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March 14, 2024

Arctic7 Set To Be Acquired By Media, Technology & Entertainment Company Grom Social Enterprises, Inc

Florida-based, NASDAQ-listed entertainment provider enters into Letter of Intent to  acquire Arctic7 to broaden its portfolio of offerings

Arctic7 bolsters strategy to become a leader in the intersection of game development,  co-development, virtual production, transmedia IP extension

AUSTIN, Texas, March 14, 2024 (GLOBE NEWSWIRE) — Arctic7, which provides a  robust suite of full game and co-development services together with own intellectual property  development within gaming, and virtual production services for the movie and TV industry, has  today announced it has agreed to be acquired by Grom Social Enterprises, Inc (NASDAQ: GROM).

Grom – a media, technology, and entertainment company focused on family-friendly programming,  web filtering technology and safe social media for kids – has entered into a non-binding letter of  intent to acquire Arctic7. Grom aims to complement its existing entertainment offerings of safe,  social media for kids and its growing catalog of original intellectual property with a move into  gaming.

Arctic7 CEO Igor Efremov said: “Our vision for Arctic7 is to become a leader in the gaming and film &  TV space, offering full game development, co-development, transmedia and virtual production  capabilities and ensuring we continue to develop a world class team together with strong  relationships across the industry. Teaming up with Grom allows us to more vigorously pursue a roll up strategy approach to potentially expand our business even further. Next week, we’ll be at GDC  2024, which is the perfect venue to identify opportunities for growth.”

“We continue to successfully execute against this vision and are excited that this has been  recognized by Grom Social Enterprises while also being enthused at how the partnership can further  fuel our growth as we continue to develop engaging content, grow our amazing team, and  accelerate our M&A efforts working with Grom on their journey to become a leading entertainment  company.”

Grom CEO Darren Marks said: “Grom welcomes the opportunity to bring Arctic7 into the Grom  portfolio to further fuel Arctic7’s vision of offering both gaming and virtual production capabilities,  while together, we explore integrating Arctic7’s expertise into our expanding entertainment  ecosystem. Content collaboration, cross-promotional opportunities, product licensing, brand  partnerships, merchandising, interactive experiences, educational gaming initiatives, and much more  are at the heart of this partnership.”

Upon completion of the acquisition, Arctic7 will operate as a division within Grom and will continue  to execute against its current strategy of delivering exciting and engaging experiences for players  and partners. In the coming weeks and months, Grom and Arctic7 intend to explore partnership  opportunities and titles presented by the Grom acquisition.

Arctic7 executives will be attending GDC 2024 in San Francisco and available to meet with press and  client partners and prospects to explore both business development and acquisition opportunities  that complement and expand current Arctic7 offerings.