Mr. Matt Bailey reports

GAMEON ANNOUNCES AMENDMENTS TO EXISTING BCCL CONVERTIBLE NOTE

Pursuant to a note amendment agreement dated Dec. 6, 2022, with BCCL Worldwide Inc., GameOn Entertainment Technologies Inc. has amended the terms of a non-transferable unsecured, non-interest-bearing convertible note previously issued to BCCL on Jan. 4, 2022. Subject to the approval of the Canadian Securities Exchange, GameOn has issued to BCCL an amended and restated non-transferable unsecured, non-interest-bearing convertible note evidencing such amendment.

Pursuant to the note amendment agreement, the company and BCCL agreed to: (i) amend the principal amount of the original note from $2-million (U.S.) to $387,649 (U.S.); and (ii) extend the maturity date of the original note from Jan. 4, 2023, to Jan. 4, 2025. There are no other amendments to the terms of the original note.

"At a time when dilution and liability management is of utmost diligence and importance, we've negotiated this favourable amendment for GameOn and our shareholders," said GameOn chief executive officer Matt Bailey. "We continue to find ways to optimize and better position the company each day."

The company also announces that on July 14, 2023, it granted incentive stock options to certain directors, officers, employees and consultants of the company to purchase up to 128,528 common shares in the capital of the company and 1,200,475 restricted shares units pursuant to the equity incentive plan of the company. The stock options have an exercise price of 20 cents per share, expiring two years from the date of grant.

About GameOn Entertainment Technologies Inc.

GameOn (Canadian Securities Exchange: GET) (OTCQB: GMETF) collaborates with the world's best sports, media and entertainment international partners 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 executed at scale with millions of users, gameplays and revenue. GameOn has partnered with NBCUniversal, Bravo, the PFL, Karate Combat, the WNBA, Times Internet, Dick's Sporting Goods and Gaming Society.

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