LAS VEGAS, NV, Sept. 11, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Golden Matrix Group Inc. (OTCPK: GMGI) today announced it had entered into a Settlement Agreement with Luxor Capital LLC, wholly-owned by GMGI CEO Anthony Goodman, whereby Luxor has agreed to release Golden Matrix from any and all liabilities relating to the Convertible Redeemable Note granted to Luxor on March 1, 2016 in the amount of $2,874,712.
In accordance with their agreement, the remaining balance on the Convertible Redeemable Note has been eliminated via three simultaneous actions:
- Golden Matrix has made one cash payment of $150,000 to Luxor Capital.
- Luxor has converted $209,414 of the remaining debt into GMGI restricted common stock at $0.001 per share, a 35% premium to the price of $0.00074 per share that would have been the conversion price pursuant to Section 1 (c) of the Note.
- The balance of the Note, $290,000, has been replaced by an interest-free loan repayable to Luxor in two equal cash installments of $145,000, 12 and 24 months from the date of the execution of this Agreement.
“This is a significant financial event for Golden Matrix as it completes our commitment to shareholders to strengthen the company’s balance sheet by eliminating all related and non-related party convertible debt,” said Mr. Goodman. “We are extremely pleased with GMGI’s rapid progress and the generation of positive cash flow sufficient to accommodate this major transaction without sacrificing the resources needed to support our continuing business development with casino operators in the Asia Pacific region.”
About Golden Matrix Group Inc.
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.
Forward-Looking Statements
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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