Mr. Mike Marrandino reports

PLAYGON ANNOUNCES COMPLETION OF SECURED PROMISSORY NOTE EXTENSION AND UPSIZING AND SHARES FOR DEBT

Further to its previous press release, Playgon Games Inc. has obtained the approval of the TSX Venture Exchange and has entered into an amendment to its existing secured promissory note with Pure Live Entertainment. Pursuant to the amendment, the maturity date of the note has been extended to Sept. 30, 2026, and the amount that Pure Live has agreed to make available to Playgon, at its sole discretion, in one or more advances over the term of the note, has been further increased to an amount payable in U.S. dollars not to exceed $14-million (Canadian). All other terms of the note have otherwise remained unchanged. All advances made under the note will carry an annual interest rate equal to 10 per cent per annum accruing as of the date of the relevant advance until the note is repaid in full, and all advances made pursuant to the note shall continue to be guaranteed by a guarantee granted by Playgon Interactive Inc. (Playgon Interactive), Playgon Malta Ltd. (Playgon Ltd.) and Playgon Malta Holding Ltd. (Playgon Holding), subsidiaries of Playgon, in favour of Pure Live and secured by a grant of security interest in all of Playgon's and Playgon Interactive's (including its subdiaries) present and after-acquired personal property, a pledge of the shares held by Playgon in Playgon Holding, and a pledge of the shares of Playgon Holding in Playgon Ltd., as further specified in the applicable security agreements. The aggregate unpaid principal amount of the note, all accrued and unpaid interest and all other amounts payable under the note shall be due and payable as at the expiry of the term of the note. Playgon may, at its discretion, prepay the note, in whole or in part at any time and from time to time by paying the principal amount to be prepaid, together with accrued interest thereon to date of prepayment.

Pure Live is a company owned by Kathleen Crook, a current control person of Playgon. The sole director and officer of Pure Live is James Penturn, the former chairman of the company. The foregoing therefore constitutes a related party transaction in accordance with TSX-V Policy 5.9 and Multilateral Instrument 61-101. Playgon has relied on available exemptions pursuant to MI 61-101 from the minority shareholder approval and formal valuation requirements.

All net proceeds received by Playgon pursuant to the advances made under the note will continue to be used by Playgon for operating expenses, general corporate purposes and capital expenditures.

Proposed extension of debenture maturity dates

As previously disclosed, the company issued an aggregate of $7,066,000 in principal amount of unsecured convertible debentures on Jan. 19, 2023, March 23, 2023, and Dec. 29, 2023, each series of which initially matured on Jan. 19, 2025, March 23, 2025, and Dec. 29, 2024, respectively (the initial debentures). The maturity dates for each of the initial debentures were subsequently extended until March 31, 2026, following receipt of the approval of at least 66-2/3rds per cent of the principal amount of the initial debentures outstanding for each applicable series of initial debentures. The company also previously issued an aggregate of $8.55-million in principal amount of unsecured convertible debentures on May 3, 2023, which Series 2 debentures matured on May 3, 2025, as also further extended until March 31, 2026. Playgon is intending to seek to obtain the necessary approvals to further extend the maturity date for the debentures from March 31, 2026, to Sept. 30, 2026. Pursuant to the terms of the convertible debenture indenture and/or debenture certificate (as applicable), as amended and/or supplemented from time to time, governing the debentures, the company may authorize the trustee to extend the time of payment of any principal amount of debentures outstanding upon obtaining the approval from the holders of at least 66-2/3rds per cent of the principal amount of the debentures outstanding for each applicable series of debentures that have been issued. To the extent the requisite approvals are obtained and the maturity date for the debentures is further extended until Sept. 30, 2026, to line up with the maturity date with the secured promissory note: (i) with respect to the debentures issued on Jan. 19, 2023, and March 23, 2023, an additional interest payment date will become effective on June 30, 2026, and interest will thereafter continue to accrue and become due and payable on maturity; (ii) with respect to the debentures issued on Dec. 29, 2023, additional interest payment dates will become effective on each of March 31, 2026, and June 30, 2026, and interest will thereafter continue to accrue and become due and payable on maturity; and (iii) with respect to the debentures issued on May 3, 2023, an additional interest payment date will become effective on June 30, 2026, and interest will thereafter continue to accrue and become due and payable on maturity. Other than the foregoing proposed amendments, no other changes are being sought to the debentures. The proposed debenture extension remains subject to the approval of the TSX-V and the approval of the requisite number of holders of debentures as outlined above.

About Playgon Games Inc.

Playgon is a software-as-a-service technology company focused on developing and licensing digital content for the growing i-gaming market. The company provides a multitenant gateway that allows on-line operators the ability to offer their customers innovative i-gaming software solutions. Its current software platform includes a live-dealer casino and e-table games that, through a seamless integration at the operator level, allow customer access without having to share or compromise any sensitive customer data. As a true business-to-business digital content provider, the company's products are ideal turnkey solutions for on-line casinos, sports book operators, land-based operators, media groups and big database companies.

We seek Safe Harbor.