![](http://investorshub.advfn.com/images/default_ih_profile2_4848.jpg?cb=0)
Wednesday, October 23, 2019 9:45:27 AM
Provided by GlobeNewswire
Oct 23, 2019 8:20 AM CDT
LAS VEGAS, Oct. 23, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Golden Matrix Group Inc. (OTC: GMGI) a technology-driven company that designs and develops social gaming platforms, systems and content, today announced that for fiscal 2019 ended July 31, the company reported net income of $1,769,908, on revenues of $2,882,213. This compares with a net loss of $1,318,373, on revenues $915,804.
Revenues in 2019 - derived primarily from licensing fees received from gaming operators located in the Asia Pacific (APAC) region - were generated during the entire year, whereas revenues in 2018 were generated only during the last five months of the fiscal year and subsequent to the acquisition of the company’s proprietary gaming technology.
Golden Matrix achieved a 63 percent operating margin in fiscal 2019. Net cash provided by operating activities was $1,451,934 versus $302,716 in fiscal 2018. Cash and cash equivalents of $1,731,095 at year-end 2019 was a 288 percent increase on $446,581 at year-end 2018.
“We are extremely pleased with the company’s continued revenue and profit growth,” said Golden Matrix CEO Brian Goodman. “It clearly demonstrates the acceptance and reputation of GMGI’s powerful state-of-the-art gaming platform and popular gaming content.”
Mr. Goodman noted that the Company now has more than 1.5 million registered users across all gaming operator platforms and is currently integrating additional operators to expand this usage.
“The GMGI business model is highly scalable,” said Mr. Goodman, “and the company’s goal in fiscal 2020 is to expand our customer base globally as we integrate additional operators, appoint more distributors and launch new synergistic products. We are committed to generating consistent long-term performance with sustainable growth in revenue while maintaining marginal increases in expenses.”
For additional information on Golden Matrix’s fiscal 2019 performance, please refer to the Company's 10-K filing at https://www.otcmarkets.com/stock/GMGI/disclosure or www.sec.gov.
A summary of the Company’s performance and highlights can be found at
www.goldenmatrix.com/highlights.
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.
Forward-Looking Statements
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the Company's business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company's periodic filings with the Security and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements.
Connect with us:
Twitter - https://twitter.com/GMGI_Group
Instagram - https://www.instagram.com/goldenmatrixgroup/
Golden Matrix Group
Scott Yan
info@goldenmatrix.com
www.goldenmatrix.com
Recent GMGI News
- Form 8-K - Current report • Edgar (US Regulatory) • 06/20/2024 01:25:25 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/18/2024 01:30:42 PM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 06/18/2024 10:10:50 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/04/2024 01:25:30 PM
- Form 8-K/A - Current report: [Amend] • Edgar (US Regulatory) • 06/04/2024 10:01:23 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/22/2024 08:01:21 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/22/2024 10:50:46 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/20/2024 01:20:27 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/13/2024 08:02:28 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/13/2024 08:02:17 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/13/2024 08:02:10 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/13/2024 08:01:57 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/13/2024 08:01:25 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/13/2024 08:01:13 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/10/2024 01:20:39 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/08/2024 08:01:12 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/07/2024 01:34:22 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/07/2024 01:20:37 PM
- Golden Matrix Announces Completion of Acquisition of the MeridianBet Group • GlobeNewswire Inc. • 04/09/2024 12:00:00 PM
- Golden Matrix Stockholders Approve Acquisition of MeridianBet Group • GlobeNewswire Inc. • 03/20/2024 01:15:00 PM
- Golden Matrix Reports First Quarter Financial Results With Record Revenues of $11.84 Million • GlobeNewswire Inc. • 03/14/2024 01:15:00 PM
- JRC Stock Talk Hosting Live Q&A on X (Formerly Twitter) Spaces With CEO of Golden Matrix Group, Inc., Today, February 20, 2024 at 4:30 PM EST • GlobeNewswire Inc. • 02/20/2024 02:05:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/06/2024 02:20:17 PM
- Golden Matrix Files Definitive Proxy Statement • GlobeNewswire Inc. • 02/06/2024 02:15:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/06/2024 02:10:51 PM
Freedom Holdings Corporate Update; Announces Management Has Signed Letter of Intent • FHLD • Jul 3, 2024 9:00 AM
EWRC's 21 Moves Gaming Studios Moves to SONY Pictures Studios and Green Lights Development of a Third Upcoming Game • EWRC • Jul 2, 2024 8:00 AM
BNCM and DELEX Healthcare Group Announce Strategic Merger to Drive Expansion and Growth • BNCM • Jul 2, 2024 7:19 AM
NUBURU Announces Upcoming TV Interview Featuring CEO Brian Knaley on Fox Business, Bloomberg TV, and Newsmax TV as Sponsored Programming • BURU • Jul 1, 2024 1:57 PM
Mass Megawatts Announces $220,500 Debt Cancellation Agreement to Improve Financing and Sales of a New Product to be Announced on July 11 • MMMW • Jun 28, 2024 7:30 AM
VAYK Exited Caribbean Investments for $320,000 Profit • VAYK • Jun 27, 2024 9:00 AM