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. 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.
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Golden Matrix Group Contact: Franco Sun info@goldenmatrix.com www.goldenmatrix.com
