Mr. Matt Bailey reports

GAMEON FILES Q3 FINANCIALS, ON TRACK FOR PROFITABLE Q4

GameOn Entertainment Technologies Inc. has filed its condensed consolidated interim financial statements for Q3 2023.

Q3 YTD (year-to-date) highlights include:

• Revenue of $1,017,369, compared with $183,106 in 2022 (456-per-cent increase year on year);
• Net loss and comprehensive loss of $2,555,209, compared with $3,057,233 in 2022 (16-per-cent decrease year on year);
• Net cash outflows from operations of $1,594,663, compared with $2,114,034 in 2022 (25-per-cent decrease year on year).

Subsequent to the period, the company announced a five-year partnership with Sportsology to develop $Game, the next generation of fantasy sports infrastructure. The agreement will drive $2.3-million from development fees into Q4, expected to be a profitable quarter. The Sportsology deal will also drive $1.4-million in annual recurring revenue from 2024, expected to be a profitable year. The total expected value of the deal is $9.3-million over five years.

Also subsequent to Q3, the company announced a grant agreement with The Arbitrum Foundation. GameOn will launch three games on the Arbitrum One network, starting with Laliga and PFL in the early new year. Arbitrum is the leading layer 2 (L2) scaling solution for ethereum, boasting the highest total value locked (TVL) across all L2 networks with approximately $7.54-billion or 54-per-cent market share.

"Q3's results and recent news is a validation of our relentless building in a bear market, setting us up to be a successor of the next bull run," said Matt Bailey, chief executive officer at GameOn. "Our next-gen fantasy games will scale bigger and faster with partners like Laliga, PFL, Sportsology and Arbitrum. Q4 and then 2024 are expected to deliver our best results yet."

Management intends to share new and detailed guidance on revenue projections in December by way of a soon-to-be-announced webinar.

See SEDAR+ for full copies of the company's consolidated financial statements and MD&A (management's discussion and analysis).

About GameOn Entertainment Technologies Inc.

GameOn partners with the world's best sports, media and entertainment IPs (intellectual properties) to launch brand-building, money-making next-gen games. The company turns fans into superfans -- engaging, retaining and monetizing audiences. With a diverse team of gaming, sports and web3 veterans with experience at Take-Two Interactive, Twitch, EA, Dapper Labs and the Brooklyn Nets, GameOn's platform is executed at scale with millions of users, game plays and revenue. GameOn has partnered with NBCUniversal, Bravo, Laliga, PFL, Karate Combat, the WNBA (Women's National Basketball Association), Times Internet, Dick's Sporting Goods and Gaming Society.

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