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Tenet Year-end 2021 Audited Financial Results Confirm Growth Trajectory with Revenues of $103.6M for the Year

Toronto,Ontario - May 2, 2022 - Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF)("Tenet" or the "Company"),an innovative AI service provider and operator of the Business Hubs™, todayannounced its financial results for the year ended December 31, 2021. TheCompany reported revenues of $103.6M, an adjusted EBITDA of $2.48M and a netloss of $48.5M for the year. While the figures fall short of the forecasts set bythe Company for the year, they are nonetheless indicative of the Company'sgrowth potential. The missed forecast is largely ascribed to the Company havingto reassess and adjust its short-term cash flow strategy, which led tounexpected delays in certain segments of its operations. All amounts expressedare in Canadian dollars.

2021Financial Highlights:

  • Total     Revenue of $103.6M
  • Adjusted     EBITDA of $2.48M
  • Net     Loss of ($48.5M)

ComparativeSummary of Key Financial Metrics from 2018 to 2021

2021202020192018Revenue$103,632,774$42,698,047$11,708,653$1,681,534Expenses1$101,145,243$44,556,226$10,173,036$3,260,765AdjustedEBITDA2$2,487,531($1,858,179)$1,535,617($1,579,231)Net Income (Loss)3($48,561,968)($5,513,511)($1,830,361)($3,608,920)

  1. Expenses     do not include interest, taxes, depreciation (including impairment of     intangible assets) loss on settlement of debt, gain on bargain purchase     and amortization
  2. Adjusted     EBITDA equals net income (loss) before finance costs, taxes, depreciation,     amortization and impairment of intangible assets, loss on extinction of     debt, gain on bargain purchase and amortization. Adjusted EBITDA is     provided as supplementary earnings measure to assist readers in     determining the Company's ability to generate cash-flows from operations     and to cover finance charges. Adjusted EBITDA and EBITDA are also widely     used for business valuation purposes. Adjusted EBITDA does not have a     standardized meaning prescribed by IFRS and may not be comparable to     similar measures presented by other companies.
  3. The net     loss for 2021 includes a total of $53,364,705 in impairment charges     related to the Company's acquisition of Cubeler for which forecasted     revenues shifted by almost a year due to the delayed launched of the     Company's Canadian Business Hub™. Part of the impairment charges may be     reversed in the future following the launch of the Company's Canadian     operations.

2021Operating Highlights:

  • Partnership     agreement with ecommerce software provider ShopEx
  • Re-emergence     and integration of the Gold River ecommerce and logistics platform to     Business Hub
  • Integration     of Business Hub™ to China UnionPay network
  • Creation     of first virtual bank accounts on Business Hub™ and first fund transfer     and payment processing transactions on China UnionPay network
  • First     participation in "618 Shopping Festival" with retailers     and suppliers
  • Opening     of new offices in Beijing and Guangzhou
  • Creation     of new subsidiary to allow the Company to provide services related to the     selling and distribution of oil and gas products and clean technology     products through the Business Hub™
  • Creation     of new subsidiary to allow the Company to provide services related to the     selling and distribution of property and liability insurance products in     China through the Business Hub™
  • Rebranding     of ecosystem from "Lending Hub" to "Business Hub"
  • Closing     of a short form prospectus financing of $52M
  • Acquisition     of "Heartbeat" insurance product management and brokerage     platform
  • Acquisition     of AI and analytics company and owner of Business Hub intellectual     property, Cubeler Inc.
  • Agreement     with Ping An Insurance for the sale and distribution of auto industry     insurance policies through Heartbeat platform
  • Revenue     sharing agreement with PetroChina related to the installation and     maintenance of automated coffee distribution machines as well as the sale     of coffee at PetroChina convenience stores.

