Company Sees “Continued and Significant” Revenue Growth Aided by Recently Added Chinese Traditional Gaming Portfolio
LAS VEGAS, NV, Aug. 21, 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 Red Label Technology 'REDLABEL', one of its major distributors servicing the Asia Pacific (APAC) region, generated multi-million dollars in Golden Matrix gameplay during the company’s fourth fiscal (July 31) quarter, resulting in revenue due to Golden Matrix of $285,247, up 73% from $164,772 received from REDLABEL in the company’s third fiscal (April 30) quarter.
The company had previously announced it expected total fourth quarter revenues to exceed $780,000, which would make it the company’s sixth consecutive quarter of rising revenues.
According to Golden Matrix CEO Anthony Goodman, “We are highly encouraged by this big uptick in revenue generation and contribution by REDLABEL, and we are confident they will continue to be an important source of revenue growth for Golden Matrix going forward. We can attribute the recently introduced Chinese Traditional Gaming (CTG) Portfolio to our total game offerings as a major factor, and we expect it to contribute to significant revenue growth for the foreseeable future.”
Mr. Goodman said Golden Matrix is currently integrating additional operators to increase game usage of the CTG Portfolio, and “in the coming weeks we expect to engage with one of the largest gaming distributors now operating in the APAC region.”
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.
“The growth in demand for our platform demonstrates the stability, reliability and popularity of the GM-X system and its gaming content,” concluded Mr. Goodman. “We are pleased to be a go-to company for adding significant content value to distributors and their active user networks.”
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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