Calgary, May 9, 2024 – TheNewswire – VIP Entertainment Technologies Inc.(TSXV: VIP OTC:VETIF) ("VIP" or the "Company") is thrilled to announce the signing of a strategic agreement to acquire a majority stake in Item.Bet Corporation, a pioneering provider of proprietary software tailored for the dynamic esports demographic aged 18-35. This strategic move underscores VIP's commitment to innovation and diversification within the entertainment industry.

Under the terms of the agreement, VIP will acquire 52% of the issued equity of Item.Bet at an acquisition cost price of $301,600, payable in cash installments over 12 months following the closing of the proposed transaction. Item.Bet Corporation is a British Virgin Islands based company.

Item.Bet's proprietary software represents a paradigm shift in the utilization of virtual tokens and blockchain technology. This acquisition positions VIP at the forefront of innovation, enabling the Company to capitalize on the growing demand for immersive gaming experiences.

VIP's strategic partnership with Item.bet will not only provide access to advanced software solutions but also pave the way for the development of proprietary games. These games will encompass both Business-to-Consumer (B2C) and Business-to-Business (B2B) models, as well as Peer-to-Peer (P2P) games.

The addition of Item.Bet's technology will enable VIP to offer unparalleled opportunities for customers to utilize tokens to participate, while also pioneering the development of immersive games. This strategic initiative is expected to attract a new wave of customers.

It is expected that Robert Wein, the CEO of Item.Bet, and Dianne Prupas, CLO of Item.Bet, will work closely with VIP to expedite the introduction of new platforms and games to VIP. Completion of the acquisition of Item.bet is subject to regulatory approvals, including from the TSX Venture Exchange. The proposed transaction will not constitute a fundamental change for the company, nor will it result in a change in control of the company. The transaction is an arm’s-length transaction.

The strategic partnership between Item.Bet and VIP marks a significant milestone as we pursue our vision of leading the way in the virtual gaming industry.” – Robert Wein, CEO of Item.Bet

"We are excited to embark on this transformative journey with Item.Bet" remarked Randy Jennings, CEO of VIP Entertainment Technologies Inc. "This strategic acquisition underscores our commitment to driving innovation and delivering exceptional value to our customers. With Item.Bet's cutting-edge technology, we are well-positioned to capitalize on the growing demand for immersive gaming experiences in the esports industry."

About VIP Entertainment Technologies Inc.

VIP Entertainment Technologies Inc. (TSXV: VIP) is a leading provider of innovative entertainment solutions, dedicated to delivering unparalleled experiences to customers worldwide. With a focus on leveraging emerging technologies and trends, VIP is committed to shaping the future of the entertainment industry.

For media inquiries, please contact:

Randy Jennings 14038999319

randy@vipentertaingroup.com

Neither the TSXV 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.

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 VIP 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 forgoing) be taken, occur, be achieved, or come to pass.

Forward-looking statements are based on assumptions, including expectations and assumptions concerning the Company’s growth plan. While VIP 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; future legislative, tax and regulatory developments. Readers are cautioned that the foregoing list is not exhaustive and other risks set out in public disclosure recorded and filed under the Company’s profile on www.sedar.com. 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. For more information on the risk, uncertainties and assumptions that could cause anticipated opportunities and actual results to differ materially, please refer to the public filings of VIP which are available on SEDAR at www.sedar.com. 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. VIP 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 law.

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