Golden Matrix Acquires Remaining Interest in RKings Competitions
November 04 2022 - 9:15AM
via NewMediaWire – Golden Matrix Group Inc. (NASDAQ:
GMGI), a developer and licensor of online gaming
platforms, systems and gaming content, today announced it had
acquired the remaining 20% interest in RKings Competitions for a
total of 165,444 restricted shares of GMGI’s common stock payable
to the two former owners of RKings.
“Obviously,” said Golden Matrix CEO Brian Goodman, “we are
pleased to now have this exciting and successful B2C business as a
wholly-owned entity; it is highly scalable and expected to grow
quickly in multiple regulated jurisdictions. In addition to Great
Britain, we expect RKings’ tournament platform to be popular and
well-received by participants in Mexico, where it is already
permitted to operate; and we believe it can expand into other Latin
American markets over the next couple years.”
Mr. Goodman also said the company had also recently launched a
complementary business, GMGI Assets, which will serve to enhance
the revenue stream and profit, being generated by the RKings
division. “As an example, and in some instances, the tournament
winner of an expensive automobile may choose to take a
predetermined cash option in lieu of the car. When this occurs,
GMGI Assets will take possession of the car and resell it. Each
transaction has a built-in positive margin, and we expect this
business to make significant contributions to GMGI’s overall
financial results as the number of auto tournament offerings
continues to grow in Great Britain, as well as additional
jurisdictions in the future.”
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 B2B 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. Additionally, Golden Matrix generates revenues in
Great Britain from RKings Competitions’ scalable B2C tournament
platform, and has recently launched a licensed proprietary B2C
online casino in Mexico.
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”). These forward-looking statements represent the
Company’s current expectations or beliefs concerning future events
and can generally be identified using statements that include words
such as “estimate,” “expects,” “project,” “believe,” “anticipate,”
“intend,” “plan,” “foresee,” “forecast,” “likely,” “will,” “target”
or similar words or phrases. These forward-looking statements are
subject to risks, uncertainties and other factors, many of which
are outside of the Company’s control which could cause actual
results to differ materially from the results expressed or implied
in the forward-looking statements, including, but not limited to,
the impact of the COVID-19 pandemic on the Company; the need for
additional financing, the terms of such financing and the
availability of such financing; the ability of the Company and/or
its subsidiaries to obtain additional gaming licenses; the ability
of the Company to manage growth; the Company’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; the Company’s ability to maintain the listing of its
common stock on the Nasdaq Capital Market; the Company’s
expectations for future growth, revenues, and profitability; the
Company’s expectations regarding future plans and timing thereof;
the Company’s reliance on its management; the fact that the
Company’s chief executive officer has voting control over the
Company; 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 the Company’s operations and prospects; the Company's ability to
protect proprietary information; the ability of the Company to
compete in its market; the Company’s lack of effective internal
controls; dilution caused by efforts to obtain additional
financing; the effect of current and future regulation, the
Company’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 the Company'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 the Company'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. Consequently,
you should not consider any such list to be a complete set of all
potential risks and uncertainties. More information on potential
factors that could affect the Company's financial results is
included from time to time in the "Special Note Regarding
Forward-Looking Statements," "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" sections of the Company's periodic and current filings
with the SEC, including the Form 10-Qs and Form 10-Ks, including,
but not limited to, the Company’s Transition Report on Form 10-K
for the nine month transition period ended October 31, 2021 and its
Quarterly Report on Form 10-Q for the quarter ended July 31, 2022.
These reports are filed with the SEC and available at www.sec.gov.
All subsequent written and oral forward-looking statements
attributable to the Company or any person acting on behalf of the
Company are expressly qualified in their entirety by the cautionary
statements referenced above. Other unknown or unpredictable factors
also could have material adverse effects on the Company’s future
results. The forward-looking statements included in this press
release are made only as of the date hereof. The Company cannot
guarantee future results, levels of activity, performance or
achievements. Accordingly, you should not place undue reliance on
these forward-looking statements. Finally, the Company 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 are
not paid for by the Company. 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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Golden Matrix GroupContact: Scott YanEmail:
info@goldenmatrix.com
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