Toronto, Ontario--(Newsfile Corp. - May 26, 2026) - Enthusiast Gaming Holdings Inc. (TSX: EGLX) ("Enthusiast Gaming" or the "Company"), a digital publisher focused on building tools, platforms, and experiences for gamers, today provided an update on recent operational progress across its portfolio, including the launch of a new subscription offering, U.GG Plus, the inaugural Pocket Gamer Connects event in Malmö, Sweden, ongoing product modernization at Icy Veins, and updates on certain balance sheet initiatives.

Launch of U.GG Plus

The Company is pleased to announce the launch of U.GG Plus, a new premium subscription offering on U.GG, the largest companion platform for League of Legends players in North America, and an increasingly significant companion platform across a growing roster of leading titles, including Deadlock (for which U.GG is the leading companion platform), Valorant, and World of Warcraft, among others. U.GG Plus provides subscribers with personalized data and analytics tools designed to help players improve their performance, alongside an ad-free browsing experience across the U.GG platform, with additional features planned for release in H2 2026. The launch of U.GG Plus represents an important strategic step in diversifying U.GG's revenue base beyond advertising and into direct consumer monetization.

Pocket Gamer Connects Malmö 2026

The Company also announced that Pocket Gamer Connects ("PGC"), the industry-leading conference series for mobile gaming professionals and industry participants, is holding its first-ever event in Malmö, Sweden, this week on May 27-28.

PGC Summit Malmö 2026 is a two-day games industry networking event. At the core of this new summit is the opportunity for publishers, investors, and service providers to connect directly with a wide range of game makers in a comfortable and convenient location. Day 1 of the event will also feature The Big Indie Pitch, an indie developer pitching showcase competition. Day 2 will feature a day-long 'summit-style' conference program, with key business insights from industry experts on leading topics alongside ongoing networking opportunities.

The next flagship event in the PGC calendar is Pocket Gamer Connects Barcelona (June 15-16), which is expected to exceed last year's event in both attendance and sponsorship.

Icy Veins Product Update

The Company also announced that Icy Veins, a gaming website that offers detailed guides, strategies, and tips for a variety of games, including World of Warcraft, Diablo, and other Blizzard titles, has launched a new modern redesign for its home page and flagship World of Warcraft section. The redesign is expected to be gradually rolled out to other sections of Icy Veins and is part of a larger ongoing effort to modernize the Icy Veins user experience.

Balance Sheet Update

As part of the Company's ongoing efforts to strengthen its balance sheet and manage legacy obligations, the Company also provided updates on various balance sheet initiatives.

The Company has negotiated the settlement of approximately $2.0 million of legacy accounts payable for aggregate cash consideration of approximately $0.9 million, which when settled is expected to result in total gains on settlement of approximately $1.1 million.

In addition, in accordance with the terms of the Vedatis SAS ("Vedatis") purchase agreement and the limitations imposed under the Company's existing credit agreements with its secured lenders, the Company has also settled $945,089, representing 50% of the earn-out payment payable in connection with the acquisition of Vedatis (the "Vedatis Earn-Out"), through the issuance of 22,379,563 common shares to the vendors of Vedatis. The cash portion of the Vedatis Earn-Out had been previously paid as part of certain security arrangements between the vendors and the Company, and the share issuance will result in a return of $431,769 to the Company. In addition to applicable securities law resale restrictions (including a four-month hold period), the common shares issued to the vendors of Vedatis in settlement of the Vedatis Earn-Out are subject to contractual lock-up restrictions, with one-third of such shares released after each of 6 months, 12 months, and 18 months following issuance.

About Enthusiast Gaming

Enthusiast Gaming builds tools, platforms, and experiences that gamers use every day. Its portfolio of owned and operated digital properties includes some of the most recognizable names in gaming, such as U.GG, Icy Veins, The Sims Resource, Pocket Gamer, Addicting Games, and Fantasy Football Scout, as well as the global B2B event series Pocket Gamer Connects. Through these assets, Enthusiast Gaming generates revenue from programmatic advertising, subscriptions, and events, and is focused on expanding its owned IP and deepening direct engagement with its audience.

Forward-Looking Statements

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 foregoing) be taken, occur, be achieved, or come to pass. Forward-looking statements in this news release include, but are not limited to, statements regarding attendance at future PGC events, the launch and timing of new products, and expectations relating to the financial performance and the financial results of future periods.

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 gaming 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; 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 risks, 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 www.sedarplus.ca. 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 Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/299002

Source: Enthusiast Gaming Holdings Inc.