New Wave Esports Corp. Announces Appointment of New Chief Financial Officer

TORONTO, Feb. 24, 2020 /CNW/ - New Wave Esports Corp. ("New Wave Esports" or the "Company") (CSE:NWES) is pleased to announce that it has appointed Stan Levitt as its new Chief Financial Officer ("CFO") and Corporate Secretary. The Company also announces that Tiffany Lee has resigned as CFO and Corporate Secretary of the Company. New Wave Esports thanks Ms. Lee for her contributions to the Company since its early stages, and wishes her success in her future endeavors.

In connection with his appointment, the Company granted Mr. Levitt 600,000 restricted share units of the Company ("RSUs"). 150,000 RSUs vested on February 24, 2020, 150,000 will vest on June 24, 2020, 150,000 RSUs will vest on October 24, 2020 and 150,000 will vest on February 24, 2021. All RSUs were granted in accordance with the Company's restricted share unit plan as approved by the Company's shareholders on September 20, 2019. The Company also granted Mr. Levitt 100,000 options to purchase common shares of the Company ("Options") in accordance with the Company's stock option plan. The Options are exercisable at a price of $0.06 and will expire on February 24, 2025. The shares underlying the RSUs and Options are subject to a hold period of four months and a day from the day of grant.

"We are proud to announce that Stan Levitt is joining the New Wave Esports team as our new Chief Financial Officer and Corporate Secretary," says Dan Mitre, CEO of New Wave Esports. "As the New Wave Esports portfolio grows, our investments appreciate, and our companies generate revenues, Stan will be instrumental to our success and continued growth as he builds sound financial models and guides our new investments and resource placements."

Stan is an active contributor in the accounting, finance, compliance, regulatory and governance space with over 20 years of professional experience focused on providing public accounting, financial, quantification and advisory services to client bases across multiple industries and jurisdictions including Canada, New Zealand and South Africa.

"New Wave Esports provides the platform for the intersection of one of the world's trending industries, esports, bringing together passionate gamers, entrepreneurs, market-makers and well-versed gaming industry veterans," says Stan Levitt. "This common ground provides for a leading edge into this fast-growing and evolving space. I am truly honored to be able to work with some of the brightest and the best in esports and to contribute my experience to this exciting company. My passion for computers and videos games in particular, established over the last 35 years, will thrive and continue to converge with my professional experience as part of my work with New Wave Esports."

During his nine years within the Big 4 Accounting Firm environment, Mr. Levitt was exposed to public company financial accounting, tax, reviews and investigations, audits and advising clients with respect to compliance and regulatory issues. Further, Mr. Levitt has provided assistance to companies in respect of the development, implementation and ongoing monitoring of their business processes and related internal controls. Mr. Levitt's experience also includes acting as a Chief Financial Officer for various US/Canadian companies in the process of going public. Mr. Levitt is a CPA, CA and has a Master's degree in Commerce (Major Risk Management).

ABOUT NEW WAVE ESPORTS CORP.

New Wave Esports Corp. (CSE: NWES) is an esports and competitive gaming company that provides capital and support services to esports organizations, teams, leagues, events, platforms, tools, and technology innovators.

New Wave Esports has leadership teams located in Toronto, Ontario and Los Angeles, California. For more company information and contact details, visit http://newwaveesports.com.

HIGHLIGHTS OF THE NEW WAVE ESPORTS PORTFOLIO:

• Avatar One Esports Capital Corp.: An esports acquisition vehicle, Avatar has invested in Real Time Games Holdings Limited, owners and operators of Luckbox. Luckbox is an esports wage betting platform (minority stake investment at a $1M valuation).
  
  
• Even Matchup Gaming: Events company bringing esports to the masses through over 80 annual events (wholly-owned subsidiary).
  
  
• PlayLine: Daily fantasy sports betting platform, co-founded by UFC middleweight champion Michael Bisping, with two-time NBA All-Star Roy Hibbert as their Investor/Strategic Partnerships Manager (minority stake investment at a $4M valuation).
  
  
• Talon Esports: Professional esports team operator in Asia providing a supportive platform to elevate its players to compete at the highest levels in triple-A gaming titles (minority stake investment at a $4M valuation).
  
  
• Thunderbolt CDG: Software applications and technology development company that has provided services for 40+ startup companies (wholly-owned subsidiary).
  
  
• Tiidal Gaming: Esports organization that owns and operates Canada's premier esports team Lazarus, one of the highest-grossing teams in the world (minority stake investment at an $8M valuation).

FORWARD-LOOKING INFORMATION DISCLAIMER

Certain statements contained in this news release may constitute forward-looking information, including the anticipated contributions of Mr. Levitt and the vesting of options and RSUs granted to him. These forward-looking statements are based on the Company's knowledge of Mr. Levitt's experience and reputation, and on the terms and provisions of the Company's stock option plan and restricted share unit plan, and are provided as of the date of this news release, or the effective date of the documents referred to in this news release, as applicable, and reflect predictions, expectations or beliefs regarding future events based on the Company's beliefs at the time the statements were made, as well as various assumptions made by and information currently available to them. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company's actual results could differ materially from those anticipated in this forward-looking information as a result of competitive factors and competition for investment opportunities, general business execution risks faced by each investee, risks related to operating in a rapidly developing industry, changes to the Company's strategic growth plans, and other factors, many of which are beyond the control of the Company. The Company believes that the forward-looking information herein is reasonable based on current expectations of management, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company's expectations as of the date hereof, and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.

Any information in this press release regarding the Company's portfolio investees and their respective plans were obtained directly from such investees. Although the Company believes these sources to be reliable, the accuracy and completeness of such information are not guaranteed and have not been independently verified. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

SOURCE NEW WAVE ESPORTS CORP.