Mr. Matt Bailey reports

GAMEON DRIVES RECORD $1M IN ADJUSTED REVENUE (1), FILES AUDITED FINANCIAL STATEMENTS FOR FISCAL YEAR 2022

GameOn Entertainment Technologies Inc. has filed its audited financial statements for the 2022 fiscal year ended Dec. 31, 2022. GameOn's non-generally accepted accounting principle adjusted revenue (1) for 2022 reached a record $1,005,000 in its first full year as a business-to-business technology platform. Net loss and comprehensive loss for the year were $4.24-million (2021: $9.07-million). The company's net cash flows used in operating activities were $2.16-million (2021: $5.40-million).

"While 2022 has presented one of the most challenging markets in decades, we've been emboldened to remain patient, optimize resources and focus diligently on our fastest path to scaled revenue and profitability," said GameOn chief executive officer Matt Bailey.

The company believes the following non-GAAP financial measures provide meaningful insight to its shareholders in understanding the company's performance, and may assist in the evaluation of the company's business relative to that of its peers:

• Adjusted revenue: $1,005,620:
  • Deduct: deferred revenue: $442,842;
  • Deduct: blockchain grant: $181,506;
• GAAP revenue: $381,272 (2021: $12,664).

Two thousand twenty-two business highlights and subsequent events include the following:

• Completed the acquisition of FanClash from Inplay Labs; FanClash uses proprietary real-time fantasy technology to create innovative gameplay around live events; the integration of FanClash into GameOn's PlayN3XT platform is providing the company with access to the expanding fantasy sports market with major league intellectual property;
• Partnered with and/or launched products for Gaming Society, the WNBA, Just Women's Sports, Dick's Sporting Goods, Karate Combat, Yoom (formerly Tetavi), RDB Car Club, Crypto Jets Club, Equlus and 220k;
• Karateka, in partnership with Karate Combat, has sold out three consecutive sales windows, minting almost 3,000 karatekas and 2,000-plus gear packs; 500-plus Dojo accounts with wallets (or lockers) have been created, with a following of 8,000-plus across social media, e-mail and Discord;
• Secured non-dilutive grant funding from prominent blockchain Hedera;
• Secured $1.81-million in financing led by Lightning Capital and Flow, the blockchain platform started by NBA Top Shot maker Dapper Labs; the funds will be used to accelerate GameOn's PlayN3XT platform and acquisition of major league IP partners.

"Earning conviction from investors and partners alike is a nod to our team, product and business," said Mr. Bailey. "We continue to surround ourselves with resources, people and organizations that foster success. We're aggressively honing in on our major league strategy that we expect to return scaled profitability, fuelled by best-in-class product and execution."

See SEDAR for full copies of the company's consolidated financial statements and management's discussion and analysis.

About GameOn Entertainment Technologies Inc.

GameOn (Canadian Securities Exchange: GET) (OTCQB: GMETF) partners with the world's best sports, media and entertainment IPs to launch brand-building, money-making Web3 games (with intuitive Web2-friendly rails). It turns fans into superfans -- engaging, retaining and monetizing audiences. With a diverse team of Web3, gaming and sports veterans with experience at Take-Two Interactive, Twitch, EA, Dapper Labs and the Brooklyn Nets, the company has a platform proved and executed at scale with millions of users, gameplays and revenue. GameOn has launched products for NBCUniversal, Bravo, Karate Combat, Times Internet, the WNBA, Dick's Sporting Goods and Gaming Society.

(1) A non-GAAP financial measure.

We seek Safe Harbor.