Mr. Vicenc Marti reports

TANGELO PROVIDES CORPORATE UPDATE

Tangelo Games Corp. has appointed Dvir Ackerman as head of new product of Tangelo based in Tel Aviv. In his new role, Mr. Ackerman will specify market requirements for current and future products, analyze and execute potential partner relationships for the company, and synchronize all product areas to deliver on the company's planned product pipeline.

Mr. Ackerman is a seasoned technology executive with more than 10 years of expertise in the gaming industry and specifically in social casinos having worked as product manager for industry-leading Playtika. Mr. Ackerman holds a master's of business administration (MBA), technology, innovation and entrepreneurship management degree from Tel Aviv University, a BA in film and TV as well as a game designer degree.

"We are thrilled to have Dvir join Tangelo as our new head of product. Dvir will lead a world-class teams of game designers at Tangelo, ensuring a constant flow of new top-notch games for Tangelo," said Vicenc Marti, president of Tangelo Games.

Closing of amendment to Diwip acquisition agreement

Tangelo also announces that all of the conditions to the amendment to the terms of the original Diwip acquisition agreement with the founders of Diwip, Yaniv Gamzo and Udi Kantzuker, have been satisfied. As a result, Mr. Gamzo and Mr. Kantzuker have now officially resigned from their full-time roles as managers of the Diwip business and they are no longer officers of the company. Pursuant to the original Diwip acquisition agreement the company paid each of Mr. Gamzo and Mr. Kantzuker $263,689.02 (U.S.) in cash and issued to each of them 381,283 common shares of the company. Pursuant to the Diwip amendment agreement, the company settled the Canadian-dollar equivalent of $113,010 (U.S.) owed in cash to each of the Diwip founders by instead issuing to each of them 1,477,939 common shares of the company, at an effective price per share of 10 cents.

All payments and obligations owed to the Diwip founders under the Diwip acquisition agreement have now been satisfied.

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