Martello restructures, ends sales of Vantage DX

Mr. Jim Clark reports MARTELLO ANNOUNCES OPERATIONAL RESTRUCTURING Martello Technologies Group Inc. has arranged an operational restructuring in which its Vantage DX product will transition to end-of-sale status. The company will refocus its resources on the Mitel business and intends to pursue new innovations applying artificial intelligence (AI) to the IT monitoring space. Vantage DX will join Martello's suite of legacy products that continue to deliver operational cash flow for the company. As part of the operational restructuring, chief technology officer Doug Bellinger will leave that role and transition into an advisory role, advising Martello's board of directors on technology strategy. In addition, shifting Vantage DX to legacy status is expected to result in a reduction of Martello's overall global work force by approximately 50 per cent. "The operational restructuring announced today aims to move Martello towards profitability, creating the foundation for future growth and shareholder value," said Jim Clark, chief executive officer of Martello. "While we sincerely regret the impact on our people, we believe this is the right decision for the business. We will continue to serve our valued Vantage DX partners and customers while we work closely with Mitel to nurture the Mitel Performance Analytics (MPA) business and pursue new innovation in AI, which we believe can be impactful in the monitoring space." Chairman Terence Matthews continues to support Martello: "With AI transforming industries, it's important that Martello apply resources towards continued innovation for its Mitel customers and for future offerings," said Mr. Matthews. "I look forward to continued Mitel Performance Analytics development and new product innovation in the future." Vantage DX is a digital experience monitoring solution for Microsoft Teams that was launched in September, 2021. Martello will continue to support existing partners and customers of Vantage DX, while focusing resources on its core offerings to drive improved operational efficiency and profitability. About Martello Technologies Group Inc. Martello is a technology company that provides experience management solutions for enterprise collaboration tools such as Microsoft Teams and Mitel unified communications. Martello is a public company headquartered in Ottawa, Canada. We seek Safe Harbor.