Tuesday, July 10, 2018 9:26:37 AM
9:20 AM ET 7/10/18 | GlobeNewswire
Golden Matrix Provides Corporate Update
LAS VEGAS, NV, July 10, 2018 (GLOBE NEWSWIRE) -- Golden Matrix Group Inc. (OTCPK: GMGI), a developer and marketer of social gaming platforms, today provided a corporate update and announced the addition of three new gaming operators following the Global Gaming Expo Asia (G2E) held in Macau in early May. The company now services a total of 97 active gaming operators.
Golden Matrix said new account activity has accelerated as a result of the launch of its New Generation GM-X System. First introduced at G2E and "very well-received" by gaming operators in attendance, NewGen GM-X incorporates an artificial intelligence (AI) component as well as a module that supports seamless integration with Sports Books and e-Sports. It can also provide gaming operators with the ability to strengthen their customer acquisition/retention and back-end management, as well as add more gaming content.
During the current quarter, Golden Matrix has also implemented an active marketing and sales program, to continue to attract new distributors who can help expand the number of gaming operators utilizing the company's services.
According to Golden Matrix CEO Anthony Goodman, "The enthusiasm for NewGen GM-X generated among attendees at G2E has enabled us to engage with more gaming operators and, as a result, improve overall operating results with added recurring licensing revenue and strong cash flows. We now expect Q4 (July 31) revenue to surpass Q3 with continued high net profit margin."
Mr. Goodman also said that, subsequent to the close of the third (April 30) quarter, GMGI had settled on a convertible promissory note and, as a result, reduced its third-party convertible debt to only $3,953.23. He said the company is currently in discussions with this last remaining third-party convertible note holder to pay out this remaining balance. "In addition to removing the corresponding liability from our balance sheet, the settlement on the note has finally put an end to highly dilutive conversions by holders of such instruments into GMGI common stock."
Mr. Goodman noted that there had been no dilutive conversions by third-party note holders during the current quarter.
On the business front, Mr. Goodman said he expects Golden Matrix to begin marketing and selling its own proprietary game content on the 1st of August with multiple games already developed and currently in Beta testing. "This will expand our service offerings to gaming operator clients and, at the same time, increase profits through the addition of a new revenue stream."
"With the addition of new distributors and gaming operators, and the possibility of entering new areas like content origination," said Mr. Goodman, "Golden Matrix is positioned to gain increasing market share in our multi-billion-dollar industry. We also believe the growing worldwide social gaming market is creating valued opportunities for implementing GMGI's state-of-the-art technology and Gaming Content both within Asia and across the globe."
Mr. Goodman concluded that positive cash flows being generated from current operations are expected to "easily support" GMGI's successful growth strategy. "No capital raise is anticipated or needed at this time."
About Golden Matrix
Golden Matrix Group, based in Las Vegas NV, is an established gaming technology company that develops and owns online gaming IP and builds configurable and scalable white-label social gaming platforms for its international customers, located primarily in the Asia Pacific region. The gaming IP includes tools for marketing, acquisition, retention and monetization of users. The company's platform can be accessed through both desktop and mobile applications.
Our sophisticated software automatically declines any gaming or redemption requests from within the United States, in strict compliance with current US law.
GMGI $$$
Recent GMGI News
- Golden Matrix Group Subsidiary Meridianbet Partners With Integrity Compliance 360 for Upcoming Brazilian Market Entry • GlobeNewswire Inc. • 09/23/2024 12:00:00 PM
- Form EFFECT - Notice of Effectiveness • Edgar (US Regulatory) • 09/23/2024 04:15:11 AM
- Golden Matrix Group Subsidiary Expanse Studios Enters New Market Segment With Launch of First Social Casino Game • GlobeNewswire Inc. • 09/18/2024 12:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/12/2024 08:19:57 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 09/12/2024 08:19:02 PM
- Golden Matrix Group Reports Record-Breaking August Performance by Subsidiary Meridianbet • GlobeNewswire Inc. • 09/12/2024 12:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/12/2024 01:33:58 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/11/2024 10:14:27 AM
- Golden Matrix Group Inc. Announces Debt Conversion by Meridianbet Founder to Equity • GlobeNewswire Inc. • 09/10/2024 12:00:00 PM
- Golden Matrix Group Introduces Version 2.0 of Its AI-Powered Casino Game Recommender • GlobeNewswire Inc. • 09/04/2024 12:00:00 PM
- Form S-3 - Registration statement under Securities Act of 1933 • Edgar (US Regulatory) • 08/29/2024 08:15:47 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/29/2024 12:39:59 AM
- Golden Matrix Group Provides Update on Entering U.S. Market and Expansion Into Additional European Markets • GlobeNewswire Inc. • 08/28/2024 12:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/27/2024 12:00:13 PM
- Golden Matrix Group Subsidiary Meridianbet Shortlisted for Exclusive Sports Betting and iGaming License in Brazil • GlobeNewswire Inc. • 08/26/2024 12:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/20/2024 01:00:39 PM
- Golden Matrix Announces Participation in Benzinga All-Access Interview • GlobeNewswire Inc. • 08/20/2024 01:00:00 PM
- Golden Matrix Enters Into Definitive Agreement to Acquire a Controlling Interest in Australian-Based Classics for a Cause • GlobeNewswire Inc. • 08/20/2024 12:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/13/2024 12:30:31 PM
- Golden Matrix Group Announces Strong Second Quarter Financial Results • GlobeNewswire Inc. • 08/13/2024 12:00:00 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM