Tantalus Systems Holding Inc. (TSXV: GRID) Reports Strong Fourth Quarter & 2020 Year-End Results

Burnaby, BC – April 21, 2021 –– Smart grid technology leader Tantalus Systems Holding Inc. (TSXV: GRID) (“Tantalus”, “TSHI” or the “Company”) today announced the financial results for its wholly-owned subsidiary, TSH Canada Inc. (formerly known as Tantalus Systems Holding Inc.), for the fourth quarter and fiscal year ended December 31, 2020. The Company also announced that the Toronto Stock Exchange (“TSX”) has conditionally approved the listing of the Company’s shares. Listing is subject to the Company fulfilling all requirements of the TSX. The Company expects to satisfy the TSX’s requirements in the coming weeks.

“Considering the challenges witnessed throughout the course of 2020 due to the impact of the COVID-19 pandemic across our utility customers and their communities, our business partners, and our employees, Tantalus finished the year with strong revenues during the second half of 2020, higher gross profits year-over-year and delivered a fourth consecutive year of positive adjusted EBITDA. The financial results delivered during the latter portion of 2020 bode well for our company and demonstrate management’s ability to navigate through unforeseen challenges at a macro-level,” said Peter Londa, President & CEO of Tantalus. “While Tantalus continues to witness disruptions to the utility sector on a regional basis across Canada, the United States and the Caribbean Basin arising from the COVID-19 pandemic and is subject to the supply chain constraints for microprocessors being witnessed globally in 2021, our business conditions are improving with increasing tailwinds to support the Company’s long-term growth.”

As an example of the tailwinds that are anticipated to support long-term growth, the Biden Administration’s shift in environmental policy, highlighted by a goal of decarbonizing the power industry in the United States by 2050, will lead to a massive investment in both renewable sources of generation and necessary upgrades to the distribution grid to provide utilities with the ability to command and control assets from the substation to the meter and into buildings and residences. In support of the administration’s environmental policy, the recent announcement of a $2 trillion stimulus package includes funding for utilities to upgrade infrastructure in conjunction with the deployment and adoption of renewable energy (such as wind and large solar installations) and distributed energy resources (known as “DERs”, such as electric vehicles, roof-top solar panels and battery storage). As these new renewable sources of power are deployed, utilities will need to make upgrades to their distribution grids to plan for the variability of renewable energy, as witnessed in Texas during the winter storm earlier this year, and to fully integrate DERs into their grid.

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