Calgary,AB – TheNewswire - Aug 5, 2024 – VIP Entertainment Technologies Inc. (TSXV: VIP OTC:VETIF)  ("VIP" or the "Company") provides an update following its press release dated July 19, 2024, concerning the status of its annual financial statements, accompanying management’s discussion and analysis, and related chief executive officer and chief financial officer certificates for the fiscal year ended March 31, 2024 (the “Annual Filings”).

The Company previously announced that it would not be able to finalize the Annual Filings by the filing deadline of July 29, 2024 (the “Filing Deadline”) due to the resignation of its auditors in April 2024, the subsequent appointment of new auditors, and the recent change of its chief financial officer.

VIP is pleased to report that the Alberta Securities Commission (the “ASC”) has granted the Company a temporary management cease trade order (the “MCTO”) under National Policy 12-203 Management Cease Trade Orders ("NP 12-203"). Under the MCTO, the Company’s CEO and CFO are prohibited from trading in the Company’s securities until the Annual Filings and all continuous disclosure requirements have been filed and the MCTO has been lifted. During this period, the general public, excluding insiders of the Company, will continue to be able to trade in the Company's listed securities.

The Company’s new auditors are diligently working to complete the audit of the financial statements. VIP remains committed to completing the Annual Filings as soon as possible and anticipates that the filings will be completed on or about September 28, 2024.

In compliance with the alternative information guidelines set out in NP 12-203, the Company will issue bi-weekly default status reports in the form of news releases until the default is remedied.

The Company is not currently subject to any insolvency proceedings and confirms that there is no other material information concerning its affairs that has not been generally disclosed as of the date of this press release.

Other than as disclosed herein, the Company is up to date in its filing obligations.

**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
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 TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.