LAS VEGAS, NV, Nov. 04, 2022 (GLOBE NEWSWIRE) — via NewMediaWire – Golden Matrix Group Inc. (NASDAQ: GMGI), a developer and licensor of online gaming platforms, systems and content, today announced that it has acquired the remaining 20% stake in RKings Competitions for a total of 165,444 restricted shares of the shares ordinary shares of GMGI payable to the two former owners of RKings.
“Obviously,” said Brian Goodman, CEO of Golden Matrix, “we are thrilled to now have this exciting and successful B2C business as a 100% owned entity; it is highly scalable and should grow rapidly 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 licensed to operate; and we believe it can expand to other Latin American markets over the next two years.
Mr. Goodman also said the company also recently launched an add-on business, GMGI Assets, which will serve to enhance the revenue stream and profits generated by the RKings division. “As an example, and in some cases, the tournament winner of an expensive automobile may elect to take a pre-determined cash option instead of the car. When this occurs, GMGI Assets will take possession of the car and Each transaction has a positive margin built in, and we expect this activity to make a significant contribution to GMGI’s overall financial results as the number of car tournament offerings continues to grow in Britain, as well as in other jurisdictions in the future.
Golden Matrix Group, based in Las Vegas NV, is an established gaming technology company that develops and owns online gaming intellectual property and builds configurable and scalable white label B2B gaming platforms for its international customers, located primarily in the Asia-Pacific region. Game IP includes marketing, acquisition, retention, and user monetization tools. The company’s platform is accessible through desktop and mobile apps. Additionally, Golden Matrix generates revenue in Britain through RKings Competitions’ scalable B2C tournament platform and recently launched a proprietary licensed B2C online casino in Mexico.
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 regarding future events and can generally be identified by statements including words such as “estimate”, “expect”, “project”, ” believe”, “anticipate”, “intend”, “plan”, “expect”, “expect”, “probable”, “will”, “target” or similar words or expressions. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are beyond the Company’s control, which could cause actual results to differ materially from the results expressed or implied by 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 affiliates to obtain additional gaming licenses; the Company’s ability to manage growth; the Company’s ability to make acquisitions and the financing available for such acquisitions; disruptions caused by acquisitions; dilution caused by fundraising, 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, revenue and profitability; the Company’s expectations regarding future plans and the timing thereof; the Company’s dependence on its management; whether the CEO of the Company has voting control over the Company; relations with related parties; the potential effect of economic downturns, recessions, increases in interest rates and inflation, and market conditions, decreases in discretionary spending and hence demand for our products, and increases in the cost of capital, relating thereto, among other effects, on the Company’s operations and prospects; the Company’s ability to protect proprietary information; the Company’s ability to be competitive 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 regulations, the Company’s ability to comply with regulations and potential penalties for failure to comply with such regulations and changes in the application and interpretation of existing laws and regulations and the adoption of new laws and regulations that could adversely affect our business; risks associated with gambling fraud, user cheating and cyberattacks; risks associated with systems failures and failures of the technology and infrastructure upon which the Company’s programs rely; foreign exchange and foreign exchange risks; the outcome of contingencies, including legal proceedings in the normal course of business; the ability to compete with existing and new competitors; the ability to manage the expenses associated with sales and marketing and the necessary general, administrative and technological investments; and general consumer sentiment and economic conditions that may affect customers’ discretionary purchasing levels of the Company’s products, including potential recessions and global economic downturns. Although we believe that our plans, intentions and expectations reflected or implied by the forward-looking statements we make in this release are reasonable, we do not guarantee that these plans, intentions or expectations will be realized. Accordingly, you should not consider any such list as a complete set of all potential risks and uncertainties. Further information about potential factors that could affect the Company’s financial results is included from time to time in the sections “Special Note Regarding Forward-Looking Statements”, “Risk Factors” and “Management’s Discussion and Analysis of the financial condition and results of operations” of the Company’s periodic and current filings with the SEC, including Forms 10-Q and 10-K, including, but not limited to, the transition report of the Company 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 anyone acting on behalf of the Company are expressly qualified in their entirety by the cautionary statements referenced above. Other unknown or unpredictable factors could also have material adverse effects on the Company’s future results. The forward-looking statements included in this press release speak 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 assumes no obligation to update such statements after the date of this release, except as required by law, and assumes no obligation to update or correct information prepared by third parties that are not paid by the Company. If we update one or more forward-looking statements, no conclusion should be drawn that we will make additional updates with respect to such or other forward-looking statements.
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