Gamelancer Gaming Corp. Files Annual Financial Statements and Reports Fourth Quarter Revenues

May 20, 2022, Toronto, Canada - Gamelancer Gaming Corp. (CSE: GMNG) (formerly, Wondr Gaming Corp.) ("Gamelancer" or the "Company") announces that, further to its press releases of May 4, 2022 and May 18, 2022, the Company is providing a default status report in accordance with the alternative information guidelines set out in National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203").

On April 20, 2022, the Company announced (the "Default Announcement") that it anticipated being late in filing its audited annual financial statements, management discussion and analysis and certificates of the Chief Executive Officer and Chief Financial Officer (collectively, the "Continuous Disclosure Documents") for the year ended December 31, 2021, by the prescribed deadline of May 2, 2022.

The Company made an application with the applicable securities regulators under NP 12-203 requesting that a management cease trade order ("MCTO") be imposed in respect of the anticipated late filing rather than an issuer cease trade order. On May 3, 2022, the Company received the MCTO from the Ontario Securities Commission pursuant to NP 12-203, pending filing of the Continuous Disclosure Documents. The MCTO does not affect the ability of persons who have not been directors, officers or insiders of the Company to trade in their securities.

The Company is pleased to announce that it has filed its Continuous Disclosure Documents. The Continuous Disclosure Documents can be accessed under the Company's profile at www.sedar.com.

The Company is also pleased to announce that in the fourth quarter of 2021 it has generated advertising revenues of $186,919. As the Company continues to build out its business from the start-up phase, the Company also recorded expenses of $9,766,245, a net loss for the year of $9,579,326 and a total comprehensive loss of $9,742,571 including a fair value loss on a prior investment in a private company.

Said Jon Dwyer, Chief Executive Officer:
"It has been an extremely busy and exciting year for the Gamelancer team with the amalgamation resulting in us becoming a public company, the acquisitions of two companies during 2021 and the closing of two additional acquisitions subsequent to year-end, as well as our financing transactions. We are very pleased that we are now seeing the results of our efforts and investments with a healthy generation of revenues in the latter half of the fourth quarter. We continue to secure revenue-generating contracts that will provide continual future revenue growth, and with the recent acquisition of Gamelancer Inc., we are positioned to scale this growth quickly over the 2022 fiscal year."