First fiscal quarter 2020 revenues expected to exceed $800,000
LAS VEGAS, Oct. 11, 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 first fiscal quarter ending October 31, 2019, it expects to report revenues exceeding $800,000. Revenues to date are up 7% when compared with the same period of time during last quarter, Q4 ended July 31, 2019.
This would represent the company’s seventh straight quarter of rising revenues and more than a 25% increase on revenues of $638,695 recorded in the first fiscal quarter ended October 31, 2018.
“As with previous quarters in fiscal 2019,” said Golden Matrix CEO Anthony Goodman, “our continued strong revenue growth in Q1 2020 is expected to produce solid profitability and excellent cash flow. With the company’s 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 now in an excellent position to consider opportunities for corporate expansion. As a result, we are pursuing several timely options and 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 in fiscal 2020. 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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