via NewMediaWire –
Golden Matrix Group Inc.
(NASDAQ:GMGI)(“Golden Matrix”, “GMGI” or the “Company”), a
developer and licensor of online gaming platforms, systems and
gaming content, today announced its preliminary revenues for the
fiscal year ending October 31, 2022, resulting in expected record
revenues of more than $34 million for the fiscal year ended October
31, 2022. This represents an estimated 201% improvement on revenues
of $11.3 million in the comparable twelve-month period ending
October 31, 2021.
Golden Matrix acquired its 80% controlling interest in
RKingsCompetitions Ltd (“Rkings”), which operates a
business-to-consumer (B2C) Tournament Platform at the beginning of
the fiscal year; and as a result, there were no contributions to
GMGI’s overall revenues by Rkings during the prior twelve-month
period. Golden Matrix CEO Brian Goodman noted, however, that, “the
Company’s traditional business-to-business (B2B) gaming segment
showed a 30% improvement in revenue growth for the twelve months
ended October 31, 2022, compared to 2021, and it currently services
over 600 Online Casino Brands with more than 6.8 million registered
users across all GM-X platforms.”
The Company also noted that during the fiscal year just ended,
RKings had awarded over $14.5 million in prizes, including luxury
cars, jewellery and other luxury goods. Currently, RKings has about
68,000 Instagram followers, in addition to more than 376,000
Facebook followers. The number of registered users on the
tournament platform now exceeds 261,000.
Further information regarding the results of GMGI’s operations
for the fiscal year ended October 31, 2022, will be included in the
Company’s Annual Report on Form 10-K, which the Company plans to
file with the Securities and Exchange Commission before January 15,
2023.
The revenues referenced in this press release include the 20%
minority interest in RKings.
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.
About Rkings
Based in Northern Ireland, Rkings is a prize competition
business offering customers in Ireland and the United Kingdom paid
for entry, and free entry, routes to enter prize competitions in
order to win a range of consumer products as prizes. Customers can
access competitions via iOS or Android apps as well as online where
they can win prizes ranging from super cars through to luxury
holidays.
The competitions are currently open only to residents of Ireland
and the United Kingdom.
Preliminary Results of Operations
The preliminary results for the fiscal year ended October 31,
2022, 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 and year-end closing procedures. Such financial
results for the year ended October 31, 2022, 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, 2022. As the Company completes its year-end financial
close process and finalizes its financial statements for the 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 year-end
financial statement information for the fiscal year ended October
31, 2022, which is currently scheduled to be released prior to
January 15, 2023.
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 Company’s preliminary revenue results for the fiscal year ended
October 31, 2022 and whether actual financial results for the
fiscal year ended October 31, 2022 will differ materially from the
preliminary results reported above; 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 to manage growth; the ability of the Company
and RKings to obtain additional gaming licenses; 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 the
Company’s 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.
Connect with us:Twitter -
https://twitter.com/GMGI_GroupInstagram -
https://www.instagram.com/goldenmatrixgroup/
Golden Matrix GroupContact: Scott
Yaninfo@goldenmatrix.comwww.goldenmatrix.com
Golden Matrix (NASDAQ:GMGI)
Historical Stock Chart
From Aug 2024 to Sep 2024
Golden Matrix (NASDAQ:GMGI)
Historical Stock Chart
From Sep 2023 to Sep 2024