Esports Entertainment Group Announces Leadership Changes and Business Update

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St. Julians, Malta–(Newsfile Corp. – December 7, 2022) – Esports Leisure Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLP) (NASDAQ: GMBLW) (NASDAQ: GMBLZ) (the “Firm” or “EEG”) at the moment introduced the departure of Grant Johnson from his place as Chairman and Chief Govt Officer, efficient December 3, 2022. The Board of Administrators has recognized a number of candidates to be the Firm’s subsequent CEO, and these candidates are presently going via the analysis course of. The Firm has recognized a most well-liked candidate for interim/appearing CEO, and we’ll make a proper announcement naming this particular person within the coming days pending a proper approval by the Nominating and Company Governance Committee. The Firm has additionally introduced Jan Jones Blackhurst as Chair of the Board of Administrators.

“Grant acknowledged the worth of esports and on-line playing and based EEG on that foundation. On behalf of the Board, we want him properly,” stated Ms. Jones Blackhurst. “The Firm is trying ahead to bringing in new management to work with Board to understand the complete potential of our acquired esports companies.”

Sale and Restructuring within the iGaming Enterprise

The Firm has made important progress in latest months lowering prices and contemplating strategic choices for iGaming property that don’t contribute to earnings and money move. The progress contains:

Sale of the Firm’s on-line on line casino enterprise in Spain. The sale of the net on line casino enterprise in Spain is anticipated to shut on December 12, 2022. The proceeds from the sale, internet of commissions, will likely be used primarily to pay down the principal on the Senior Convertible Word.
Closing of the Argyll iGaming operations in the UK and Eire on December 7, 2022, as a consequence of excessive prices to function in these markets and an lack of ability to generate earnings.
Initiation of a course of to judge the strategic choices for the iGaming enterprise, together with exploring a sale of iGaming property as a consequence of rising regulatory burdens and competitors. Our new CEO will likely be tasked with assessing the worth of the iGaming property and figuring out subsequent steps.

Different Key Bulletins

The Firm continues to execute on its plan to be publicly listed on Nasdaq, whereas restructuring its debt and capitalizing on its esports property:

The Firm introduced that it obtained approval for continued itemizing on the Nasdaq. The Firm’s continued itemizing on Nasdaq is topic to evidencing compliance with Nasdaq necessities by March 31, 2023.
The Firm is in discussions with its debt holder to restructure its fee obligations, together with however not restricted to eliminating the spinoff legal responsibility on its consolidated stability and addressing the Firm’s default standing beneath the debt. The Firm is optimistic that an settlement could be reached to the advantage of each events within the close to time period.
The Firm not too long ago obtained a non-binding letter of intent from a 3rd occasion that supplied to merge its property, together with mental property, with that of the Firm. The mixed firm would give attention to rising esports revenues. The proposal is presently into consideration by the Firm.

About Esports Leisure Group

Esports Leisure Group (NASDAQ: GMBL) (EEG) is a full-service esports and on-line betting firm. EEG focuses on three verticals: Video games, iGaming, and Expertise. EEG Video games offers a wide selection of providers and infrastructure for companies to have interaction esports and gaming communities world wide together with Esports Gaming League (EGL), which hosts a group of greater than 350,000 avid gamers on its proprietary event platform EGL.television. EEG iGaming contains numerous award-winning manufacturers protecting conventional on-line sports activities guide wagering wants in addition to a multinational on line casino operator. EEG Expertise builds next-generation platforms, options, and providers for Millennials, Gen Z customers, and types trying to join with these demographics. EEG has places of work in New Jersey, Estonia, the UK, and Malta. For extra data, go to www.esportsentertainmentgroup.com.

Ahead-Wanting Statements

The data contained herein contains forward-looking statements. These statements relate to future occasions or to our future monetary efficiency, and contain recognized and unknown dangers, uncertainties and different components which will trigger our precise outcomes, ranges of exercise, efficiency, or achievements to be materially totally different from any future outcomes, ranges of exercise, efficiency or achievements expressed or implied by these forward-looking statements. You shouldn’t place undue reliance on forward-looking statements since they contain recognized and unknown dangers, uncertainties and different components that are, in some instances, past our management and which might, and certain will, materially have an effect on precise outcomes, ranges of exercise, efficiency or achievements. Any forward-looking assertion displays our present views with respect to future occasions and is topic to those and different dangers, uncertainties and assumptions referring to our operations, outcomes of operations, progress technique and liquidity. We assume no obligation to publicly replace or revise these forward-looking statements for any cause, or to replace the explanations precise outcomes might differ materially from these anticipated in these forward-looking statements, even when new data turns into out there sooner or later. The secure harbor for forward-looking statements contained within the Securities Litigation Reform Act of 1995 protects firms from legal responsibility for his or her forward-looking statements in the event that they adjust to the necessities of the Act.

Investor Relations Inquiries

ir@esportsentertainmentgroup.com