Enthusiastic Gaming Announces Board Changes and Offers

Adrian Montgomery becomes chairman of the board

Search for CEO begins

David Goldhill and Janny Lee Join as Directors

LOS ANGELES, July 7, 2022 (GLOBE NEWSWIRE) — Enthusiastic Gaming Holdings Inc. (NASDAQ:EGLX; TSX:EGLX), (“lover” or the “Company”), an integrated media and entertainment company for gamers, today announced that David Goldhill and Janny Lee, two nominees from Greywood Investments, LLC (“Greywood“), will join the board of directors of the Company (the “Plate”) and stand for election at the annual general meeting of the Company (the “meeting”) on July 19, 2022 at 10:00 AM (Toronto time). In addition, the company announces that Adrian Montgomery, the current CEO of Enthusiast, will become chairman of the board after the meeting. The renewed leadership ensures the company is optimally positioned to build on its multi-year winning streak and continue its shift towards a gamer-centric media technology and entertainment company. In addition, Greywood has withdrawn its alternate director list and has agreed to fully endorse and vote for the nominees put forward at the Meeting.

“Today’s agreement aligns all shareholders, management, employees and the board behind one common goal: to build the world’s largest media and entertainment company for gamers focused on communities, content, creators and experiences. We have come a long way in the past three years and our success would not have been possible without the commitment, dedication and support of all our employees. They are really what makes Enthusiast great. As chairman, I look forward to the future and to building on our strong foundation.” said Adrian Montgomery, CEO of Enthusiast“Together, we will continue our ambitious plan to accelerate growth and continue margin expansion to achieve profitability. I am confident that Enthusiast’s best days are ahead, and our team is well positioned to continue delivering results and value for the benefit of all shareholders. In fact, we have only just begun.”

“We are pleased that Enthusiast can move forward. This agreement allows the new board to act as a catalyst for change and collectively support the great talent within the company. Our goal has always been to support the company, management and employees to focus on what matters most: creating an environment for employees to help Enthusiast reach its full potential.” explained Greywood.

To meet the addition of Mr. Goldhill and Ms. Lee, one candidate from Enthusiast’s current management list will not stand for election. To identify an interim and permanent CEO, the Board of Directors will form a search committee as soon as possible.

For more information on Enthusiast’s revised director’s roster and other information related to this announcement, please visit SEDAR.

meeting details

Additional details of the 10 director nominees will be made available on SEDAR. Since the circular of the Company and the proxy form for the Meeting confer discretion with respect to changes or variations on matters mentioned in the circular and the notice convening the Meeting, the members of management (or such other persons) who the meeting has been appointed as a proxy, BLUE proxy form rests on such discretion to vote “FOR”, setting the Board size at 10 and electing “FOR” the 10 directors nominated by Enthusiast.

Shareholders who have already voted with a BLUE proxy form or voting instruction form “FOR” to set the size of the Board of Directors and “FOR” electing the Enthusiastic nominees need not take any further action as their shares will be voted accordingly “FOR” such matters, as amended, as set forth above.

Shareholders who have already voted using a GOLD Proxy Form or Voting Instruction Form and who wish to have their Shares voted on such matters, as amended, as set forth above, may change their vote by sending a later dated BLUE proxy or voting instruction form, whereby all previously submitted proxy or voting instruction forms are automatically revoked.

A registered shareholder who has already voted with a BLUE form of proxy, but who do not wish their shares to be voted in such matters, as amended, as set forth above, may revoke their proxy at any time before it is exercised by deed in writing: (a) executed by such shareholder or by the nominee of that shareholder, authorized in writing, or, if the shareholder is a company, by a duly authorized officer of, or nominee for, the company; and (b) delivered either: (i) to the Company at its registered office at any time up to and including the last business day prior to the day of the Meeting, or (ii) to the chairman of the Meeting prior to voting on matters on which the proxy holder on the day of the Meeting, or (iii) in any other way provided for by law.

If you have any questions or need help voting, please contact Kingsdale Advisors:

• 1-866-851-2743 (toll free within North America)
• 1-416-867-2272 (outside North America)
• Email: [email protected]

About Enthusiastic Gaming

Enthusiast is an integrated gaming entertainment company building the largest media and content platform for video game and esports fans to connect and participate worldwide. Combining the elements of its four core pillars: Communities, Content, Creators and Experiences, Enthusiast offers a unique opportunity and integrated approach to reach and engage with its coveted GenZ and Millennial audiences. Through its proprietary blend of digital media and entertainment resources, Enthusiast has built a vast network of like-minded communities to deliver the ultimate fan experience.

Contacts

Enthusiastic Gaming Investor Relations:
Eric Bernofsky, Chief Corporate Officer
[email protected]

Forward-looking information
This press release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, relating to activities, events, outcomes, results, developments, performance or achievements that Enthusiast expects or expects to occur (in whole or in part) in the future should be treated as forward-looking. are considered information. Often, but not always, forward-looking information can be identified by words such as “plans,” “expects,” “expects,” “budget,” “planned,” “estimate,” “forecasts,” “plans,” ”, “anticipates” or “believes” or variations (including negative variations) of such words and expressions, or statements formed in the future tense or that indicate that certain actions, events or results “may”, “may”, “should” , “would” or “will” (or other variations of the foregoing) be taken, take place, achieved or come to pass. Forward-looking statements contained in this press release include, but are not limited to, statements regarding the search committee’s mandate to identify interim and permanent CEO of the company.

Forward-looking statements are based on assumptions, including expectations and assumptions regarding the outcome of the investigation committee’s efforts. While Enthusiast believes these assumptions to be reasonable, based on currently available information, they may prove incorrect. Readers are cautioned not to place undue reliance on forward-looking statements. In addition, forward-looking statements necessarily involve known and unknown risks, including, but not limited to, risks related to general economic conditions; adverse events in the industry; and future legislative, fiscal and regulatory developments. Readers are cautioned that the foregoing list is not exhaustive. For more information about the risks, uncertainties and assumptions that could cause anticipated opportunities and actual results to differ materially, please refer to Enthusiast’s public filings available on SEDAR at www.sedar.com. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations on which they are based will materialize. Such information, while believed to be reasonable by management at the time of preparation, may prove inaccurate and actual results may differ materially from those anticipated. Forward-looking statements in this press release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and are therefore subject to change. Enthusiast disclaims any intent or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Neither the TSX Exchange nor its Regulatory Services Provider (as that term is defined in the TSX Exchange’s policies) assumes any responsibility for the suitability or accuracy of this release.

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