to "Non-IFRS Measures" section of this press release

Unaudited Pro-Forma Consolidated Financial Information

The following table sets out certain unaudited pro-forma consolidated financial information for the combined PopReach and Federated businesses had: 1) the Transaction been consummated at the beginning of twelve month periods ended December 31, 2020 and December 31, 2021; and 2) Federated had acquired Notify AI, LLC ("Notify AI"), Q1Media, Inc. ("Q1Media"), and Crucial Interactive Holdings Inc. ("Contobox"), at the beginning of the same periods.

Recent Federated Operating Highlights

  • Contobox was named Best Customer Data Platform by Digiday. In addition, Contobox has partnered with Pinterest to bring their True Intent technology to Pin Extensions for brands, and launched a new shoppable integration with Walgreens.

  • Q1Media launched new sales teams to cater to the following markets: Albuquerque, Atlanta, Charlotte, Miami, & St. Louis.

  • Notify AI was voted SaaS Platform of the year for 2022 at the annual Affiliate Grand Slam Awards held in Dubai on March 21, 2022. The SaaS Platform of the year award recognizes the crucial role software has through the emergence of AI, Big Data and other IT revolutions.

Management Commentary

"The fourth quarter and year end 2021 unaudited consolidated pro-forma financial information further demonstrate the increased scale and cash generating power our platform will have out of the gate as we resume trading shortly, with 30% growth in revenue for the year and approximately $11 million in Adjusted EBITDA," said Jon Walsh, CEO of PopReach. "The breadth of opportunities we are now evaluating together with the Federated team across the digital media ecosystem puts us in a strong position to create greater value for our shareholders through larger transactions that drive faster value accretion."

Non-IFRS Measures

The Parties prepare their financial statements in accordance with IFRS. However, the Parties consider certain non-IFRS financial measures as useful additional information to assess their financial performance. These measures, which the Parties believe are widely used by investors, securities analysts and other interested parties to evaluate their performance, do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similarly titled measures presented by other publicly traded companies, nor should they be construed as an alternative to financial measures determined in accordance with IFRS. "EBITDA" and "Adjusted EBITDA" are non-IFRS measures.

EBITDA and Adjusted EBITDA