Tantalus Enters into Reseller Agreement with Canadian-based Jesstec Industries

Jesstec

Agreement will expand Tantalus’ presence across the Canadian utility industry

BURNABY, BC – May 30, 2023 – Tantalus Systems (TSX: GRID) (“Tantalus” or the “Company”), a smart grid technology company focused on helping build sustainable utilities for the future, is pleased to announce that the Company entered into a reseller agreement with Jesstec Industries Inc. (“Jesstec”).  The agreement expands Tantalus’ commitment to the Canadian utility industry while providing Jesstec with the ability to offer industry-leading smart grid solutions to existing and prospective utility customers.

“Jesstec is excited to include Tantalus’ smart grid technology among our growing capabilities to offer best-of-breed solutions to support Canadian utilities,” said Scott Borland, Vice President of Jesstec Industries Inc.  “With over forty years of experience, Jesstec has successfully established itself as a trusted vendor to utilities across Canada. Through our sales and service offices located across the country, we look forward to offering Tantalus’ solutions, including the recently announced TRUSense™ Gateway, C.IQ software and data analytics, to modernize the distribution grid and help Canadian utilities prepare for the energy transition.”

Driven by ambitious decarbonization goals, the Canadian utility industry is seeking to surgically migrate to solutions that not only prepare for the future but are also backward compatible with legacy infrastructure. To modernize the grid, utilities are seeking to integrate distributed energy resources, such as inverters for roof-top solar panels, storage solutions and electric vehicle chargers, in a versatile and secure manner.  According to a recent study published by the Northeast Group, the Canadian utility industry represents the 10th largest market on a global basis to upgrade metering infrastructure and digitize the distribution grid. Driven largely by the AMI 2.0 refresh cycle, Canadian utilities are forecasted to deploy in excess of eight million AMI meters by 2027.  With advancements in edge computing that can deliver power quality analytics and control of devices located behind-the-meter, the Tantalus solution offered through Jesstec provides a purpose-built smart grid solution that sets the foundation for utilities to become modern, data-driven organizations.

“Given the heritage of our business in British Columbia, existing utility customers within the country and our recent migration to the Toronto Stock Exchange, we are eager to expand our presence across Canada in partnership with the team at Jesstec – one of Canada’s foremost suppliers of utility services and solutions,” said Peter Londa, President & CEO of Tantalus Systems.  “This partnership combines the necessary technical capabilities with local support and services at a time when Canadian utilities are seeking solutions that allow them to seamlessly migrate from existing infrastructure to the technology that is necessary to prepare for the future.”

About Jesstec Industries Inc.

Jesstec Industries Inc. has been doing business since 1982. We are a proud family-owned company. Jesstec specializes in metering and custom utility solutions. There are offices located across Canada and the head office is in London, Ontario.  Jesstec has built its brand around quality products and safety is our number 1 priority. Feel free to reach out today and see how we can help you with your next project.

About Tantalus Systems Holding Inc. (TSX: GRID)

Tantalus is a smart grid technology company that transforms aging one-way grids into future-proofed multi-directional grids that improve the efficiency, reliability and sustainability of utilities and the communities they serve. Our solutions are purpose-built to allow utilities to restore power quickly after major disruptions, adapt to rapidly shifting consumer expectations and population shifts, innovate new solutions based on the adoption of distributed energy resources and evolve their grid infrastructure at their own pace without needless cost or complexity. All this gives our user community the flexibility they need to get the most value from existing infrastructure investments while planning for future requirements. Learn more at http://www.tantalus.com/.

Forward-Looking Information:

This news release includes information, statements, beliefs and opinions which are forward-looking, and which reflect current estimates, expectations and projections about future events, including, but not limited to, the development, functionality, adoption and effectiveness of Tantalus’ solutions, the demand from Canadian utilities for Tantalus’ solutions, the pressures facing Canadian utilities to modernize the distribution grid and the ability of Jesstec to effectively resell Tantalus offerings to Canadian utilities, and other statements that contain words such as “believe,” “expect,” “project,” “should,” “seek,” “anticipate,” “will,” “intend,” “positioned,” “risk,” “plan,” “may,” “estimate” or, in each case, their negative and words of similar meaning. By its nature, forward-looking information involves a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking information. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Readers should not place undue reliance on forward-looking information, which is based on the information available as of the date of this news release and Tantalus disclaims any intention or obligation to update or revise any forward-looking information contained in this new release, whether as a result of new information, future events or otherwise, unless required by applicable law. The forward-looking information included in this new release is expressly qualified in its entirety by this cautionary statement.

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