via NewMediaWire -
Golden Matrix Group Inc.
(NASDAQ:GMGI), a developer, licensor and global operator of
online gaming and eCommerce platforms, systems and gaming content,
today announced it expects third quarter (ending July 31, 2023)
revenues to exceed $10 million, making it the third consecutive
quarter for the company to achieve that milestone.
“In addition to benefitting from operational improvements in
each of the company’s business units during the quarter,” said
Golden Matrix CEO Brian Goodman, “we have made excellent progress
with the due diligence process of the MeridianBet Group; and we now
have multiple offers of funding that will help secure the financing
required to complete the acquisition. We remain confident that
GMGI, with its growing internal strength and the pending MerdianBet
acquisition, is on the cusp of transforming into not only a diverse
and profitable gaming company, but also one that has considerable
scale and extensive global representation.”
Several key factors are contributing to the
company’s continued revenue growth:
• Technology upgrades at RKings in Q2 to
accommodate larger numbers of tournament participants has resulted
in improved offerings; and GMGAsset, a complementary business
offering tournament winners of an expensive car or other
high-ticket item the option to take a pre-determined cash option in
lieu of the prize, generated over $1.2 million in revenue in the
first two months of Q3. As GMGAsset takes possession of an item and
resells it, each transaction has a built-in positive margin.
• MEXPLAY, the company’s B2C online casino in
Mexico, is showing consistent month-on-month progress since its
launch in February. Total wagering increased to $3.13 million in
June, up 167% on $1.17 million wagered in May. “We believe we are
seeing solid compounding growth in our fully regulated Mexican
online casino, and we expect our success there to lead to expansion
into other Latin American countries,” said Mr. Goodman.
• The company’s B2B aggregate gaming system,
GMX-Ag, continues to gain traction with the addition of new
operators each quarter. The GMX-Ag is a seamless turnkey iGaming
system offering the best casino, sportsbook and live gaming content
via a single integration with the operators’ existing business
systems, and also providing a single wallet for their
players.
“We are extremely pleased with the strength of our
B2B and B2C platforms and their popularity with a growing number of
participants,” concluded Mr. Goodman. “And with the completion of
the MeridianBet acquisition, we will benefit from each other’s
strategic contributions and create a new Combined Company with
attractive product offerings in multiple gambling jurisdictions
worldwide.”
Further information on financial results for the
third fiscal quarter ended July 31, 2023 will be available in
GMGI’s 10-Q filing with the Securities and Exchange Commission,
expected to be filed on or before September 15, 2023.
About Golden Matrix
Golden Matrix Group, based in Las Vegas NV, is an
established B2B and B2C gaming technology company operating across
multiple international markets. The B2B division of Golden Matrix
develops and licenses proprietary gaming platforms for its
extensive list of clients and RKings, its B2C division,
operates a high-volume eCommerce site enabling end users to enter
paid-for competitions on its proprietary platform in authorized
markets. The company also owns and operates MEXPLAY, a regulated
online casino in Mexico.
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
Certain statements made in this press release
contain forward-looking information within the meaning of
applicable securities laws, including within the meaning of the
Private Securities Litigation Reform Act of 1995 (“forward-looking
statements”). Words such as “strategy,” “expects,” “continues,”
“plans,” “anticipates,” “believes,” “would,” “will,” “estimates,”
“intends,” “projects,” “goals,” “targets” and other words of
similar meaning are intended to identify forward-looking statements
but are not the exclusive means of identifying these
statements.
