via NewMediaWire –
Golden Matrix Group Inc.
(NASDAQ:GMGI)(“GMGI” or the “Company”), a developer, licensor
and global operator of online gaming and eCommerce platforms,
systems, and gaming content, today announced that pursuant to
preliminary revenue estimates, it achieved record revenues of more
than $44 million for the Company’s fiscal year ended October 31,
2023, which represents, an approximately 22% improvement on
revenues of $36 million in fiscal 2022.
The Company also said that pursuant to preliminary revenue
estimates, it had achieved record revenues of $11.7 million in the
fourth fiscal quarter.
“We are extremely pleased with the consistent progress made
during this past year,” said GMGI CEO, Brian Goodman, who
continued, “Our core B2B platform for operators throughout the Asia
Pacific region remains strong, and we have benefitted from an
acceleration of growth, with greater profitability, in the
Company’s B2C segment, UK-based RKings Competitions Ltd. Also, our
B2C Mexican casino, MEXPLAY, was launched and operating in the
second half of the year and showed quarter on quarter improvements
in customer deposits and player participation.”
Mr. Goodman also noted that the Company continues to generate
positive cash flow, with preliminary estimates showing cash-on-hand
increasing 14% as of the end of fiscal ’23, compared to the end of
fiscal ’22.
The Company also notes that the preliminary proxy statement
related to the planned acquisition of the MeridianBet Group has
been filed with the Securities and Exchange Commission (SEC). “We
look forward to the closing of this strategic acquisition,”
concluded Mr. Goodman, who continued, “We believe the combined
enterprise will be a highly competitive participant in gaming
markets worldwide, offering casino games, sports betting and
tournament competitions in multiple jurisdictions.”
Further information on financial results for the fiscal year
ended October 31, 2023, will be available in GMGI’s Annual Report
on Form 10-K filing, which is expected to be filed with the SEC on
or before January 29, 2024.
Preliminary Results of Operations
The preliminary results for the year ended October 31, 2023,
described above are an estimate, based on information available to
management as of the date of this release, and are subject to
further changes upon completion of the Company’s standard
quarter-end/year-end closing procedures. Such financial results for
the year ended October 31, 2023 and related comparisons to prior
periods included in this release are preliminary and have not been
reviewed or audited. This press release does not present all
necessary information for an understanding of the Company’s
financial condition as of the date of this release, or its results
of operations for the year ended October 31, 2023. As the Company
completes its quarter-end/year-end financial close process and
finalizes its financial statements for the quarter/year, it will be
required to make significant judgments in a number of areas. It is
possible that the Company may identify items that require it to
make adjustments to the preliminary financial information set forth
above and those changes could be material. Accordingly, undue
reliance should not be placed on this preliminary data. The Company
does not intend to update such financial information prior to the
release of its final financial statement information for the year
ended October 31, 2023, which is currently scheduled to be released
prior to January 29, 2024.
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, including, but not limited
to, the Company’s preliminary revenue results for the year ended
October 31, 2023 and whether actual financial results for the year
ended October 31, 2023 will differ materially from the preliminary
results reported above; the ability of the parties to close the
Meridian Bet Purchase Agreement, as amended (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
Meridian Bet 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 (including the approval of
Nasdaq for the continued listing of GMGI’s common stock on Nasdaq
post-closing) 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 fact that the sellers have the sole right to approve
the funding required to be obtained in connection with the
acquisition and the terms thereof, and also have the sole right to
determine whether any portion of the Meridian Bet Group’s cash on
hand at closing may be used to pay a portion of the purchase price
payable by GMGI at the closing, which approvals they may not
provide and/or may condition on other events; the ability to obtain
approval by the GMGI’s shareholders; potential lawsuits regarding
the acquisition; 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 effect on GMGI and its
operations of the ongoing Ukraine/Russia conflict and the conflict
in Israel, high interest rates and inflation and risks of
recessions; 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 (both before the closing and
after the closing); 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
the Company and the fact that the sellers will obtain voting
control over GMGI following the completion of the acquisition of
Meridian Bet; 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 services, 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; the status of GMGI’s 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 July 31,
2023, and future periodic reports on Form 10-K and Form 10‑Q. 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.
Additional Information and Where to Find It
This communication does not constitute a solicitation of any
vote, proxy or approval in connection with the Purchase Agreement
or related transactions. In connection with the transactions
contemplated by the Purchase Agreement, GMGI plans to file with the
Securities and Exchange Commission (SEC) a definitive proxy
statement to seek shareholder approval for the Purchase Agreement
and the issuance of shares of common stock in connection with the
Purchase Agreement and certain other matters, which, when
finalized, will be sent to the shareholders of GMGI seeking their
approval of the respective transaction-related proposals, as well
as other documents regarding the proposed transactions. This
communication is not a substitute for any definitive proxy
statement or other document GMGI may file with the SEC in
connection with the proposed transaction. INVESTORS AND SECURITY
HOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT, AS WELL
AS ANY AMENDMENTS OR SUPPLEMENTS TO THAT DOCUMENT AND ANY OTHER
RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION
WITH THE TRANSACTIONS CONTEMPLATED BY THE PURCHASE AGREEMENT, WHEN
THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT GMGI AND THE PURCHASE AGREEMENT AND THE PROPOSED
PURCHASE TRANSACTION.
Investors and security holders may obtain copies of these
documents free of charge through the website maintained by the SEC
at www.sec.gov or from GMGI at its website,
https://goldenmatrix.com/investors-overview/. Documents filed with
the SEC by GMGI will be available free of charge on the
“Investors,” “SEC Filings” page of our website at
https://goldenmatrix.com/investors-overview/sec-filings/ or,
alternatively, by directing a request by mail, email or telephone
to GMGI at 3651 Lindell Road, Suite D131, Las Vegas, NV 89103;
ir@goldenmatrix.com, or (702) 318-7548, respectively.
Participants in the Solicitation
The Company and certain of its respective directors and
executive officers may be deemed to be participants in the
solicitation of proxies from the respective shareholders of GMGI in
respect of the transactions contemplated by the Purchase Agreement
under the rules of the SEC. Information about GMGI’s directors and
executive officers and their ownership of GMGI is available in the
Company’s Definitive Proxy Statement on Schedule 14A filed with the
SEC on August 22, 2023.
The sellers, Meridian Bet Group, and their respective directors,
managers, and executive officers may also be deemed to be
participants in the solicitation of proxies from GMGI’s
shareholders in connection with the Purchase Agreement. A list of
the names of such parties and information regarding their interests
in the Purchase Agreement will be included in the definitive proxy
statement for the Purchase Agreement when available.
Other information regarding the participants in the proxy
solicitation and a description of their direct and indirect
interests, by security holdings or otherwise, will be contained in
the definitive proxy statement and other relevant materials to be
filed with the SEC regarding the Purchase Agreement when they
become available. Investors should read the definitive proxy
statement carefully when it becomes available before making any
voting or investment decisions. You may obtain free copies of these
documents from GMGI using the sources indicated above.
No Offer or Solicitation
This communication is for informational purposes only and is not
intended to and shall not constitute a proxy statement or the
solicitation of a proxy, consent or authorization with respect to
any securities or in respect of the Purchase Agreement and is not
intended to and shall not constitute an offer to sell or the
solicitation of an offer to sell or the solicitation of an offer to
buy or subscribe for any securities or a solicitation of any vote
of approval, nor shall there be any sale, issuance or transfer of
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction.
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https://www.instagram.com/goldenmatrixgroup/Golden Matrix
GroupContact: Scott Yanir@goldenmatrix.com
Golden Matrix (NASDAQ:GMGI)
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