LAS VEGAS, NV, Feb. 04, 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 second fiscal quarter ended January 31, 2019, it expects to report revenues exceeding $700,000, a 10% improvement on revenues of $638,695 generated in its first quarter ended October 31, 2018.
Golden Matrix also said it expects to report “solid profitability” in the second fiscal quarter, with operating margins similar to those achieved in the previous quarter. The company’s Q1 net income of $331,999 was 52% of revenues.
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 192 active operators and more than 1.5 million registered users across all gaming operator/GM-X platforms.
“We have stated in previous updates and financial reports that the company is positioned for strong growth in revenue, positive cash flow and profitability,” said Golden Matrix CEO Anthony Goodman. “Second quarter activity supports those expectations. We remain confident in GMGI’s continuing success in the robust APAC gaming markets, and we are optimistic about expanding into additional markets during the current calendar year.”
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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