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Expanding Global Reach and Pursuing Acquisitions
Golden Matrix Group, Inc. (ticker: GMGI), a leading provider of online gaming solutions, is expanding its global reach and pursuing acquisitions to enhance its competitive position in the market. The company offers a full suite of tools and features for operating online casinos and sportsbooks, including player registration, user management, and content management.
Goals and Initiatives for Business Growth
In its quarterly report, Golden Matrix Group, Inc. outlined its goals and initiatives for business growth. The company is focused on securing new gaming distributors, casino and sportsbook operator customers in existing and newly regulated markets. It is investing in sales and marketing initiatives to aggressively pursue deployment opportunities in developing markets like Africa and Latin America. Additionally, the company is exploring opportunities in the US market.
Investing in Sales and Marketing Initiatives
Golden Matrix Group, Inc. is also investing in sales and marketing initiatives to drive customer engagement and growth on its RKings and Mexplay platforms in the UK and Mexico. The company aims to expand the prizes and prize options available to customers on these platforms, enhancing the gaming experience.
Developing Proprietary Gaming Content
To strengthen its position in the market, Golden Matrix Group, Inc. is developing and deploying its own proprietary gaming content in the casino iGaming category. However, its E-sport project is currently on hold. The company is actively pursuing acquisitions of synergistic companies and assets, including the pending Meridian Purchase Agreement. This transaction aims to expand the company’s competitive position by acquiring the Meridian Companies, which include Meridian Serbia, Meridianbet, Meridian Gaming Holdings, and Meridian Gaming (Cy).
Financials and Funding
In terms of financials, Golden Matrix Group, Inc. is self-sustaining, meeting its cash needs through ongoing operations. As of April 30, 2023, the company had a cash balance of $15,753,813. However, the company will need to raise additional funding to complete the Meridian Purchase Agreement. The initial cash payment of $50 million is due at the Phase 1 Closing, with the remaining amounts payable at specified dates.
To meet the cash requirements, Golden Matrix Group, Inc. is actively pursuing funding sources, including debt financing. However, there are no known trends, demands, commitments, events, or uncertainties that will result in a decrease in the company’s liquidity in any material way.
Financial Performance
In terms of financial performance, Golden Matrix Group, Inc. reported a net loss of $533,753 for the quarter ended April 30, 2023, compared to a net income of $701,449 for the same period last year. The company’s EBITDA for the quarter was $451,907, reflecting its profitability and successful operations management.
Optimistic About Future Prospects
Despite the ongoing COVID-19 pandemic, Golden Matrix Group, Inc. remains optimistic about its future prospects. The company’s business model is highly scalable, and it believes its existing resources can be leveraged to develop new offerings, enhance the platform, and improve operating infrastructure.
Conclusion
In conclusion, Golden Matrix Group, Inc. is actively expanding its global reach, pursuing acquisitions, and investing in sales and marketing initiatives to drive growth and enhance its competitive position. The company’s focus on innovation, customer engagement, and strategic partnerships positions it for long-term success in the online gaming industry.
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