Reviewof 2021

"Webelieve the revenue growth and operational progress we made in China in 2021validate what we've been telling everyone all along about the potential behindthe concept of our Hub," commented Tenet CEO Johnson Joseph. "Withthe addition of payment processing features, the integration of serviceofferings to the insurance sector and value-added programs and features tofacilitate transactions among our members, we rebranded our ecosystem from'Lending Hub' to 'Business Hub' in 2021 because it is about so much more thanjust lending. While some may look at the 2021 financial results from a 'glasshalf empty' perspective and focus on the EBITDA and net income shortfalls, we,on the other hand, believe there are far greater reasons to look at the glassas being 'half full' than 'half empty'. Not only are we continuing to show theability and potential for exceptional growth in China, but our acquisition ofCubeler has freed us to turn the Business Hub concept into a global AI-powerednetwork that will allow the world's SME business owners and executives toconnect and conduct business with each other. Also, if you take away theimpairment hit that we took related to the Cubeler acquisition and the factthat almost all the insurance related revenue and profits expected in Q4 weredelayed by about two quarters, then the total revenue, EBITDA and net incomefor the year would actually beat what we had forecasted for 2021."

Theforegoing comments notwithstanding, 2021 was a banner year for Tenet in moreways than one. From a Chinese operations standpoint, the Company took part forthe first time in three shopping festivals, "618" in June,"Singles' Day" in November and "Couples' Day" in December,which combined to help Tenet generate over 25% of its total revenue for theyear and helped improve its overall margins related to its service offering tothe consumer goods supply chain segment. While the consumer goods supply chainsegment should provide a solid base for potential growth in China for years tocome, Tenet began servicing several other verticals in 2021 that should alsoprovide strong growth potential but with better profit margins. The insurancesector is one such vertical, which the Company was able to enter thanks to itsacquisition of the Heartbeat insurance product management and brokerageplatform in the third quarter. Tenet had expected to see significant returnsfrom Heartbeat in terms of revenue and profits in the fourth quarter. However,the Company had to delay certain investments related to the operation of theplatform and the development of certain related products. This was necessary asTenet reassessed its short-term cash flow strategy as a result of theuncertainty surrounding the Company's ability to access the US capital marketsdue to the ongoing review of Tenet's registration statement by the USSecurities and Exchange Commission.

Asthe world's second largest economy, China will always play a key role in inTenet's future plans. But in order to create a global AI-powered network forthe world's SME business owners and executives, the Company would have expandbeyond China's borders to create Business Hubs™ all over the world, which wouldthen be connected into that single global network. That is in large part whyTenet believes its acquisition of Cubeler during the fourth quarter to be themost important transaction in the Company's history. Cubeler's technology is atthe core of Tenet's Business Hub™. It can be likened to the operating system thatall the Business Hub's components and platforms sit on or are connected to inorder to function. So not only did the acquisition of Cubeler provide Tenetwith ownership of the technology responsible for generating over 90% of theCompany's revenue, it also allows Tenet to commercialize the technology on aglobal basis. The Company believes that that transaction alone made 2021 anexceptional year for the Company, despite the fact that various factorscombined to delay the launch of the Company's first Business Hub™ outside ofChina.

Outlookfor 2022

Thelaunch of the Company's Canadian Business Hub™ is the single most importantevent to look out for in 2022. That launch is expected to lead to a fewadjustments to Tenet's Chinese Business Hub™. The rules for posting messages,operating a website and for general Internet behaviour are different in Chinathan they typically are in other parts of the world. Considering that theCompany's Chinese Business Hub™ will first be linked to its Canadian BusinessHub™ and eventually to other Hubs around the world, certain adjustments will bemade to both Hubs in 2022 to ensure compliance with Chinese standards forInternet conduct while minimizing potential adverse impacts on the featuresavailable to all Hub members. The business models of the two Hubs will alsovary considerably, at least initially. While the Chinese Hub model servicesspecific verticals and earns revenue through transactional services fees,revenue with the Canadian Hub is expected through a combination of thedevelopment of AI and analytics based products and services and throughadvertising, revenue streams that will eventually also be introduced in China.Given that most other markets where the Company expands the network in thefuture will have more in common with Canada than with China, Tenet also plansto make the necessary investments in 2022, in terms of time and money, toensure that the Canadian Business Hub, once launched, will have enhancedfeatures and modules that will allow for the relatively quick and seamlessexpansion of the platform to other parts of the world.

