Fourth quarter revenues expected to exceed $780,000.00, a 6% improvement on third quarter revenues of $737,169
LAS VEGAS, NV, July 17, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Golden Matrix Group Inc. (OTCPK: GMGI) a technology-driven company that designs and develops social gaming platforms, systems and gaming content, today said that for the fourth fiscal quarter ended July 31, 2019, it expects to report revenues exceeding $780,000, a 6% improvement on revenues of $737,169 generated in its third quarter ended April 30, 2019.
Fourth quarter 2019 revenues are also expected to be a 54% improvement on Q4 ’18 revenues of $510,656, and would make it the company’s sixth consecutive quarter of rising revenues.
“As with previous quarters in fiscal 2019,” said Golden Matrix CEO Anthony Goodman, “our strong Q4 revenue growth has produced solid profitability and excellent cash flow. Now, with a healthy cash position, complemented by our popular GM-X platform and strong ongoing relationships with some of the gaming industry’s key players, Golden Matrix is in an excellent position to consider a program of corporate expansion. As previously stated, we are pleased with several opportunities already under consideration, and we will keep our shareholders advised of developments as they occur.”
Golden Matrix revenues are derived primarily from licensing fees received from gaming operators located in the Asia Pacific (APAC) region and integrated with the company’s state-of-the-art GM-X platform. Currently there are over 300 active operators and more than 1.5 million registered users across all gaming operator/GM-X platforms.
Mr. Goodman added, “The excitement among active users for our recently introduced proprietary games has exceeded our expectations and will provide a significant boost to overall revenues and profits. We are confident that their growing popularity will lead to their rapid adoption by many additional operators in the robust APAC gaming markets.”
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.
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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