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East Side Games Group (TSX: EAGR) (OTC: EAGRF) (“ESGG” or the “Company”), today announced its financial results for the first quarter ended March 31, 2022. All amounts are expressed in dollars. Canadian under IFRS, unless otherwise stated.

“The first quarter was another record-breaking quarter for ESGG as we saw growth from our latest hit title, RuPaul’s Drag Race Superstar, who launched the October 25, 2021 . This game became our most successful title to date. This property has an international reach and a rabid fanbase. It has been featured in the App Store as Apple’s “Game of the Day” as well as other featured games lists on iOS and the Google Play Store. We continue to market and grow this game so that it continues to contribute to growth and ultimately EBITDA for years to come.” Jason Bailey newly appointed CEO of ESGG.

“The office: somehow we manage, which launched at the end of January this year in partnership with Universal Games and Digital Platforms, is also a star in our growth portfolio. We will be investing materially in the game in the second and third quarters,” Bailey continued.

“Our core portfolio of active titles also performed during the quarter. These titles continued to be drivers of EBITDA. This foundation pays for new title development, GameKit R&D, as well as operating cash flow. ” said Bailey, “Given the slate of titles we intend to launch this year and early 2023, we plan to lean in and invest heavily in growth, which will lead to lower EBITDA in the short term We believe the growth will now create significantly greater cash flow once these securities mature and is an extremely attractive use of shareholder capital Given our strong balance sheet, we are fully funded to achieve significant organic growth in 2022/2023 with existing cash available to the company and without access to equity capital markets. founding the company in 2011, I have never been more motivated by the growth prospects of Eastside.”

Highlights of the first quarter of 2022:

● Turnover was $35.6 million a 55% increase over Q1 2021 revenue of $23.0 million and 24% more than in Q4 2021.

● Company cash at March 31, 2022 been $6.2 million compared to $9.2 million to December 31, 2021 .

● Earnout milestones have been achieved and paid as they go $10 million in cash and $10 million into shares pursuant to the share purchase agreement.

● During the first quarter of 2022, the Company extended its bank credit facility by $3.5 million for $7.1 million increasing its global credit facilities to $17.1 million . To March 31, 2022 the company had $1.9 million indebted.

● Adjusted EBITDA for Q1 was $3.0 million .

● Q1 net income of $0.5 million or $0.01 on a per common share basis.

● Record audience with first-quarter daily active users (DAUs) reaching 407,222, up 47% year-on-year, and monthly active users (MAUs) of 1,751,205, up 74% over the same period.

● Acquired Funko Pop! Blitz mobile game from N3TWORK.

● Expanded partnership with Mighty Kingdom, based in Australia for three additional mobile games based on Game Kit.

● Added four new genres to the core Game Kit offering, Merge, Match, Blitz and Master, and signed development partnership agreements for each.

Significant events subsequent to March, 31st 2022:

● Chief Revenue Officer, Chairman of the Board, co-founder of East Side Games and first CEO in 2011, Jason Bailey success Darcy Taylor as CEO of ESGG.

● Announcement that Dragon Up mobile game will be available exclusively on Netflix in May 2022 .

Certain information provided in this press release is extracted from the Company’s consolidated financial statements (the “Financial Statements”) and management’s discussion and analysis (“MD&A”) for the three months ended March 31, 2022 and should be read in conjunction with them. Only in the context of the complete information and disclosures contained in the financial statements and the MD&A can an investor properly analyze this information. The financial statements and MD&A can be found under the company’s profile on SEDAR and EDGAR.

Webcast and Conference Call Information

The Company will hold a conference call to discuss its performance with the investment community at 2:00 PM PT today. Related earnings release materials are available on the East Side Games Group website at https://eastsidegamesgroup.com/investors/financial-information/ .

Webcast and conference call details:
Webcast URL: https://app.webinar.net/Xy9WDqkl1O6
Toll-free number: +1 (888) 440-2009
International phone number: +1 (438) 803-0546
Conference ID: 8631585

A replay will be available from 6:30 a.m. PT May 13, 2022 until June 12, 2022 by dialing +1 (800) 770-2030 or +1 (647) 362-9199 and entering conference ID 8631585.

ABOUT EAST SIDE PLAYGROUP

East Side Games Group (formerly doing business as “LEAF Mobile Inc.”) is one of the leading free-to-play mobile game groups. Through our proprietary Game Kit software platform, we enable creators to successfully deliver memorable mobile gaming experiences that engage gamers every day. We publish a diverse portfolio of original and licensed mobile IP games that include: The Office: Somehow We Run, RuPaul’s Drag Race Superstar, Bud Farm Idle Tycoon, Cheech & Chong Bud Farm It’s Always Sunny: The Gang Goes Mobile, Trailer Park Boys Greasy Money and other proprietary and intellectual property-based properties.

Additional information about the Company is still available under its legal name, LEAF Mobile Inc., at www.sedar.com .

Forward-looking information

Certain statements contained in this release are forward-looking statements, which reflect management’s expectations regarding the proposed transactions described herein. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or intentions regarding the future. These statements are subject to risks and uncertainties that could cause actual results, performance or developments to differ materially from those contained in the statements. There can be no assurance that any of the events anticipated by the forward-looking statements will occur or, if they occur, what benefits the Company will derive therefrom. These forward-looking statements reflect management’s current beliefs and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including factors beyond the Company’s control. These forward-looking statements are made as of the date of this press release.

SOURCE East Side Games Group

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