Mr. David Vinokurov reports

FANDIFI ANNOUNCES MUTUAL RELEASE WITH INTELLECT DYNAMICS

Fandifi Technology Corp. has entered into a mutual release agreement with Intellect Dynamics (ID).

As previously disclosed on May 20, 2021, the company entered a definitive licence agreement with ID for exclusive rights to use the Databionix platform in the e-sports, sports and live streaming/broadcast verticals. After thorough consideration, management believes that it is in the company's best interests to enter into a mutual release agreement with ID. This agreement will result in the release of all secured debt held against the company by ID.

This secured debt, comprising annual licence fees totalling $1-million, payable in cash, stock or combination of both, had been secured against the intellectual property necessary for the operation of the Fandifi fan engagement platform. The settlement of the accrued secured debt in either cash or conversion to stock would materially impact the company's capital structure and finances. Given Fandifi's inability to financially support the continuing maintenance of the proprietary IP and operate the platform without incurring further debt, Fandifi's board of directors and ID management have agreed to release all secured debt. Consequently, the ownership of the IP and source code of the platform will revert to ID.

"Recent market conditions relating to ongoing attempts to recapitalize the company for the advancement and rollout of the platform have led us to strategically realign our business plans. We undertake reviews of new business opportunities adaptable to current market conditions. The proprietary nature of the IP in question necessitates execution of the mutual release agreement as the ongoing operation of the platform is strictly dependent upon ID's proprietary source code. This mutual release provides the company with the opportunity to strengthen the balance sheet for new business endeavours," states David Vinokurov, chief executive officer and president of Fandifi.

The agreement is effective as of the execution date of Jan. 30, 2024. The company will issue updates accordingly as developments materialize with respect to new opportunities and initiatives.

Resignation

The company also would like to announce the resignation of Philip Chen, chairman of the board, from the board of directors.

In acknowledging Mr. Chen's leadership during his tenure as chairman of the board, Mr. Vinokurov adds: "Philip's unwavering commitment and strategic guidance have significantly contributed to the company's industry exposure and development. We extend our sincere gratitude for his valuable contributions."

About Fandifi Technology Corp.

Fandifi is a crowd-based and system-generated prediction fan engagement platform. The Fandifi platform runs on associated neural networks tailor-made for content creators to increase gamification of their content and enable fan engagement within their communities regardless of the form of distribution. Whether e-sports, sports, or any type of broadcast or streamed content, Fandifi is revolutionizing the way fans interact with their favourite content.

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