Mr. Konrad Wasiela reports

ESE ENTERTAINMENT REPORTS THIRD QUARTER 2022 RESULTS

ESE Entertainment Inc. has filed its unaudited condensed interim consolidated financial statements and related management's discussion and analysis (MD&A) for the three and nine months ended July 31, 2022 (Q3 2022), the highlights of which are presented in this news release. The financial statements and MD&A are available on SEDAR and on the company's website.

Q3 2022 financial highlights:

• Revenue of $15.93-million for Q3 2022, representing a 276-per-cent increase from Q3 2021 revenue of $4.23-million;
• Gross profit of $3.12-million for Q3 2022, representing a 595-per-cent increase from Q3 2021 gross profit of $450,000;
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $74,539 for the nine months ended July 31, 2022, compared with adjusted EBITDA loss of $2,198,599 for the nine months ended July 31, 2021;
• Total assets as at July 31, 2022 of $33.71-million, compared with total assets as at Oct. 31, 2021, of $15.94-million.

"We are excited to share our record Q3 2022 financial performance with shareholders. This was our eighth quarter in a row of record growth. Traditionally, summer is one of the slowest periods of the year for gaming. ESE was still able to achieve another record quarter and continue its operational momentum. One important note is that our net loss for the quarter was mainly attributed to acquisition costs, which are reflected by the share-based payments line item in the income statement. When stepping back to analyze performance, we are pleased to show positive adjusted EBITDA for the nine months ended July 31, 2022. Our fiscal Q3 execution has positioned us for continued success into fiscal Q4. As we continue to unlock synergies and scale our technology, we are in a position to go after large-scale customer contracts. We are excited to continue updating current and future shareholders with new developments at ESE as we finish strong in fiscal Q4," stated Konrad Wasiela, chief executive officer of ESE.

Q3 2022 operational highlights

• Between May 1, 2022, and July 20, 2022, ESE signed 24 new business deals.
• In June, 2022, ESE entered into a memorandum of agreement (MOA) with Dome Productions, a leading media production company jointly owned by Bell Media and Rogers Media.
• On June 16 to June 18, 2022, ESE exhibited its Digital Motorsports brand at the Crescent Street Grand, during the Formula 1 Canadian Grand Prix.
• In June, 2022, ESE's common shares began trading on the OTCQX Best Market under the ticker symbol ENTEF. Trading on OTCQX is expected to enhance the visibility and accessibility of the company to United States investors. ESE's common shares will continue to trade on the TSX Venture Exchange under the symbol ESE.
• In May, 2022, ESE signed a partnership agreement with ARAM, a European e-sports event production company. ARAM produced the Intel Extreme Masters Katowice and ESL ONE, and designed and built the Brawl Stars 2021 arena for PGL. ARAM has been involved in the production of Rainbow Six in the U.S., Fortnite, PUBG and many other gaming titles.
• In May, 2022, ESE announced that it will produce the Tom Clancy's Rainbow Six Siege league in Europe, which will be hosted by Ubisoft Entertainment SA and will include teams from Poland, the Czech Republic, Slovakia and Hungary.

The financial and operating results discussed in this news release are based on the financial statements and MD&A which were released on Sept. 29, 2022. It is only in the context of the fulsome information and disclosures contained in the financial statements and MD&A that an investor can properly analyze this information. The financial statements and MD&A will be published under the company's profile on SEDAR.

About ESE Entertainment Inc.

ESE is a global technology company focused on gaming and e-sports. The company provides a range of services to leading video game developers, publishers and brands by providing technology, infrastructure and fan engagement services internationally. ESE also operates its own e-commerce channels, e-sports teams and gaming leagues. In addition to the company's organic growth opportunities, the company is considering selective acquisitions that align with its objective of becoming a dominant global player in e-sports technology and infrastructure.

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