ESE Entertainment CEO Provides Corporate Update

VANCOUVER, BC / ACCESSWIRE / October 2, 2023 / ESE Entertainment Inc. (TSXV:ESE)(OTCQX:ENTEF) ("ESE" or the "Company"), a gaming company that provides a range of services to leading video game developers and publishers, wishes to provide a corporate update on its growth strategy ahead.

"In August 2023, ESE completed the sale of 70% of one its subsidiaries for $9.1 million, which was the largest non-dilutive cash injection since the Company's inception. The cash has been utilized to eliminate the Company's secured debt, improve its balance sheet, and position itself for future growth. The sustained momentum, evidenced by our consistent execution quarter-over-quarter, fuels our enthusiasm as we look forward to a promising year ahead." Said Konrad Wasiela, CEO of ESE Entertainment.

"The gaming sector stands as one of the most dynamic and thriving industries globally, with gaming being one of the world's fastest-growing forms of entertainment. At ESE, we're steadfast in our belief that gaming will continue to grow throughout all areas of sports, entertainment and more. We want to be on the forefront of creating and deploying the services and technology that allow game developers to reach more users and create better games." continued Konrad Wasiela.

In the coming months, ESE will focus on the following goals:

• Commitment to Profitability: A thorough review of resources and operational frameworks led to a reduction in headcount, contributing to decreased operational burn. This move underscores ESE's commitment to operational efficiency through leveraging technology and AI to scale. All maneuvers are driven by a central goal - bolstering profitability.
• Expansion of Gamification into Sports and Entertainment: ESE is setting the stage to extend its innovative offerings into the wider sports and entertainment industries, marking a significant stride in diversifying its operational horizons and tapping into new market segments. This is anticipated to increase the potential scale of ESE's client base and technology services.
• Strategic Scaling in North America: ESE is channeling its resources and expertise to further its footprint in North America. The refined focus on scaling operations in this region is spurred by a compelling market opportunity and the aim to expand ESE's presence in the gaming landscape.
• Exploring Profitable Acquisition Opportunities: In addition to the Company's organic growth opportunities, the Company is considering selective acquisitions that align with its objective of becoming a dominant global player in gaming and achieving profitability.
• Strategic Ownership and Partnership: ESE still owns 30% of GameAddik which has been retained by the Company as an asset, and also includes a strategic partnership with BlackPines Capital.

Konrad Wasiela, CEO of ESE, remarked, "The immediate next phase is key to executing ESE's growth strategy. We have a strong balance sheet and are laser focus on increasing shareholder value. As a former professional athlete, I have a deep understanding of the sports and entertainment sector, and our company is positioned to extend our product offerings to customers within these domains. This move is not just about diversification, but a well-thought-out strategy to widen our margins and secure a winning position in the market of gamification. We are seeing a large trend towards gamification in all areas of sports and entertainment, and we want to capitalize on it."

Corporate Goals for Q4 2023:

• The Company will develop and deploy its Augmented Reality and Virtual Reality product offering for clients in its media division.
• The Company will continue to evaluate the gaming landscape and look to secure more global-scale contracts with large video game publishers.
• The Company will look to add more senior management and advisors, with a focus on operational expertise.
• The Company will look to improve financial performance and increase margins.
• The Company plans to continue to expand its presence in North America.

As ESE enters a new phase, the company reaffirms its vision of becoming one of the most active and prolific companies in the gaming and entertainment industry - by using its technology and expertise to play a key role in the long-term development of the sector.

CEO, Konrad Wasiela, concludes: "I want to personally thank all of ESE's shareholders that believe in our Company vision. We are focused and determined to execute on goals that should drive shareholder value. Despite market conditions, our team is extremely motivated and will continue to stay the course and execute on the immediate goal of scaling the company. We have a dynamic plan that has been built out, and we will be executing on it over the next several quarters."

ESE Entertainment Inc.

Konrad Wasiela
Chief Executive Officer and Director
+1 (437) 826-4012

About ESE Entertainment Inc.

ESE is a global technology company focused on gaming. The Company provides a range of services to leading video game developers, publishers, and brands by providing technology, infrastructure, and fan engagement services internationally. ESE also operates its own ecommerce channels, esports teams, and gaming leagues. |www.esegaming.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that ESE anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Such information may involve, but is not limited to, statements with respect to: increasing shareholder value; the satisfaction or completion of any or all of the Corporate Goals for Q4 2023, ESE's growth trajectory and the potential to achieve profitability; the synergies that ESE hopes to realize, and more. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results "may", "could", "would", "might" or "will" (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking information is based on currently available competitive, financial, and economic data and operating plans, strategies or beliefs as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of ESE to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information, including that the Transaction may not be completed or that ESE may not realize the expected benefits of the Transaction. Such factors may be based on information currently available to ESE, including information obtained from third-party industry analysts and other third-party sources, and are based on management's current expectations or beliefs regarding future growth, results of operations, future capital (including the amount, nature and sources of funding thereof) and expenditures. Any and all forward-looking information contained in this press release is expressly qualified by this cautionary statement. Trading in the securities of ESE should be considered highly speculative.

Neither the 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.

For further information about ESE, please contact:

investors@esegaming.com

SOURCE: ESE Entertainment Inc.