via NewMediaWire – Golden Matrix Group Inc.
(
NASDAQ:GMGI)(“Golden Matrix” or the “Company”), a
developer, licensor and global operator of online gaming and
eCommerce platforms, systems and gaming content, today announced
the closing of the previously announced acquisition agreement,
pursuant to which Golden Matrix acquired ownership of the
MeridianBet Group and its related companies, in a cash, debt and
stock transaction. The acquisition was approved by Golden Matrix’s
Board of Directors and by the Company’s shareholders at the special
meeting held on March 19, 2024.
The combination of the two companies’ dynamic
business-to-business (B2B) and business-to-consumer (B2C) casino,
sports betting and tournament platforms creates a global enterprise
operating in 17 countries on four continents.
The common stock of the combined company will continue trading
on The Nasdaq Capital Market under the ticker symbol “GMGI.”
“This is a momentous occasion, and one that we believe will
result in a fundamental, as well as a transformational, change for
our rapidly growing company,” said Golden Matrix Chief Executive
Officer, Brian Goodman, who continued, “The consolidated businesses
are expected to deliver significant increases in both revenues and
profitability; and we believe we are now well-positioned to
continue our growth trajectory and deliver incremental value to all
our stakeholders.”
The Loev Law Firm, PC acted as legal counsel to Golden Matrix in
connection with the transaction and Howard & Howard acted as
legal counsel to the sellers.
More information regarding the closing and relating transactions
is described in the Current Report on Form 8-K filed today by
Golden Matrix with the Securities and Exchange Commission.
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.
Founded in 2001, the MeridianBet Group is a well-established
online sports betting and gaming group, licensed and currently
operating in 15 jurisdictions across Europe, Africa and South
America. The MeridianBet Group’s successful business model utilizes
proprietary technology and scalable systems, thus allowing it to
operate in multiple countries and currencies and with an
omni-channel approach to markets, including retail, desktop online
and mobile.
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 expected benefits of
the MeridianBet Group transaction; the ability of the Company to
obtain the funding required to pay certain post-closing
obligations, the terms of such funding, potential dilution caused
thereby and/or covenants agreed to in connection therewith;
potential lawsuits regarding the acquisition; potential adverse
reactions or changes to business relationships resulting from the
completion of the acquisition; the ability of the Company to retain
and hire key personnel; the diversion of management’s attention
from ongoing business operations; uncertainty as to the long-term
value of the common stock of the Company following the closing of
the acquisition; the business, economic and political conditions in
the markets in which the Company operates; the effect on the
Company and its operations of the ongoing Ukraine/Russia conflict
and the conflict in Israel, changing 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 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 sellers of the MeridianBet Group hold 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 services, 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 status of the
Company’s internal controls; 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 press 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 the Company’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 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 Annual Report on Form 10-K for the year ended
October 31, 2023 and its Quarterly Report on Form 10-Q for the
quarter ended January 31, 2024, and future periodic reports on Form
10-K and Form 10‑Q. These reports are available at www.sec.gov.
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