VANCOUVER, BC / ACCESSWIRE / November 9, 2022 / ESE Entertainment Inc. ("ESE" or the "Company") (TSXV:ESE) (OTCQX:ENTEF), is a gaming and esports company that provides a range of technology and services to leading video game developers.

To help new and existing investors better understand ESE's current operations and future objectives, ESE Chief Executive Officer, Konrad Wasiela, is pleased to provide the following corporate update on the 2022 fiscal year.

Mr. Wasiela stated, "As we start executing our fiscal 2023 plans, I would like to take this opportunity to thank our shareholders and share some highlights that ESE accomplished in the 2022 fiscal year, including our key milestones and objectives. We surpassed revenue goals, reached positive adjusted EBITDA, formalized partnerships with some of the world's largest companies, signed agreements with tier-1 publishers and completed a successful acquisition. Our team's relentless work ethic, alongside a strategic business plan, yielded a successful 2022. We are now setting our sights on following up 2022 with an even stronger year in 2023."

Financial Performance

ESE has completed its 2022 fiscal year, which ended on October 31, 2022. ESE anticipates filing its annual audited financial statements by February 28, 2023, the filing deadline.

"We anticipate record financial performance in Q4 with our strongest numbers yet. We have been focused on scaling our business with margins and profitability at the top of our minds. By sticking to our business plan and executing on key milestones, we have positioned ourselves to continue scaling into fiscal 2023", stated Mr. Wasiela.

Gaming Technology

2022 has been an important year for ESE's gaming technology business, with key indicators showing a solid upward trend. Key highlights for fiscal 2022 include:

• 73% year-over-year growth in gaming technology business unit;
• 2.4M new users generated in 2022, up from 805,000 in 2021, representing approximately 300% growth;
• 11 new clients in 2022, one of which is a multi-million dollar partnership with a major Asian game developer;
• released phase 1 of Singularity, a proprietary DataLake/BI infrastructure for big data ingestion and processing; and
• the Company's gaming technology division became a certified Google Partner.

Ecommerce Unit

ESE is successfully scaling its ecommerce business, aiming to leverage its existing brands and IP. Key highlights for fiscal 2022 include:

• over 11,300 units of inventory sold;
• more than 3,800 new customers;
• a 101% increase year-over-year in average order value to approximately $1,120;
• a 45% increase year-over-year in returning customer rate to 23%; and
• four new vendor contracts signed, allowing ESE to expand its offering on a global scale, along with increasing overall product margin across the existing catalog.

Media

ESE is continuing to expand its media and production business unit. Key highlights for fiscal 2022 include:

• in June 2022, ESE entered into a memorandum of agreement (the "MOA") with Dome Productions ("Dome"), a leading media production company jointly owned by Bell Media (NYSE:BCE) and Rogers Media (NYSE:RCI);
• in May 2022, ESE signed a partnership agreement with ARAM, a European esports event production company that produced the Intel Extreme Masters Katowice and ESL ONE, and designed and built the Brawl Stars 2021 arena for PGL;
• in May 2022, ESE announced that it will produce the Tom Clancy's Rainbow Six® Siege league in Europe which will be hosted by Ubisoft Entertainment SA (PA:UBI) and will include teams from Poland, the Czech Republic, Slovakia, and Hungary.

New Hires and Growth

With over 10 new hires across business lines of ESE, the Company is attracting more experienced and qualified staff. Notably, ESE hired Ms. Andrea Lieuwen as Chief Financial Officer. Ms. Lieuwen holds an MBA and is a CPA, CGA with over 25 years of public company accounting and finance experience, having spent her career in various senior roles at Great Canadian Gaming Corporation ("GCGC"), a leading Canadian gaming and entertainment company. Most recently, Ms. Lieuwen was responsible for the leadership and operations of GCGC's gaming properties across the Province of British Columbia, with almost 3,000 employees. Andrea held many senior financial roles during her career contributing to GCGC's growth from when it was a small private entity until it became a publicly traded corporation with $3 billion in market capitalization.

Upcoming Goals

As we begin executing our fiscal 2023 plans, we are laser-focused on the following objectives:

• driving increased awareness of ESE through strategic marketing initiatives;
• surpassing revenue targets and increase margins;
• maintaining positive adjusted EBITDA;
• driving revenues from our artificial intelligence product, Singularity;
• increasing ecommerce sales and product offerings;
• expanding our Tier-1 game publisher and brand customer list;
• launching new products and features to expand our user base.

CEO of ESE, Konrad Wasiela, stated, "the ESE team has a clear vision and business objectives for 2023. We believe we are just beginning to hit our stride and will continue to deliver value. We have a very dedicated and talented team and, together, we are looking forward to driving even more growth in the upcoming year."

ESE Entertainment Inc.

Konrad Wasiela
Chief Executive Officer and Director

About ESE Entertainment Inc.

ESE is a global technology company focused on gaming and esports. 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. 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 esports technology and infrastructure. 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: future marketing initiatives; the development and commercialization of Singularity; the Company's future financial condition; the Company's customer and user base growth, the Company's focus for 2023; the Company scaling its ecommerce business, aiming to leverage its existing brands and IP . 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. 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.

This press release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about ESE's prospective results of operations and components thereof, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraph. FOFI contained in this document was approved by management as of the date of this document and was provided for the purpose of providing further information about ESE's future business operations. ESE disclaims any intention or obligation to update or revise any FOFI contained in this document, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this document should not be used for purposes other than for which it is disclosed herein.

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:

Daniel Mogil
investors@esegaming.com
+1 (437) 826-4012

SOURCE: ESE Entertainment Inc.