Enthusiast Gaming Announces Transition of Chief Financial Officer

LOS ANGELES, Nov. 27, 2024 (GLOBE NEWSWIRE) -- (“Enthusiast Gaming” or the “Company”) (TSX: EGLX), a leading gaming media and entertainment company, today announced that Felicia DellaFortuna has tendered her resignation as Chief Financial Officer of the Company (“CFO”) to pursue a new opportunity. Alex Macdonald, who had served as CFO of Enthusiast Gaming from its inception until November 2023, has agreed to return as CFO of the Company. His appointment by the Board of Directors will become effective December 31, 2024, concurrently with Ms. DellaFortuna’s resignation.

Mr. Macdonald was an integral part of the growth of Enthusiast Gaming since its founding and successfully led the Company through many of its milestones, including its go-public transaction, multiple offerings and acquisitions, and periods of growth and audience expansion. Since last serving in the role of CFO, Mr. Macdonald has remained with the Company in an operational role focused on the Company’s flagship property, The Sims Resource, where he has successfully led a resurgence in the growth of subscriber counts.

Adrian Montgomery, Interim Chief Executive Officer of Enthusiast Gaming, said, “Felicia was a valued member of the executive team during her time here and a tremendous asset to us as we navigated the past year of transition. We thank Felicia for her contributions and wish her well on her future endeavors. That said, we are incredibly fortunate to have Alex return to his prior role as CFO, where he will bring a wealth of historical knowledge, a deep understanding of our business and industry, and his already strong relationships with the Company’s key stakeholders and the investing community. Felicia and Alex will work closely together over the coming month to ensure a smooth transition as we continue to build on the momentum we have already established this year, driving consistent and profitable growth in 2025 and beyond.”

About Enthusiast Gaming

Enthusiast Gaming is a leading gaming media and entertainment company, building the largest platform for video game enthusiasts and esports fans to connect and compete worldwide. Combining the elements of its five core pillars: creators, content, communities, games, and experiences, Enthusiast Gaming provides a unique opportunity for marketers to create integrated brand solutions to connect with coveted Gen Z and Millennial audiences. Through its proprietary mix of digital media, content and gaming assets, Enthusiast Gaming continues to grow its network of communities, reflecting the scale and diversity of gaming enthusiasts today.

Forward Looking Information

This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that Enthusiast Gaming anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking statements in this news release include, but are not limited to, statements regarding the Company’s future financial performance.

Forward-looking statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, including, but not limited to, expectations and assumptions concerning interest and foreign exchange rates; capital efficiencies, cost saving and synergies; growth and growth rates; the success in the esports and media industry; and the Company’s growth plan. While Enthusiast Gaming considers these assumptions to be reasonable, based on information currently available, they may prove to be 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, without limitation, risks associated with general economic conditions; the timing and filing of the final base shelf prospectus and corresponding Registration Statement; the potential offering of any Securities by the Company; uncertainty with respect to the completion of any future offering; the ability to obtain applicable regulatory approvals for any contemplated offerings; the ability of the Company to negotiate and complete future funding transactions; adverse industry events; and future legislative, tax and regulatory developments. Readers are cautioned that the foregoing list is not exhaustive. For more information on the risk, uncertainties and assumptions that could cause anticipated opportunities and actual results to differ materially, please refer to the public filings of Enthusiast Gaming which are available on SEDAR+ at . 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 upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. Enthusiast Gaming disclaims any intention 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 Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release.