Whilethe launch of the Canadian Business Hub will be the top priority for Tenet in2022, its Chinese operations will remain the Company's main revenue generatorduring the year. China was the initial launchpad of the Company's Business Huband with good reason. China is estimated to have over 40M SMEs and over 70Mmicro-enterprises and this wealth of potential users and customers willcontinue to offer exceptional growth opportunities for the Company for years tocome. Tenet plans to continue to use the industrial vertical targeting approachthat has worked so well to date to continue to grow its operations in China. Inparticular, the consumer goods supply chain vertical should once again pace theCompany's revenues in 2022. The Chinese Business Hub services the verticalthrough various programs and events, such as through its supplierfinancing program, at Chinese shopping festivals, and to clients ranging fromsocial media influencers to large-scale consumer goods distributors.

Interms of potential profitability, the industrial sector that the Company ismost enthusiastic about is the clean tech sector, which Tenet plans to diveinto in 2022 with its innovative i3060 platform. With China and countriesaround the world looking for clean tech solutions to help fight climate change,the i3060 platform's ability to digitize the feasibility study and life cycleof clean energy projects makes Tenet well placed to capitalize on clean techopportunities, which could account for as much as 8% of the Company's revenuein 2022.

Partof Tenet's capital markets strategy for 2022 remains what it was for 2021,which is to have the Company's securities listed on senior stock exchanges in someof the world's better known capital markets. Although the Company has not beengiven a timetable as to when the SEC review process might be completed, Tenetplans to continue to work in a collaborative fashion with the SEC with a viewto an eventual return of its securities on the Nasdaq in 2022. Meanwhile, theCompany will take measures to have its common shares listed on other seniorexchanges in 2022 in the UK and Canada. Tenet believes that having itssecurities listed on senior exchanges in London and Toronto will provide theCompany with greater access to capital and a diversified pool of investors andposition the Company for success regardless of how long the SEC's reviewprocess of its listing registration statement ultimately takes.

Despitethe delay in the launch of its Canadian Business Hub™ and the shifting of itsinsurance related revenue in China, the Company has not judged it necessary torevise its guidance for 2022 as it believes other revenue streams willcompensate for the delays.

Fiscal2021 Financial Results Summary

Insummary, the Company generated $103,632,774 in revenue in 2021 (compared to$42,698,047 in fiscal 2020). Total expenses for fiscal 2021 amounted to$153,806,561, compared to $47,359,548 in 2020.

Thenet loss for the year was $48,561,968 compared to $5,513,511 in 2020. Fulldetails of the Company's 2021 financial results can be found in the AuditedConsolidated Financial Statements and Management's Discussion and Analysis(MD&A) for the years ended December 31, 2021 and 2020, which are availableat

Tenetwill host an investor webinar on Tuesday, May 3rd at 4:30 pm ET,where President & CEO Johnson Joseph and CFO Jean Landreville will discussthe Q4 2021 financial results. Registration for the event is available at: Please submit your questionsrelated to the Q4 results in advance to or

AboutTenet Fintech Group Inc.:

TenetFintech Group Inc. is the parent company of a group of innovative financialtechnology (Fintech) and artificial intelligence companies. Tenet'ssubsidiaries provide various analytics and AI-based services to financialinstitutions and businesses through the Business Hub™, an ecosystem where dataanalysis and artificial intelligence are used to facilitate transactions amongits members. For more information:

Formore information, please contact:

CHFCapital Markets
Cathy Hume, CEO
416-868-1079 ext.: 251

MZGroup - MZ North America
Mark Schwalenberg, CFA

FollowTenet Fintech Group Inc. on social media:

Facebook: @Tenetfintech
LinkedIn: Tenet Fintech
YouTube: Tenet Fintech

Forward-LookingStatements / Information:

Thisnews release may include certain forward-looking information, includingstatements relating to business and operating strategies, plans and prospectsfor revenue growth and listing plans, using words including"anticipate", "believe", "could", "expect","intend", "may", "plan", "potential","project", "seek", "should", "will","would" and similar expressions, which are intended to identify anumber of these forward-looking statements. Forward-looking informationreflects current views with respect to current events and is not a guarantee offuture performance and is subject to risks, uncertainties and assumptions. TheCompany undertakes no obligation to publicly update or review anyforward-looking information contained in this news release, except as may berequired by applicable laws, rules and regulations. Readers are urged toconsider these factors carefully in evaluating any forward-looking information.