Important factors that may cause actual results
and outcomes to differ materially from those contained in such
forward-looking statements include, without limitation, the ability
of the parties to close the Meridian Bet Purchase Agreement (the
“Purchase Agreement”) on the terms set forth in, and pursuant to
the required timing set forth in, the Purchase Agreement, if at
all; the occurrence of any event, change or other circumstances
that could give rise to the right of one or all of the shareholders
of MeridianBet Group or GMGI (collectively, the “Purchase Agreement
Parties”) to terminate the Purchase Agreement; the effect of such
termination, including breakup and other fees potentially payable
in connection therewith; the outcome of any legal proceedings that
may be instituted against Purchase Agreement Parties or their
respective directors or officers; the ability to obtain regulatory
and other approvals and meet other closing conditions to the
Purchase Agreement on a timely basis or at all, including the risk
that regulatory and other approvals required for the Purchase
Agreement are not obtained on a timely basis or at all, or are
obtained subject to conditions that are not anticipated or the
expected benefits of the transaction; the ability of GMGI to obtain
the funding required to complete such acquisition, the terms of
such funding, potential dilution caused thereby and/or covenants
agreed to in connection therewith; the ability to obtain approval
by GMGI’s shareholders on the expected schedule of the transactions
contemplated by the Purchase Agreement; potential adverse reactions
or changes to business relationships resulting from the
announcement or completion of the Purchase Agreement; the ability
of GMGI to retain and hire key personnel; the diversion of
management’s attention from ongoing business operations; the
expected synergistic relationships and cost savings from the
transactions contemplated by the Purchase Agreement; uncertainty as
to the long-term value of the common stock of GMGI following the
closing of the Purchase Agreement; the business, economic and
political conditions in the markets in which the Purchase Agreement
Parties operate; the impact of the COVID-19 pandemic on GMGI; the
effect on GMGI and its operations of the ongoing Ukraine/Russia
conflict, increased interest rates, recessions and increased
inflation; the need for additional financing, the terms of such
financing and the availability of such financing; the ability of
GMGI and/or its subsidiaries to obtain additional gaming licenses;
the ability of GMGI to manage growth; GMGI’s ability to complete
acquisitions and the available funding for such acquisitions;
disruptions caused by acquisitions; dilution caused by fund
raising, the conversion of outstanding preferred stock and/or
acquisitions; GMGI’s ability to maintain the listing of its common
stock on the Nasdaq Capital Market; GMGI’s expectations for future
growth, revenues, and profitability; GMGI’s expectations regarding
future plans and timing thereof; GMGI’s reliance on its management;
the fact that GMGI’s chief executive officer has voting control
over GMGI; related party relationships; the potential effect of
economic downturns, recessions, increases in interest rates and
inflation, and market conditions, decreases in discretionary
spending and therefore demand for our products, and increases in
the cost of capital, related thereto, among other affects thereof,
on GMGI’s operations and prospects; GMGI’s ability to protect
proprietary information; the ability of GMGI to compete in its
market; GMGI’s lack of effective internal controls; dilution caused
by efforts to obtain additional financing; the effect of current
and future regulation, GMGI’s ability to comply with regulations
and potential penalties in the event it fails to comply with such
regulations and changes in the enforcement and interpretation of
existing laws and regulations and the adoption of new laws and
regulations that may unfavorably impact our business; the risks
associated with gaming fraud, user cheating and cyber-attacks;
risks associated with systems failures and failures of technology
and infrastructure on which GMGI’s programs rely; foreign exchange
and currency risks; the outcome of contingencies, including legal
proceedings in the normal course of business; the ability to
compete against existing and new competitors; the ability to manage
expenses associated with sales and marketing and necessary general
and administrative and technology investments; and general consumer
sentiment and economic conditions that may affect levels of
discretionary customer purchases of GMGI’s products, including
potential recessions and global economic slowdowns. Although we
believe that our plans, intentions and expectations reflected in or
suggested by the forward-looking statements we make in this release
are reasonable, we provide no assurance that these plans,
intentions or expectations will be achieved.
Other important factors that may cause actual
results and outcomes to differ materially from those contained in
the forward-looking statements included in this communication are
described in GMGI’s publicly filed reports, including, but not
limited to, under the “Special Note Regarding Forward-Looking
Statements,” “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” sections
of GMGI’s periodic and current filings with the SEC, including the
Form 10-Qs and Form 10-Ks, including, but not limited to, GMGI’s
Annual Report on Form 10-K for the year ended October 31, 2022 and
its Quarterly Report on Form 10-Q for the quarter ended April 30,
2023. These reports are available at www.sec.gov.
The Company cautions that the foregoing list of
important factors is not complete, and does not undertake to update
any forward-looking statements except as required by applicable
law. All subsequent written and oral forward-looking statements
attributable to GMGI or any person acting on behalf of any Purchase
Agreement Parties are expressly qualified in their entirety by the
cautionary statements referenced above. Other unknown or
unpredictable factors also could have material adverse effects on
GMGI’s future results. The forward-looking statements included in
this press release are made only as of the date hereof. GMGI cannot
guarantee future results, levels of activity, performance or
achievements. Accordingly, you should not place undue reliance on
these forward-looking statements. Finally, GMGI undertakes no
obligation to update these statements after the date of this
release, except as required by law, and takes no obligation to
update or correct information prepared by third parties that is not
paid for by GMGI. If we update one or more forward-looking
statements, no inference should be drawn that we will make
additional updates with respect to those or other forward-looking
statements.
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GroupContact: ir@goldenmatrix.com
Golden Matrix (NASDAQ:GMGI)
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