Mr. Matt Bailey reports

GAMEON PROVIDES UPDATE ON STATUS OF MCTO

Gameon Entertainment Technologies Inc. is providing an update on the status of a management cease trade order (MCTO) application to the British Columbia Securities Commission that the company announced was granted on May 2, 2023.

As a result of delays to its audit, due to an auditor change for cost savings and continued efforts related to Web 3 revenue and grants, the company's annual financial statements, and accompanying management's discussion and analysis for the fiscal year ended Dec. 31, 2022, are not expected to be finalized by May 1, 2023, being the date that such filings are due under applicable Canadian securities law requirements.

The company reports that the audit is progressing and will provide a further update on the timing of its annual filings on or about May 24, 2023. The company is working diligently with its current and incoming auditors to complete the audit in a timely manner. Upon completion of the change of auditor, the company will file the applicable materials in compliance with Section 4.11 of National Instrument 51-102, Continuous Disclosure Obligations. The company currently expects to file the annual filings on or before June 15, 2023, and will issue a news release announcing completion of such filings at such time. Further updates on timing will be provided by the company as necessary.

Until the company files the annual filings, it will comply with the alternative information guidelines set out in National Policy 12-203, Management Cease Trade Orders, for issuers who have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws. The guidelines, among other things, require the company to issue biweekly default status reports by way of a news release so long as the annual filings have not been filed.

During the MCTO, the general investing public will continue to be able to trade in the company's listed common shares. However, the company's chief executive officer and chief financial officer will not be able to trade in the company's common shares.

Gameon partners with the world's biggest sports, media and entertainment IPs to launch brand-building, money-making Web 3 games (with intuitive Web 2-friendly rails). The company turns fans into superfans -- engaging, retaining and monetizing audiences, and getting upside in the entire economic cycle of Web 3 games. With a diverse team of Web 3, gaming, sports and media veterans with experience at Take-Two Interactive, Twitch, EA, Dapper Labs and the Brooklyn Nets, GameOn works with broadcasters, TV networks, streaming platforms, leagues, tournaments and Web 3 companies to launch best-in-class Web 3 games. Gameon has launched products for NBCUniversal, Bravo, Karate Combat, Times Internet, the WNBA, Dick's Sporting Goods and Gaming Society.

We seek Safe Harbor.