Mr. Athan Lekkas reports

SQID COMPLETES DIVESTMENT OF ICON ESPORTS PTY LTD

Further to its news release dated Aug. 3, 2023, SQID Technologies Ltd. has completed a share sale agreement (at arm's length) with BLSS Holdings Pty. Ltd. (BLSS), whereby BLSS has acquired 100 per cent of Icon Esports Pty. Ltd.'s share capital. SQID is entitled to a share of EBITDA (earnings before interest, taxes, depreciation and amortization) generated by Icon for three calendar years and has received gross proceeds of $1 (Australian). The EBITDA share is 10 per cent in the first and second calendar years and 8 per cent in the third calendar year.

The Icon divestment will unencumber SQID's balance sheet and ability to pursue strategic initiatives. SQID will post a profit on divestment.

Icon Esports is a leading Australia and New Zealand e-sports and gaming organization, focused on the commercial landscape of the Oceanic market through brand-driven marketing campaigns, partnerships and merchandise to its e-sports and gaming audience.

BLSS, located in Queensland, Australia, is a prominent e-sports organization and gaming facility company, and will continue to operate the Icon brands, led by its chief operating officer, Brendan Harms.

About SQID Technologies Ltd.

SQID is an Australian-based company engaged in payment processing and investing. It provides merchant services and transaction processing to business merchants and e-commerce customers across both business-to-business (B2B) and business-to-consumer (B2C) segments through its leading partner platform (Merchant Warrior).

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