OVERACTIVE MEDIA APPOINTS CO-FOUNDER ADAM ADAMOU AS INTERIM CEO TO REPLACE CHRIS OVERHOLT

February 23, 2023 (TORONTO, CANADA) – OverActive Media (“OverActive" or “the Company”) (TSXV: OAM, OTCQB: OAMCF), a global sports, media and entertainment company for today’s generation of fans today announced the appointment of co-founder and Chief Strategy Officer Adam Adamou as interim CEO. Chief Executive Officer Chris Overholt, who joined OverActive in 2018 is stepping down from his role to pursue another opportunity but will be staying on as a strategic advisor to the Company for thirty days to ensure a smooth transition.

"Since co-founding OverActive in 2018, Adam has been a trusted leader in our industry and a strong advocate for the global opportunity that our company represents,” said Sheldon Pollack, Chair, OverActive Media. “He is a leading voice of influence in the industry and his broad-gauged experience in early-stage venture opportunities has already contributed significantly to OverActive’s success.”

“I am honoured to continue my work as a leader with this amazing executive team and all the talented staff here at OverActive and I would like to thank the Board for this incredible opportunity,” said Adam Adamou, Interim CEO. “We are in an exciting industry at an incredible time and OverActive is poised to seize the many opportunities that lay ahead. Our priority remains - to redefine the future of sports and entertainment by focusing on today’s generation of fans. We have all the ingredients for sustained success – a strong and engaged Board, wonderfully supportive marketing partners and fans, and a fantastic leadership team and staff.”

Mr. Overholt leaves the organization having been hired as the Company’s founding Chief Executive Officer in October 2018. He had previously served as CEO of the Canadian Olympic Committee for more than eight years across four Olympic Games. During Mr. Overholt’s tenure with OverActive, he attracted an industry-leading team of executives and staff who together secured such notable investors as The Weeknd, Bell and the Montréal Canadiens, executed several key acquisitions, and established marketing partnerships with a number of blue-chip brand partners in Europe and Canada including Bell and TD Bank. His team also led the Company to its successful go-public listing on the Toronto Venture Exchange in 2021.

“Under Chris’ leadership, OverActive has emerged as one of the world’s leading esports organizations. His experience, passion and vision for our potential has established a strong foundation on which we will continue building our business. We are grateful to have had Chris leading our organization during such a pivotal time in our development,” continued Mr. Pollack. “On behalf of the Board of Directors, I would like to thank Chris for his wonderful contribution and extend our best wishes for his continued success.” ​

Cautionary Note Regarding Forward-Looking Information

This press release contains statements which constitute “forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws (collectively, “forward-looking statements”), including statements regarding the plans, intentions, beliefs and current expectations of OverActive with respect to future business activities and operating performance. Forward-looking statements are often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding: (a) OverActive’s anticipated VALORANT team; and (b) expectations for other economic, business, and/or competitive factors.

Investors are cautioned that forward-looking statements are not based on historical facts but instead OverActive management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although OverActive believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed thereon, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the OverActive. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are the following: changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws and regulations both locally and in foreign jurisdictions; compliance with extensive government regulation; the risks and uncertainties associated with foreign markets; and risk factors set out in OverActive’s annual information form for the year ended December 31, 2021. These forward-looking statements may be affected by risks and uncertainties in the business of OverActive and general market conditions, including COVID-19.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although OverActive has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. OverActive does not intend, and does not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law.

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.