Ottawa, Ontario--(Newsfile Corp. - February 21, 2023) - Enablence Technologies Inc. (TSXV: ENA) ("Enablence" or the "Company"), a supplier of optical components and subsystems, is pleased to report it has been recognized by the TSX Venture Exchange (the "TSXV" or "the Exchange") as a 2023 Top 50 Company. The TSX Venture 50 is the Exchange's flagship program that celebrates the strongest performances on the TSXV, ranking the top 10 performing companies from each of five sectors based on three equally weighted criteria: share price appreciation, trading volume, and market capitalization growth. More details on the 2023 TSX Venture 50 can be found at: .

Enablence CEO, Todd Haugen, stated, "We are extremely proud to have been selected from over 1700 TSXV issuers to earn a 2023 TSX Venture 50 ranking as one of the top 10 performing Technology companies. This esteemed award recognizes the outstanding commitment and achievement by every member of the Enablence team, throughout this past year. For 2023, we anticipate continued growth in our production and revenues, and we remain committed to maximizing returns for our stakeholders."

About Enablence Technologies Inc.

Enablence is a publicly traded company listed on the TSX Venture Exchange (TSXV: ENA) that designs, manufactures and sells optical components, primarily in the form of planar lightwave circuits (PLC), on silicon-based chips. Enablence products serve a global customer base, primarily focused today on data center, automotive LiDAR and other rapidly-growing end markets. Enablence also works with customers that have emerging market uses for its technology, including medical devices and virtual and augmented reality headsets. In select strategic circumstances, the Company also uses its proprietary, non-captive fabrication plant in Fremont, California to manufacture chips designed by third party customers.

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For more information contact:

T. Paul Rowland, CFO
Enablence Technologies Inc.
paul.rowland@enablence.com

Todd Haugen, CEO
Enablence Technologies Inc.
todd.haugen@enablence.com

Ali Mahdavi, Capital Markets & Investor Relations
am@spinnakercmi.com

Cautionary Note Regarding Forward-Looking Information

This news release contains forward-looking statements regarding the Company based on current expectations and assumptions of management, which involve known and unknown risks and uncertainties associated with our business and the economic environment in which the business operates. All such statements are forward-looking statements under applicable Canadian securities legislation. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. In particular, this news release contains forward-looking statements pertaining to Enablence seeking funding under the terms of the CHIPS and Science Act. By their nature, forward-looking statements require us to make assumptions. Assumptions are based in part on the ability to secure regulatory approval. These statements are based on current expectations that involve several risks and uncertainties which could cause actual results to differ from those anticipated. These risks include, but are not limited to risks relating to the Company failing to obtain the requisite regulatory (including the TSX Venture Exchange) approvals; the terms as described hereof may be amended following the date hereof; the impact of the evolving COVID-19 pandemic on the Company's business, operations and sales and related adverse effects on the economies and financial markets of countries in which the Company operates;; and the ability of the Company to obtain access to government funding under the CHIPS and Science Act. Although the Company believes that the expectations reflected in the forward looking statements contained in this news release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. We caution our readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Additional information on these and other factors that could affect the Company's operations are set forth in the Company's continuous disclosure documents that can be found on SEDAR () under Enablence's issuer profile. Enablence does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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