NetworkNewsBreaks – Golden Matrix Group Inc. (NASDAQ: GMGI) Announces Full Acquisition of Interest in RKings Competitions
Golden Matrix Group (NASDAQ: GMGI), a developer and licensor of gaming platforms, systems and gaming content, has acquired the remaining 20% interest in RKings Competitions; the company now owns a total of 165,444 restricted shares of GMGI’s common stock payable to the two former owners of RKings. Company officials announced the transaction, which makes RKings a wholly owned entity of Golden Matrix, one which the company anticipates will grow quickly in several regulated jurisdictions, including Great Britain and Mexico. The company plans to expand the tournament platform into other Latin American markets in the next few years. In addition, Golden Matrix recently launched GMGI Assets, a complementary business designed to enhance the revenue stream and profit being generated by the RKings division. “As an example, and in some instances, the tournament winner of an expensive automobile may choose to take a predetermined cash option in lieu of the car,” said Golden Matrix Group CEO Brian Goodman in the press release. “When this occurs, GMGI Assets will take possession of the car and resell it. Each transaction has a built-in positive margin, and we expect this business to make significant contributions to GMGI’s overall financial results as the number of auto tournament offerings continues to grow in Great Britain, as well as additional jurisdictions in the future.”
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Golden Matrix Group (NASDAQ: GMGI), a developer and licensor of gaming platforms, systems and gaming content, has acquired the remaining 20% interest in RKings Competitions; the company now owns a total of 165,444 restricted shares of GMGI’s common stock payable to the two former owners of RKings. Company officials announced the transaction, which makes RKings a wholly owned entity of Golden Matrix, one which the company anticipates will grow quickly in several regulated jurisdictions, including Great Britain and Mexico. The company plans to expand the tournament platform into other Latin American markets in the next few years. In addition, Golden Matrix recently launched GMGI Assets, a complementary business designed to enhance the revenue stream and profit being generated by the RKings division. “As an example, and in some instances, the tournament winner of an expensive automobile may choose to take a predetermined cash option in lieu of the car,” said Golden Matrix Group CEO Brian Goodman in the press release. “When this occurs, GMGI Assets will take possession of the car and resell it. Each transaction has a built-in positive margin, and we expect this business to make significant contributions to GMGI’s overall financial results as the number of auto tournament offerings continues to grow in Great Britain, as well as additional jurisdictions in the future.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
