Allied Esports Entertainment Board Appoints Yinghua Chen as Chief Executive Officer

New York – (business wire) — Allied Esports Entertainment, Inc. (NASDAQ: AESE) (the “Company”), a global esports entertainment company, today announced that its board of directors (the “Board”) has named Yinghua Chen as Chief Executive Officer ( announced the appointment of CEO. Mr. Chen previously served as the company’s president, chief investment officer and secretary to the board. In view of Mr. Chen’s additional responsibilities, Mr. Chen will no longer serve as Chief Investment Officer or Executive Secretary of the Company and will continue to serve as President. He has been a director of our company since 2020.

Mr. Chen will succeed Lyle Berman, who has served as co-chairman of the board and interim chief executive since February 2022. Berman will retain his position as co-chairman of the board and has been appointed vice president of mergers and acquisitions to focus more on his M&A efforts at the company. Mr. Berman has served on the Company’s Board of Directors since May 2017.

Commenting on today’s announcement, Berman said: As interim CEO and company director, I have had the opportunity to work closely with her and believe she is the ideal person to take Allied Esports Entertainment’s operations forward. ”

Berman continues: Going forward, the Board has asked me to focus my efforts on procuring and executing transactions that create the greatest possible value for AESE’s shareholders.We will continue to explore potential acquisition opportunities. doing. However, given the current macroeconomic conditions, we are evaluating these opportunities very cautiously and cautiously. ”

Mr. Chen commented: I look forward to working with a very talented team to drive future success and maximize shareholder value. ”

As previously announced, the Company has engaged Benchmark Company, LLC as its exclusive financial advisor in connection with a potential business combination transaction. We have reviewed a number of potential target investment opportunities over the past few months and are continuing our due diligence as well as continuing to source other opportunities. The company is also exploring strategic options for its esports business. AESE will provide further updates in a timely manner.

About Allied Esports Entertainment

Allied Esports Entertainment, Inc. (NASDAQ: AESE) is a global esports entertainment venture dedicated to delivering innovative live experiences, multi-platform content and interactive services to audiences around the world. For more information, visit

Forward-Looking Statements

This communication contains certain forward-looking statements under federal securities laws. Forward-looking statements may include statements regarding our goals, beliefs, strategies, objectives and plans, including product and service development, future financial condition, results or projections, or current expectations. In some cases, “could”, “will”, “should”, “expect”, “plan”, “expect”, “believe”, “estimate”, “predict” , “potentially”, “intended” or “continuing”, negative forms of such terms, or other equivalent terms. These statements are subject to known and unknown risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from those envisioned in the forward-looking statements. These forward-looking statements are not guarantees of future performance, circumstances or results and involve a number of known and unknown risks, uncertainties, assumptions and other important factors. Many of them are beyond our control and may cause actual results or consequences. differ materially from those described in these forward-looking statements. In particular, important factors that may affect our actual results or results include: Ability to meet Nasdaq’s continued listing criteria. Ability to execute business plans. Ability to retain key personnel. potential litigation; general economic and market conditions affecting demand for our services; Any change in plans to use the net proceeds from the sale of the World Poker Tour business in 2021 to make one or more future acquisitions or strategic transactions. and the ability to pursue, or the decision not to pursue, strategic options for the esports business. You should consider the areas of risk described in connection with the possible forward-looking statements contained herein. AESE’s business and operations are subject to significant risks, which add to the uncertainties inherent in the forward-looking statements contained in this communication. Except as required by law, we do not make these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. We are not obligated to publish the results of the revision of For more information about potential factors that may affect our business and results, please see Section 1A. -K’s Annual Reports, and “Risk Factors” in subsequent reports filed with the SEC. Readers are also urged to carefully review and consider the various disclosures made by the Company in its Annual Report on Form 10-K and subsequent filings with the SEC.

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