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This content is a press release from our partner Globe Newswire. The AP newsroom and editorial departments were not involved in its creation.

Golden Matrix Reports Net Income of $421,791 on Revenues of $713,542 for the Second Fiscal Quarter of 2019

March 4, 2019

LAS VEGAS, March 04, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Golden Matrix Group Inc. (OTCPK: GMGI) a technology-driven company that designs and develops social gaming platforms, systems and gaming content, today announced that for the second fiscal quarter ended January 31, 2019, the company recorded net income of $421,791 on revenues of $713,542. This compares with net income of $84,484 on revenues of $30,000 in like year-ago quarter.

Second quarter 2019 revenues and net income represent 2,278 and 399 percent increases, respectively, on revenues and net income recorded in the second quarter of 2018.

For the first six months ended January 31, 2019, Golden Matrix reported net income of $753,790 on revenues of $1,352,237, compared with a net loss of $373,559 on revenues of $60,000 in the like year-ago period.

Revenues recorded in the first half of fiscal 2019 were derived primarily from licensing fees received from gaming operators located in the Asia Pacific (APAC) region and integrated with the company’s state-of-the-art GM-X platform. Currently there are 192 active operators and more than 1.5 million registered users across all gaming operator/GM-X platforms.

“These excellent Q2 results further demonstrate GMGI’s continued growth and success in servicing the robust Asia-Pacific gaming markets, the largest in the world,” said CEO Brian Goodman. “As previously stated, we expect the company to continue to increase market share throughout 2019 and maintain strong positive cash flow with rising profitability.”

Mr. Goodman noted that cash and cash equivalents as of January 31, 2018 increased 150% to $1,118,499 from $446,581 at fiscal year-end (July 31) 2018. Total assets increased to $1,828,435, up 123% from $819,874 at fiscal year-end 2018.

For additional information on Golden Matrix’s Q1 2019 performance, please refer to the Company’s 10-Q filing at https://www.otcmarkets.com/stock/GMGI/disclosure or www.sec.gov.

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

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Golden Matrix Group

Tracy Wang

info@goldenmatrix.com

Tel: (702) 318-7548

www.goldenmatrix.com

GOLDEN MATRIX GROUP, INC Consolidated Balance Sheets (Unaudited) As of As of January 31, July 31, 2018 2019 (Unaudited) ------------- ------------- ASSETS Current assets: Cash and cash equivalents $ 1,118,499 $ 446,581 Accounts receivable 12,748 10,005 Accounts receivable – related parties 697,188 362,288 Prepaid expenses - 1,000 Total current assets 1,828,435 819,874 Total assets $ 1,828,435 $ 819,874 ----------- - ----------- - LIABILITIES AND SHAREHOLDERS’ DEFICIT Current liabilities: Accounts payable and accrued liabilities $ 49,551 $ 14,391 Accounts payable – related parties 411,083 376,217 Advances from shareholders 1,000 1,000 Accrued interest 3,595 155,384 Settlement Payable – related parties 145,000 9,302 Convertible notes payable, net of discounts 30,000 30,000 Convertible notes payable, net- in default 10,000 11,929 Convertible notes payable- related party-in default - 495,712 Contingent liability-related party 1,139,394 1,055,312 Derivative liabilities – note conversion feature 11,819 11,930 ----------- - ----------- - Total current liabilities 1,801,442 2,161,177 ----------- - ----------- - Settlement Payable – related parties – long-term 145,000 - ----------- - ----------- - Total non-current liabilities 145,000 - ----------- - ----------- - Total liabilities $ 1,946,442 $ 2,161,177 ----------- - ----------- - Shareholders’ 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, 1,000 shares authorized,1,000 and 1,000 shares issued and outstanding, - - respectively Common stock: $0.00001 par value, 6,000,000,000 shares authorized, 2,835,318,757 and 2,622,904,757 shares issued and 28,353 26,229 outstanding, respectively Additional paid-in capital 27,308,176 26,840,794 Accumulated other comprehensive loss (683 ) (683 ) Accumulated deficit (27,453,853 ) (28,207,643 ) ----------- - ----------- - Total shareholders’ deficit (118,007 ) (1,341,303 ) $ ----------- - ----------- - Total liabilities and shareholders’ deficit 1,828,435 $ 819,874 --------- ----------- ------- -

GOLDEN MATRIX GROUP, INC. Consolidated Statements of Operations and Comprehensive Loss (Unaudited) Three months ended Six months ended January 31, January 31, 2019 2018 2019 2018 - ------------- - - ------------- - - ------------- - - ----------- - Revenues $ 2,119 $ - $ 2,752 $ - Revenues- related party 711,423 30,000 1,349,485 60,000 Cost of goods sold (68,978 ) - (138,502 ) - - ------------- - - ------------- - - ------------- - - ----------- - Gross profit 644,564 30,000 1,213,735 60,000 Costs and expenses Accounting and audit fees 4,500 3,000 20,377 15,160 Amortization expense 56,833 23,760 114,180 23,760 G&A expenses 54,446 16,989 133,376 26,025 G&A expenses- related party 48,940 54,300 88,240 120,600 Loss on contingent liability – 67,963 - 84,082 - related party Professional fees 4,737 8,963 9,691 17,214 - ------------- - - ------------- - - ------------- - - ----------- - Total operating expenses (237,419 ) (107,012 ) (449,946 ) (202,759 ) - ------------- - - ------------- - - ------------- - - ----------- - Gain (Loss) from operations 407,145 (77,012 ) 763,789 (142,759 ) Other income (expense) Gain (Loss) on extinguishment of debt - - (106 ) 814 Fair value change of derivative 14,848 189,513 (1,899 ) (129,888 ) liability Interest on convertible notes (202 ) (28,017 ) (7,994 ) (101,726 ) - ------------- - - ------------- - - ------------- - - ----------- - Total other income (expense) 14,646 161,496 (9,999 ) (230,800 ) Net Income (Loss) $ 421,791 $ 84,484 $ 753,790 $ (373,559 ) Weighted average number of common shares outstanding -Basic 2,835,318,757 578,931,219 2,787,644,985 423,403,521 - ------------- - - ------------- - - ------------- - - ----------- - Weighted average number of common shares outstanding -Diluted 2,848,173,923 2,287,360,616 2,800,500,152 423,403,521 Net income/(loss) per common share – Basic $ 0.00 $ 0.00 $ 0.00 $ (0.00 ) - ------------- - - ------------- - - ------------- - - ----------- - Net income/(loss) per common share – Diluted $ 0.00 $ 0.00 $ 0.00 $ (0.00 ) - ------------- - - ------------- - - ------------- - - ----------- -