OOOOO Signs Binding MOU with QGlobe to launch Global Social Commerce Platform for Gamers

Vancouver, British Columbia--(Newsfile Corp. - November 18, 2022) - OOOOO Entertainment Commerce Limited (TSXV: OOOO) (OTCQB: OOOOF) ("OOOOO"), is pleased to announce that it has signed a binding memorandum of understanding (the "MOU") with Qglobe Inc. ("QGlobe), a private technology company, to launch a social commerce platform for the global gaming community, called "Tilted".

Qglobe Inc. (QGlobe.com) was founded by Apollo Green offering support for metaverse and crypto gaming startups by organizing Initial Game Offerings and providing product development, tokenomics, and marketing strategies. QGlobe intends to use the OOOOO technology platform to connect the global gaming audience by short videos and live broadcasts that are connected to physical and digital assets that can be purchased.

Pursuant to the MOU, the parties have agreed to a framework in which OOOOO will grant a perpetual, royalty-free, worldwide license to QGlobe with respect to OOOOO's proprietary software (the "Software") on an exclusive basis for the gaming industry, in consideration for a 30% equity interest in the new company. In addition, subject to any requisite shareholder approval and/or the approval of the TSX Venture Exchange (the "Exchange"), QGlobe will be granted a time limited option to purchase the Software for an aggregate purchase price of US$10,000,000 if the option exercise is completed in the second year after closing, and US$12,000,000 if the option exercise is completed in the third year after closing. If the option is exercised, OOOOO shall receive a perpetual, royalty-free, worldwide license of the Software for use in all fields other than gaming.

QGlobe expect to launch "Tilted" in early 2023.

The MOU remains subject to a number of closing conditions, including the negotiation and execution of a definitive agreement and the receipt of any requisite shareholder or Exchange approvals. No assurance is provided that the closing conditions will be satisfied in a timely manner on the terms contemplated or at all. Additional details on the transaction will be provided to shareholders when available.

About OOOOO Entertainment Commerce Limited

Founded by Sam Jones and Eric Zhang, OOOOO Entertainment Commerce Limited operates a technology platform that enables retailers, brands and entrepreneurs to share product-based opinions directly with consumers through live, interactive, shoppable videos.

For further information please visit www.ooooo.com and contact:

OOOOO Entertainment Commerce Limited
Samuel Jones
Chief Executive Officer / Co-Founder
[email protected]

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Source: OOOOO

Forward Looking Information

Certain statements in this news release may constitute "forward-looking statements". Forward-looking statements are statements that address or discuss activities, events or developments that OOOOO expects or anticipates may occur in the future. When used in this news release, words such as "estimates", "expects", "plans", "anticipates", "projects", "will", "believes", "intends" "should", "could", "may" and other similar terminology are intended to identify such forward-looking statements. Forward-looking statements reflect the current expectations and beliefs of OOOOO's management. Because forward-looking statements involve known and unknown risks, uncertainties and other factors, actual results, performance or achievements of OOOOO or the industry may be materially different from those implied by such forward-looking statements. Examples of such forward-looking information that may be contained in this news release include statements regarding: growth and future prospects of our business; our perceptions of the industry and markets in which we operate and anticipated trends in such markets; and expectations regarding the operation of our technology platform. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking statements may include, but are not limited to, our ability to execute on our business plan, increase visibility amongst consumers and convert users to revenue producing subscribers, the success of the business of our partners and the general market adoption of our technology. Forward-looking statements involve significant uncertainties, should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, without limitation: those relating to potential disruptions to product delivery; failure to meet regulatory requirements; potential downturns in economic conditions; availability of financing (as necessary); and other risk factors described in our Filing Statement which is available on SEDAR at www.sedar.com. These risks, as well as others, could cause actual results and events to vary significantly. Accordingly, readers should exercise caution in relying upon forward-looking statements and OOOOO undertakes no obligation to publicly revise them to reflect subsequent events or circumstances, except as required by law.

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