www.UpgradeEGLX.com

is


where shareholders can sign up for


the latest


on the campaign to


“


U


pgrade Enthusiast


”

NEW YORK, June 07, 2022 (GLOBE NEWSWIRE) — Greywood Investments, LLC, which, together with its associates and affiliates (“Greywood”), is the largest shareholder of Enthusiast Gaming Holdings Inc. (NASDAQ:EGLX, TSX:EGLX) (“Enthusiast” or the “Company”), today announced that it intends to include Shinggo Lu, Co-Founder and General Manager of U.GG, as a member of the new Board that would replace the Company’s incumbent directors.

U.GG is one of the largest

League of Legends

fan communities in the world, providing actionable, data-driven insights to players. Founded in Philadelphia in 2017 and now based in Austin, Texas, U.GG began as a passion project, became a Sixers Innovation Lab partnership, and today engages a monthly active user base of approximately 10 million players.

U.GG was acquired by Enthusiast in November 2021. On June 3, 2022, Enthusiast announced it had awarded the vendors of Outplayed Inc., the company that owned U.GG prior to its sale to Enthusiast, 11.5 million shares to satisfy certain deferred earn-out payments, in advance. U.GG’s founders and employees now collectively own approximately 6.75 million shares, or 4.5% of the issued and outstanding shares of Enthusiast.

“I agree with Greywood that stronger leadership, better governance, and a focused strategy, are required to create an environment at Enthusiast that empowers its talented employees to thrive and propel the Company’s growth to new heights,” said Shinggo Lu. “I also share Greywood’s optimism for Enthusiast. As a fellow Enthusiast, and Gamer, I would welcome the opportunity to serve on the Board and help steer the Company in the right direction by acting in the best interests of Enthusiast and all its stakeholders.”

Greywood has previously nominated Jon Dakss, Raphael Danon, David Goldhill, Mark Klein, Janny Lee, and Dan Petrozzo to stand for election on Enthusiast’s Board. Details on all seven people, and other information about the

Upgrade Enthusiast

campaign, can be found at

www.UpgradeEGLX.com

.

Since announcing its annual meeting and record date, the Company has twice rescheduled both without providing any explanation. Shareholders will finally have the opportunity help the Company realize its full potential by voting for the new slate at the meeting on July 19, 2022.

Shareholders can also sign-up at

www.UpgradeEGLX.com

to stay up to date on the campaign to

Upgrade Enthusiast.

Greywood will continue to provide updates as developments warrant.

About Greywood

Greywood is a multi-strategy investment firm exclusively managing its own proprietary capital. It invests in securities and assets across the capital structure with a particular focus on investments in emerging sector public and private companies. Greywood seeks to work constructively with portfolio companies and other stakeholders to actively support and assist management in developing and realizing the company’s full potential. Together with its associates and affiliates, Greywood is the largest shareholder of Enthusiast.

Information in Support of Public Broadcast Solicitation

Greywood is relying on the exemption under section 9.2(4) of National Instrument 51‐102 ‐

Continuous Disclosure Obligations

(“NI 51-102”) to make this public broadcast solicitation. The following information is provided in accordance with corporate and securities laws applicable to public broadcast solicitations.

This solicitation is being made by Greywood, and not by or on behalf of the management of Enthusiast. The address of Enthusiast is 90 Eglinton Avenue East, Suite 805, Toronto, ON M4P 2Y3.

Greywood has previously filed a news release containing the information required by section 9.2(4)(c) of NI 51-102 and on May 25, 2022 filed a separate document containing the information required by Form 51‐102F5 –

Information


Circular

in respect of its director nominees, as required by section 9.2(6) of NI 51-102, on Enthusiast’s SEDAR profile at

www.sedar.com

.

Greywood may solicit proxies in reliance upon the “quiet solicitation” and public broadcast exemptions to the solicitation requirements under applicable Canadian laws, with the latter conveyed by way of public broadcast, including press release, speech or publication, and otherwise by any other manner permitted under applicable Canadian laws. In connection with the AGM, Greywood may file a dissident information circular (an “Information Circular”) in due course in compliance with applicable securities laws and solicit proxies for the AGM by mail, telephone, facsimile, email or other electronic means, as well as by newspaper or other media advertising and in person by managers, directors, officers and employees of Greywood who will not be specifically remunerated therefor.

Greywood has retained Carson Proxy Advisors (“Carson”) to assist Greywood in soliciting proxies for the AGM and has agreed to pay a fee to Carson of $175,000 plus applicable disbursements and taxes. Carson’s responsibilities will principally include advising Greywood on governance best practices, where applicable, liaising with proxy advisory firms, developing and implementing shareholder communication and engagement strategies, and advising with respect to meeting and proxy protocol. All costs incurred for any solicitation will be borne by Greywood. Greywood may engage the services of one or more other agents and authorize other persons to assist it in soliciting proxies on behalf of Greywood.

Although no forms of proxy have been provided at this time, a registered holder of common shares of Enthusiast that gives a proxy may revoke it by: (a) completing and signing a valid proxy bearing a later date and returning it in accordance with the instructions contained in the form of proxy to be provided by Greywood, or as otherwise provided in the Information Circular; (b) depositing an instrument in writing executed by the shareholder or by the shareholder’s attorney authorized in writing, as the case may be (i) at the registered office of Enthusiast at any time up to and including the last business day preceding the day the AGM or any adjournment or postponement thereof is to be held, or (ii) with the chairman of the AGM prior to its commencement on the day of the AGM or any adjournment or postponement thereof; or (c) revoking their proxy in any other manner permitted by law.

Although no forms of proxy or voting instruction forms have been provided at this time, a nonregistered holder of common shares of Enthusiast will be entitled to revoke a form of proxy or voting instruction form given to an intermediary at any time by written notice to the intermediary in accordance with the instructions given to the nonregistered holder by its intermediary. It should be noted that revocation of proxies or voting instructions by a non‐registered holder can take several days or even longer to complete and, accordingly, any such revocation should be completed well in advance of the deadline prescribed in the form of proxy or voting instruction form to ensure it is given effect in respect of the AGM.

To the knowledge of Greywood, none of Greywood or any of its associates or affiliates, nor any of its proposed director nominees or their respective associates or affiliates, has any material interest, direct or indirect, (i) in any transaction since the beginning of Enthusiast’s most recently completed financial year or in any proposed transaction that has materially affected or would materially affect Enthusiast or any of its subsidiaries; or (ii) by way of beneficial ownership of securities or otherwise, in any matter proposed to be acted on at the AGM, other than the election of directors to the Board.

Forward Looking Statements

Certain statements in this press release constitute forward-looking statements within the meaning of applicable Canadian securities laws. All statements contained in this press release that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words “anticipate,” “believe,” “expect,” “estimate,” “plan,” and similar expressions are generally intended to identify forward-looking statements. These statements are based on the current expectations of Greywood and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not prove to be accurate. Greywood cautions that its assumptions may not materialize and current economic conditions render such assumptions, although reasonable at the time made, subject to greater uncertainty. There can be no assurance that forward-looking statements included in this press release will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements included herein. Greywood does not assume any obligation to update any forward-looking statements contained in this press release, except as required by applicable law.

Photo accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/b8d2d2be-200b-4bc8-bc87-41382759588f