• Current and former Enthusiast industry visionaries and leaders pledge their support for the campaign to Upgrade Enthusiast
• Call for shareholders to support the creative operators and entrepreneurs within the Company
• Shareholders urged to vote using only the GOLD proxy for Six Exceptional Upgraded Director Nominees and Three Director Nominees from Management’s Slate, ahead of the proxy voting deadline of July 14, 2022 at 5 p.m. Eastern Time
• Letter to shareholders and information circular available on www.UpgradeEGLX.com and www.sedar.com

NEW YORK, June 27, 2022 (GLOBE NEWSWIRE) -- Greywood Investments, LLC, which, together with its associates and affiliates (the “Concerned Shareholders”), is the largest shareholder of Enthusiast Gaming Holdings Inc. (NASDAQ:EGLX, TSX:EGLX) (“Enthusiast” or the “Company”), today advised shareholders that it has issued a letter to shareholders and Proxy Circular (the “Circular”) and related voting materials in connection with Enthusiast’s annual general meeting (the “Meeting”) which is scheduled to be held on July 19, 2022.

The Concerned Shareholders outlined several issues they believe are impeding the Company from reaching its full potential, including poor corporate governance, an unfair compensation structure and an operating culture that has led to the departure of many of the founders of the businesses acquired by Enthusiast and a real risk that the Company will not be able to retain key employees.

After having its concerns ignored by an entrenched Board, the Concerned Shareholders acted. They have nominated an outstanding slate of director nominees, who have the requisite industry and leadership experience to address the poor and damaging culture, governance and performance failures under the current Enthusiast Board and CEO. This has been met with overwhelming support from current and former Enthusiast industry visionaries and leaders who have pledged their support to the campaign to Upgrade Enthusiast. Shareholders now have the opportunity to ensure that their Company will retain its talent and reach the multi-billion-dollar valuation that the Concerned Shareholders and other long-term Enthusiast investors believe is within reach.

To ensure that the Company’s best days are ahead, the Concerned Shareholders recommend that fellow shareholders vote using only the GOLD form of proxy FOR six exceptional director nominees to Upgrade Enthusiast – Jon Dakss, Raphael Danon, David Goldhill, Mark Klein, Janny Lee and Dan Petrozzo. As Enthusiast’s management has put forward nine director nominees, the Concerned Shareholders also recommend that fellow shareholders vote FOR three director nominees from management’s slate – Seth Berger, Alan Friedman, and Angela Ruggiero.

The Concerned Shareholders also sought to have Shinggo Lu, the founder and general manager of U.GG, nominated to stand for election to the Board on its slate of nominees, though were blocked by the Company after Mr. Lu expressed support for our campaign. The Concerned Shareholders’ director nominees intend to appoint Mr. Lu to Enthusiast’s Board, should they be elected at the upcoming shareholder meeting.

The Concerned Shareholders’ Letter to Shareholders and Circular are available on www.UpgradeEGLX.com and www.sedar.com. The Circular will also be mailed to Enthusiast shareholders.

Enthusiast shareholders can also sign-up at www.UpgradeEGLX.com to stay up to date on the campaign to Upgrade Enthusiast.

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.

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.

A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/552c1941-fe70-41cd-a2de-668d7599ad64