Golden Matrix Group (NASDAQ: GMGI), a developer and licensor of online gaming platforms, systems, and gaming content, today announced a debt-to-equity conversion agreement. According to the announcement, Aleksandar Milovanović, the founder of the company’s wholly owned subsidiary Meridianbet, has agreed to convert $2,000,000 of debt into equity. The debt owed to Milovanović by GMGI resulted from its recent acquisition of Meridianbet. The debt-to-equity conversion improves GMGI’s already strong Net Debt Leverage and aligns the interests of key stakeholders with the company’s long-term prospects for additional growth and continued success. The conversion is also expected to enhance the company’s financial flexibility.
“This move sends a strong message to the market and to our shareholders. Mr. Milovanović’s decision to convert his debt to equity reflects both his and the company’s confidence in Golden Matrix’s short- and long-term outlooks. This action not only reduces our outstanding debt, but reinforces our belief in the company’s potential for sustained growth. We are excited about our path forward and performance to date, and the management team extends our gratitude to Mr. Milovanović for his continued support and confidence in the company’s vision,” said Brian Goodman, CEO of GMGI.
To view the full press release, visit https://ibn.fm/hVvQ3
About Golden Matrix Group Inc.
Golden Matrix Group, based in Las Vegas, Nevada, is an established business-to-business (“B2B”) and business-to-consumer (“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. Besides Meridianbet and Expanse Studios, the company also owns and operates MEXPLAY, a regulated online casino in Mexico. The company’s sophisticated software automatically declines any gaming or redemption requests from within the United States, in strict compliance with current U.S. law.
NOTE TO INVESTORS: The latest news and updates relating to GMGI are available in the company’s newsroom at https://ibn.fm/GMGI
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