- Expansion of Core Business Revenues and Profits with Addition of More Gaming Operators.
- Strengthening Corporate Governance with Addition of Independent Directors with Varied Backgrounds who Support the Company’s Vision.
- Satisfying All Requirements to Uplist to a National or International Exchange Later This Year.
- Optimizing Strategic Opportunities and Relationships that May Lead to a Merger or Acquisitions of New Business Lines.
- Strong Balance Sheet And Cash Position To Support Gmgi’s 2020 Objectives With No Capital Raise Currently Needed Or Anticipated.
LAS VEGAS, NV, April 06, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE ‒ Golden Matrix Group Inc. (GMGI), a developer and licenser of social gaming platforms, systems and gaming content, today provided a corporate update on steps the company is taking in calendar 2020 to increase shareholder value and qualify for an uplisting of its stock to a national or international exchange.
Recently the company reported its eighth straight quarter of strong revenue and profit growth. And, according to Golden Matrix CEO Brian Goodman, this trend is expected to continue and most likely accelerate. “As a result of physical limitations and restrictions imposed by the coronavirus pandemic, we have become a go-to company for casino operators needing to expand beyond land-based casino operations to include a strong online presence, which is critical to their long-term survival. Golden Matrix has become a trusted source for hundreds of operators in the Asia-Pacific (APAC) region. Our state-of-the-art GM-X platform has many competitive advantages over other products and services; it is customizable and highly scalable to suit each of our operator’s requirements, and can be accessed through both desktop and mobile applications.”
With more than 300 operators already servicing two million users across all GM-X gaming platforms, the company recently announced it is adding 24 new gaming operator clients, and over 40 additional such operators are expected to license GM-X by the end of April. “We continue to field even more inquiries and applications from prospective clients,” said Mr. Goodman, “And the current expansion in our number of APAC operators is expected to produce significant incremental revenues and profits going forward.”
The company said it now plans to review and strengthen its corporate governance guidelines, and to add at least two new independent directors with varied backgrounds who support the company’s vision.
Mr. Goodman noted that the company’s strong financial position and performance, complemented with strong board governance, should enable the company to satisfy the requirements needed to uplist GMGI’s common stock to a national or international exchange later this year. “While stock price is also a factor, we expect our valuation to improve during 2020 as the company continues to deliver superior results in the hot online gaming space.”
Even as a relatively small but very profitable technology company, GMGI’s strong market presence in the APAC region, and cash-on-hand of about $2 million, has positioned the company to investigate expansion beyond organic growth. As stated previously, the company has been evaluating certain strategic opportunities and relationships that may lead to a merger or acquisition. In considering attractive options, we are confident we can increase shareholder value with the successful addition of new business lines that are accretive to our already strong earnings performance.”
Mr. Goodman added that GMGI’s strong balance sheet and cash position are sufficient to support the company’s calendar 2020 objectives, and that no capital raise is currently needed or anticipated. “I want to thank our many shareholders for their continuing support, and I look forward to updating you with what I believe will be major developments between now and year-end.”
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.
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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