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Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Golden Matrix Reports Net Income of $1.77 Million on $2.88 Million in Revenues for Fiscal 2019

October 23, 2019

LAS VEGAS, Oct. 23, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Golden Matrix Group Inc. (OTC: GMGI) a technology-driven company that designs and develops social gaming platforms, systems and content, today announced that for fiscal 2019 ended July 31, the company reported net income of $1,769,908, on revenues of $2,882,213. This compares with a net loss of $1,318,373, on revenues $915,804.

Revenues in 2019 - derived primarily from licensing fees received from gaming operators located in the Asia Pacific (APAC) region - were generated during the entire year, whereas revenues in 2018 were generated only during the last five months of the fiscal year and subsequent to the acquisition of the company’s proprietary gaming technology.

Golden Matrix achieved a 63 percent operating margin in fiscal 2019. Net cash provided by operating activities was $1,451,934 versus $302,716 in fiscal 2018. Cash and cash equivalents of $1,731,095 at year-end 2019 was a 288 percent increase on $446,581 at year-end 2018.

“We are extremely pleased with the company’s continued revenue and profit growth,” said Golden Matrix CEO Brian Goodman. “It clearly demonstrates the acceptance and reputation of GMGI’s powerful state-of-the-art gaming platform and popular gaming content.”

Mr. Goodman noted that the Company now has more than 1.5 million registered users across all gaming operator platforms and is currently integrating additional operators to expand this usage.

“The GMGI business model is highly scalable,” said Mr. Goodman, “and the company’s goal in fiscal 2020 is to expand our customer base globally as we integrate additional operators, appoint more distributors and launch new synergistic products. We are committed to generating consistent long-term performance with sustainable growth in revenue while maintaining marginal increases in expenses.”

For additional information on Golden Matrix’s fiscal 2019 performance, please refer to the Company’s 10-K filing at https://www.otcmarkets.com/stock/GMGI/disclosure or www.sec.gov.

A summary of the Company’s performance and highlights can be found at

www.goldenmatrix.com/highlights.

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.

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the Company’s business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company’s periodic filings with the Security and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements.

Connect with us:

Twitter - https://twitter.com/GMGI_Group

Instagram - https://www.instagram.com/goldenmatrixgroup/

Golden Matrix Group

Scott Yan

info@goldenmatrix.com

www.goldenmatrix.com

Golden Matrix Group, Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss For the three months For the three months ended For Year Ended For Year Ended ended Jul-31-2019 Jul-31-2018 Jul-31-2019 Jul-31-2018 -------------------- -------------------------- -------------- -------------- Revenues-related party 505,560 510,656 2,429,442 915,804 Revenues 287,247 - 452,771 Cost of goods sold 331,353 (72,003) (21,998) (72,003) -------------------- -------------------------- -------------- -------------- Gross profit 1,124,160 438,653 2,860,215 843,801 Costs and expenses Accounting and audit fees 16,000 5,000 40,877 23,910 Amortization expense 37,683 37,223 206,842 129,109 G&A expenses 82,554 105,862 321,339 186,040 G&A expenses Related 57,486 (141,300) 199,648 209,100 Bad debt expenses 168,557 168,557 Loss on contigent - 1,242,812 90,873 1,242,812 liability - related party Professional fees 6,580 17,257 19,754 43,777 Total operating expenses 368,860 1,266,854 1,047,890 1,834,748 Gain (Loss) from 755,300 (828,201) 1,812,325 (990,947) operations Other income (expense) Interest Earned 5,774 - 8,120 - Gain(Loss) on - (685) (106) 129 extigushment of debt Fair value change of (4,091) (51,450) (5,081) (165,514) derivative liability Interest Expense (20,188) (29,230) (45,350) (162,041) -------------------- -------------------------- -------------- -------------- Total other income (18,505) (81,365) (42,417) (327,426) (expense) Net Income (Loss) 736,795 (909,566) 1,769,908 (1,318,373) Per share information Basic, weighted number of common shares outstanding 2,845,318,757 2,296,791,627 2,814,601,020 1,159,457,924 Diluted weighted number of common shares outstanding 4,197,614,436 2,296,791,627 4,138,911,172 1,159,457,924 Net profit/(loss) per 0.00 (0.00) 0.00 (0.00) common share-basic -------------------- -------------------------- -------------- -------------- Net profit/(loss) per 0.00 (0.00) 0.00 (0.00) common share-diluted ------------------------- -------------------- -------------------------- -------------- --------------

Golden Matrix Group, Inc. Consolidated Balance Sheets (Audited) As of As of Jul 31,2019 Jul 31,2018 ------------ ------------ ASSETS Current assets: Cash and cash equivalents 1,731,095 446,581 Account receivable, net 264,558 10,005 Account receivable-RP 1,009,397 362,288 Prepaid Expenses - 1,000 Total current assets 3,005,050 819,874 ------------ ------------ Total Assets 3,005,050 819,874 ------------ ------------ LIABILITIES AND SHAREHOLDERS EQUITY Current liabilities: Accounts payable and accrued liabilities 41,104 14,391 Accounts payable-related party 526,541 376,217 Advance from shareholder 1,000 1,000 Accrued interest 24,510 155,384 Settlement payable -related parties 145,000 9,302 Convertible notes payable, net of discount 30,000 30,000 Convertible notes payable, net of discount-in default 10,000 11,929 Notes payable - related party - 495,712 Contingent liability - 1,055,312 Promissory Note - related party 1,033,567 Derivative liabilities note conversion feature 15,000 11,930 Total Current liabilities 1,826,722 2,161,177 ------------ ------------ Settlement Payable related parties long-term: 145,000 - ------------ Total Non-Current liabilities 145,000 - ------------ ------------ TOTAL LIABILITIES 1,971,722 2,161,177 ------------ ------------ Shareholder’s equity (deficit): Preferred stock, Series A: $0.00001 par value; 19,999,000 shares authorized, none - - outstanding Preferred stock, Series B: $0.00001 par value; 1000 shares authorized, 1000 and 1000 - - shares issued and outstanding, respectively Common stock: $0.00001 par value; 6,000,000,000 shares authorized; 2,845,318,757 and 28,453 26,229 2,622,904,757 shares issued and outstanding respectively Additional paid in capital 27,443,293 26,840,794 Accumulated other comprehensive loss (683) (683) Retained earnings (accumulated deficit) (26,437,735) (28,207,643) Total shareholders’ equity (deficit) 1,033,328 (1,341,303) ------------ ------------ TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY 3,005,050 819,874 ------------------------------------------------------------------------------------ ------------ ------------