HONG KONG, China, April 18, 2024 — WANG & LEE GROUP, Inc. (Nasdaq: WLGS) (“WLGS” or the “Company”), is a British Virgin Islands holding company with operations conducted by its subsidiaries in Hong Kong. The Company is a construction prime and subcontractor engaging in the installation of Electrical & Mechanical Systems (“E&M”), which include low voltage (220v/phase 1 or 380v/phase 3) electrical systems, mechanical ventilation and air-conditioning (“MVAC”) systems, fire service systems, water supply and sewage disposal system installation and fitting out for the public and private sectors. The Company today announced its unaudited operating results for the year ended December 31, 2023. Financial Highlights for the Fiscal Year 2023: ●Revenue increased by 63.7% to $6.83 million for the fiscal year 2023 ended December 31, 2023, from $4.17 million for the fiscal year ended December 31, 2022  ●Gross profit increased by 210.6% to $2.44 million for the fiscal year 2023 ended December 31, 2023, from $0.79 million for the fiscal year ended December 31, 2022, respectively.  ●Total shareholders’ equity increased by 449.0% to $5.98 million for the fiscal year ended December 31, 2023, from deficit of $1.71 million for the year ended December 31, 2022   Mr. Pui Lung Ho, Chief Executive Officer of the Company, commented: “During the fiscal year 2023, we continue to enhance the diversity of our product and service line by introducing new products and services, expanding into target markets, and offering products with different features and offering products with different features and functionalities to meet a broader range of customer needs, which is demonstrated by the Company’s sales growth of over 63% in the fiscal year 2023.” Below is the summary presenting the Company’s revenues disaggregated by products and services: Fiscal Year 2023 Financial Results Overview Other Key Performance Indicators Adjusted EBITDA and Adjusted EBITDA Margin Adjusted EBITDA represents net income before interest expense, net, provision (benefit) for income taxes, and depreciation. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of revenues for each period. These metrics are supplemental measures of our operating performance that are neither required by, nor presented in accordance with, GAAP. These measures should not be considered as an alternative to net income, or any other performance measure derived in accordance with GAAP as an indicator of our operating performance. We present Adjusted EBITDA and Adjusted EBITDA Margin as management uses these measures as key performance indicators, and we believe they are measures frequently used by securities analysts, investors and other parties to evaluate companies in our industry. These measures have limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. Our calculation of Adjusted EBITDA and Adjusted EBITDA Margin may not be comparable to similarly named measures reported by other companies. Potential differences between our measure of Adjusted EBITDA compared to other similar companies’ measures of Adjusted EBITDA may include differences in capital structures, tax positions and the age and book depreciation of tangible assets. The following table presents a reconciliation of net income, the most directly comparable measure calculated in accordance with GAAP, to Adjusted EBITDA, and the calculation of Adjusted EBITDA Margin for each of the periods presented. Reconciliation To GAAP Information:   2023 2H  2023 1H  For the years ended December 31,   (Q3 & Q4)  (Q1 & Q2)  2023  2022              Consolidated Net Income (Loss) (GAAP) $1,295,994  $(1,624,099) $(328,105) $(596,881)Interest expenses  36,967   24,597   61,564