Mr. Konrad Wasiela reports

ESE ENTERTAINMENT REPORTS THIRD QUARTER 2023 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 months ended July 31, 2023 (Q3 2023), 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 2023 financial highlights:

• Total revenue of $11.72-million (including discontinued operations);
• Gross profit of $1.63-million (from discontinued operations);
• Loss per share improvement to two cents, compared with 13 cents in Q3 2022;
• Total assets as at July 31, 2023, of $15.25-million.

"The third quarter was dynamic and critical in ESE's trajectory toward long-term success. We successfully executed the sale of 70 per cent of GameAddik for $9.1-million -- our largest non-dilutive cash injection since ESE's inception. The cash has allowed us to eliminate our secured debt, clean up our overall balance sheet and position us for future growth. Our sustained momentum, evidenced by our consistent execution quarter-over-quarter, fuels our enthusiasm as we look forward to a promising year ahead," stated Konrad Wasiela, chief executive officer of ESE.

"With ESE's improved balance sheet and strategic asset management, we are setting a solid foundation for forthcoming fiscal growth. Our focus remains on operational efficiencies and prudent cost management, underscoring our commitment to long-term financial stability," stated Andrea Hayward, chief financial officer of ESE.

Q3 2023 operational highlights:

• In May, 2023, ESE successfully produced 18 days of broadcast for LEC 2023 spring season, garnering three million views and 1.2 million hours watched;
• In July, 2023, ESE announced that Samsung became the title partner in ESE Entertainment's gaming tournament, Ultraliga;
• In July, 2023, ESE announced that automotive company Kia became an official sponsor of ESE Entertainment's gaming tournament, Ultraliga;
• In July, 2023, ESE announced that it produced and distributed the championship tournament for Riot Games, Teamfight Tactics.

Highlighted subsequent events:

• Subsequent to July 31, 2023, in August, 2023, the company completed the sale of 70 per cent of the shares of the company's wholly owned subsidiary, GameAddik, for an aggregate purchase price of $9.1-million in cash, subject to customary adjustments;
• The remaining 30 per cent of GameAddik has been retained by the company as an asset;
• Subsequent to July 31, 2023, the company repaid $2,192,889 of the principal amount of the convertible notes and promissory notes.

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, 2023. 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.

We seek Safe Harbor.