Mr. Lou Schwartz reports

ENGINE MEDIA FOCUSES EFFORTS ON ITS CORE ESPORTS/GAMING/MEDIA CONTENT MANAGEMENT/DATA ASSETS AS IT SELLS MOTORSPORT PUBLISHING BUSINESSES

Following a detailed strategic review in connection with the merger of Torque Esports, Frankly Media and WinView Games, Engine Media Holdings Inc. has completed the sale of Ideas+Cars, the Race Media, WTF1 and Driver DataBase to Ideas + Cars Holdings Ltd., a third party investment group based in the United Kingdom. As a result, Engine is eliminating its financing obligations related to the cost of maintaining and growing these auto media businesses and certain accrued liabilities. In addition, this action enables Engine Media to reorganize its leadership team by moving to a single chief executive officer role under Lou Schwartz, with Tom Rogers remaining executive chairman.

In overseeing the strategic review, Mr. Rogers noted: "Torque Esports assets that folded into Engine Media as part of the three-way merger with Winview Games and Frankly Media are critical elements of the combined company. Those assets are Stream Hatchet, the e-sports data and measurement business; UMG -- Ultimate Multiparty Gaming -- the e-sports competitive gaming platform; and, Eden Games, the mobile game publisher that, among other games, created F1, the leading mobile game for Formula One fans. The other auto-related businesses being sold are not focused on gaming but instead, are developing e-sport and traditional sport racing audiences with the creation and production of auto racing content."

While reducing its cost base, Engine will maintain the ability to work with the motorsports assets through a series of licensing deals and cross-company agreements with the acquiring group, to collaborate on sales and marketing, as well as for the motorsport assets to promote e-sports published games and competitions of Engine going forward. In addition, Engine will continue to support racing as a category through its competitive gaming platform, UMG, as it expands relationships across the entire e-sports sector as the leading destination for tournament play.

"While we recognize the strong following the motorsport assets have, this deal allows us to apply greater focus on the biggest macro opportunities for our business. We will use our resources to invest in and build Stream Hatchet (whose CEO was just named e-sports executive of the year), UMG, Winview, Frankly Media and Eden Games," stated Mr. Schwartz.

Mr. Rogers emphasized: "The two businesses will continue to work together. The Engine board is pleased to have a continued link to the motorsport businesses with some opportunities to work together on projects like World's Fastest Gamer (WFG) -- with the Engine ad sales network able to drive advertising revenue for the franchise and use the great TV project developed from WFG to promote our gaming efforts."

Concurrently, Darren Cox, who had oversight of the motorsports assets as co-CEO of Engine, has stepped down from his role as co-CEO of Engine, but will continue on as a director on Engine's board through the end of 2020. Additionally, the company has made payment to Mr. Cox in the amount of 97,000 pounds sterling, reflecting a bonus that previously accrued, and has granted Mr. Cox 75,944 RSUs, which will vest 30 days following the grant thereof.

About Engine Media Holdings Inc.

Engine Media is focused on accelerating new, live, immersive e-sports and interactive gaming experiences for consumers through its partnerships with traditional and emerging media companies. The company was formed through the combination of Torque Esports Corp., Frankly Inc. and WinView Inc. Engine Media will generate revenue through a combination of direct-to-consumer and subscription fees; streaming technology and data software-as-a-service-based offerings; programmatic advertising and sponsorships; as well as intellectual property licensing fees. To date, the combined companies have clients comprised more than 1,200 television, print and radio brands including CNN, ESPN, Discovery/Eurosport, Fox, Vice, Newsweek and Cumulus; dozens of gaming and technology companies including EA, Activision, Blizzard, Take2Interactive, Microsoft, Google, Twitch and Ubisoft; and have connectivity into hundreds of millions of homes around the world through their content, distribution and technology.

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