ESE Entertainment Provides Corporate Update

VANCOUVER, British Columbia, July 22, 2021 (GLOBE NEWSWIRE) -- ESE Entertainment Inc. (TSXV: ESE) (OTCQB: ENTEF) (the “Company” or “ESE”), is a Europe-based entertainment and technology company focused on esports, and particularly on media rights relating to esports, physical and digital content creation and distribution of esports related content.

To help our new and existing investors better understand existing operations and future objectives, ESE Chief Executive Officer, Konrad Wasiela, is pleased to provide the following corporate update.

Mr. Wasiela stated, "We are taking this opportunity to update our shareholders and the broader investor community about ESE’s achievements to date, as well as highlight our growth plan for the rest of 2021.”

FINANCIAL PERFORMANCE

$716,293 quarterly revenue with over 350% increase over the prior quarter

Recently, ESE released its financial results for the quarter ended April 30, 2021, highlights of which include the following:

• Quarterly revenues of $716,293, compared to $42,174 in year prior (2020);
• Total assets of $6,087,941, compared to $842,093 in the year prior (2020);
• Milestone completion of the acquisition of the business of World Performance Group Ltd.
  

CEO Konrad Wasiela stated, “It is important to note that the financial statements for this period only include results of the WPG Acquisition from the closing date until the end of the quarter (April 12 to April 30, 2021). Therefore, this quarter’s revenue only includes a few weeks of operations as a consolidated group. In future periods, we will be able to reflect the combined operations for the full period in our consolidated financial statements.”

FINANCINGS

Completion of bought deal financing for gross proceeds of $8,629,600

On July 19, ESE completed a "bought deal" public offering (the “Offering”) of an aggregate of 6,164,000 units of the Company at a price of $1.40 per Unit, for aggregate gross proceeds to the Company of $8,629,600 (net proceeds of $7,870,955 after subtracting the underwriters’ commission and expenses). Further information about the Offering is included in the Company’s news release dated July 19, 2021, which can be obtained under the Company’s corporate profile on SEDAR at www.sedar.com.