Tiidal Receives Shareholder Approval for the Sale of Sportsflare and Announces Results of Its Meeting of Shareholders

Toronto, Ontario--(Newsfile Corp. - April 26, 2023) - Tiidal Gaming Group Corp. (CSE: TIDL) (the "Company" or "Tiidal"), further to its press release dated March 13, 2023, is pleased to announce that it has received the approval of its shareholders at its annual and special meeting of shareholders held today (the "Meeting"), for, among other things, the sale of the outstanding shares of the Company's operating subsidiary, Tiidal Gaming NZ Limited ("Sportsflare"), which represents substantially all the assets of the Company, to Entain Holdings (UK) Limited ("Entain") for a total consideration of CAD$13,250,000, subject to standard transaction adjustments (the "Transaction"). More than 99% of the common shares represented at the Meeting were voted in favour of the Transaction.

The completion of the Transaction remains subject to the satisfaction or waiver of certain closing conditions customary for transactions of this nature. Assuming the satisfaction or waiver of these conditions, the Transaction is expected to be completed in or about May 2023.

Additionally, at the Meeting, Thomas Hearne, Neil Duffy, David Wang and Zachary Goldenberg were re-elected to the Company's board of directors (the "Board") for the ensuing year. The Company's shareholders also approved the appointment of MNP LLP as the auditors of the Company for the ensuing year and authorized the Board to determine the auditor's remuneration.

The common shares were voted in connection with the election of the directors as follows:

The Company also announces that effective today, following the Company's request, the quotation of the Company's common shares in the United States has been relegated from OTCQB to OTC Pink. The Company's United States trading symbol remains "TIIDF".

ABOUT TIIDAL GAMING

Tiidal is a leading media and technology platform enabling next generation engagement in esports and gaming. The Company is positioned at the intersection of gaming, media, and betting and enable our partners to create positive, engaging, and immersive fan and consumer experiences through our industry-leading media & technology offerings. With deep industry roots and expertise, Tiidal is focused on the next generation of fan and consumer and building the future of game-based entertainment. For more information, please visit www.tiidal.gg.

Tom Hearne
Chief Executive Officer, Tiidal Gaming
e: tom@tiidal.gg
t: 416-560-0528

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan, "estimate", "expect", "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements and information and accordingly, readers should not place undue reliance on such statements and information. These risks and uncertainties include, but are not limited to, the timing of the completion of the Transaction; whether the Transaction will be completed on the terms contemplated or at all; whether the Company will be able to obtain necessary approvals of the Transaction; whether the Company, Tiidal Gaming Holdings Inc. and Entain will be able to satisfy all of the closing conditions to the Transaction; the ability of Sportsflare to meet the working capital target and the adjustment to purchase price pursuant to the Transaction; and any material adverse changes in general economic, business and political conditions, including changes in the financial markets, changes in applicable laws, and compliance with extensive government regulation, any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Many risks are inherent in the industries in which the Company participates; others are more specific to the Company. The Company's ongoing quarterly filings should be consulted for additional information on risks and uncertainties relating to these forward-looking statements. Investors should not place undue reliance on any forward-looking statements. Management assumes no obligation to update or alter any forward-looking statements whether as a result of new information, further events or otherwise, except as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/163877