VIP Play CFO resigns effective Aug 8; convertible note balance rises to $16.5M

VIP Play, Inc.

CFO James Mackey resigning effective August 8, 2025; no separation agreement; CEO Les Ottolenghi thanks him.
Company reaffirms prior financial guidance and is searching for a successor.
Outstanding principal under Excel Family Partners convertible note now $16,466,000 after $790k in additional draws.
Note bears 12% fixed interest, due on demand, convertible at 80% of lowest recent price per share ($0.50 floor).
Note is controlled by board secretary Bruce Cassidy; original maximum was $14M.

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