Company Now Reviewing Strategic Opportunities to Accelerate Growth
LAS VEGAS, April 24, 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 announced it expects revenues for the third fiscal quarter ending April 30, 2019 to surpass revenues of $713,542 reported in its second fiscal quarter ended January 31, 2019. This would make it the company’s fifth consecutive quarter of rising revenues.
Golden Matrix also said it expects to report “solid profitability” in the third fiscal quarter, with operating margins similar to those achieved in the previous quarter. The company’s Q2 net income of $421,791 was 59% of revenues.
In addition, the company announced that management is now reviewing certain strategic opportunities to expand its operating base and enhance shareholder value. According to Golden Matrix CEO Anthony Goodman, “This could result in a potential merger or acquisition of new business lines that immediately generate added revenues and higher earnings.”
Currently, 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.
“With steady growth in quarterly revenues and profits and a healthy cash position, complemented by our GM-X platform and strong relationships with some of the gaming industry’s key players,” said Mr. Goodman, “Golden Matrix is now in an excellent position to consider a program of corporate expansion. We are pleased with the opportunities under consideration, and we will keep our shareholders advised of developments as they occur.”
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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Golden Matrix Group Inc.
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