VIP Entertainment Technologies Inc.

Announces Non-Brokered Private Placement of Units and Shares For Debt Transaction

Calgary, Alberta - TheNewswire - July  15, 2024 VIP Entertainment Technologies Inc. (TSXV: VIP, OTC:VETIF)  (“VIP” or the “Company”) is pleased to announce a non-brokered private placement of up to 25,000,000 units (the "Units") of the Company at a price of $0.03 per Unit for gross proceeds to the Company of up to $750,000 (the "Offering").  The Units will be subject to resale restrictions pursuant to applicable Canadian securities laws.  The Company has received commitments in excess of $400,000 in regards to the Offering.

Each Unit will comprise of one common share of the Company and one half share purchase warrant (each whole warrant, a "Warrant").  Each Warrant will entitle the holder to acquire one additional common share of the Company at a price of $0.08 for a period of 18 months from the date of issuance.  The Company does not intend to list the Warrants for trading.

VIP will use the net proceeds raised from the offering for expansion of its existing business, and for general working capital purposes.

Upon closing of the Offering, the Company may pay to eligible third parties a finder's fee of up to 8% of the aggregate gross proceeds of the Offering in consideration for the introduction of subscribers to the offering.

The Offering is scheduled to close on or about August 15, 2024 (the "Closing Date") and completion of the Offering is subject to certain conditions including the receipt of all necessary approvals, including the approval of the TSX Venture Exchange ("TSXV").

VIP has entered into agreements to settle an aggregate of $799,248.25 of debt, representing payables of the Company by issuing an aggregate of of 15,984,965 units ("Debt Units") of VIP.  Each Debt Unit will comprise of one common share of the Company at a deemed issuance price of $0.05 cents per common share and one half share purchase warrant.  Each such warrant will entitle the holder to acquire one additional common share of the Company at a price of $0.10 for a period of 18 months from the date of issuance. All settlement of debt is with arm’s length creditors.

The proposed shares for debt transaction is subject to the terms and conditions set forth in the policies of the TSXV and the completion of the shares-for-debt transaction remains subject to the review and approval of the TSXV.

VIP is also excited to announce the appointment of Theresa Jennings as the new Chief Financial Officer, effective immediately. Ms. Jennings replaces Inez Ho, who has stepped down from the position. The Company thanks Ms. Ho for her contributions and welcomes Ms. Jennings, who brings extensive experience in financial management and strategic planning. Ms. Jennings has many years of experience in private companies and now in the public sector..

Randy Jennings, CEO of VIP, commented, "We are thrilled with the progress we are making on multiple fronts. The Offering will provide us with the necessary capital to drive our growth initiatives, and the debt settlement significantly improves our financial position. We are also very excited to welcome Theresa Jennings as our new CFO, whose expertise will be invaluable as we continue to execute our strategic plans."

About VIP Entertainment Technologies Inc.

VIP delivers sports betting, casino games and poker through its VIP Bets platform. In addition, it has recently launched its Free to Play platform, VIPFree2Play, which offers engagement and entertainment tools to users around the world. The Company is focused on a growth through affiliate relationship and networking strategy to increase its core business while keeping its cost of player acquisition at industry low levels. By acquiring customers efficiently and cheaply VIP will be able to keep costs down and margins high. Since 2016, VIP has handled approximately $150,000,000 in wagers through its licensed online gaming services.

For further information please visit www.vipentertaingroup.com or contact:

Randy Jennings - Chief Executive Officer

+1-403-899-9319

randy@vipentertaingroup.com

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) 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.sedarplus.ca. 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.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the "1933 Act") or under any U.S. state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act, as amended, and applicable state securities laws.