Golden Matrix Group (GMGI) Resumes Stock Repurchase Program

Golden Matrix Group Inc. (NASDAQ: GMGI) ("Golden Matrix" or the "Company"), a developer and licensor of online gaming platforms, systems, and gaming content, today announced that it has resumed its existing stock repurchase program.

Under the repurchase program previously authorized by the board of directors, the Company may repurchase its outstanding shares of common stock from time to time in open market or privately-negotiated transactions, including accelerated share repurchase transactions, block trades, or pursuant to 10b5-1 trading plans. Any repurchases will be at management’s discretion and will be subject to market conditions, the price of the Company’s shares and other factors. The stock repurchase program may be modified, suspended or terminated by the Board of Directors at any time.

The Company has approximately $4.958 million available under the current program. The Company currently has 129,242,993 shares of common stock outstanding.

Mr. Brian Goodman, the Company’s Chief Executive Officer, stated that, “All divisions of the Company are currently performing at or above expectations and we expect the Company to show continued growth into the fourth quarter.

“As previously disclosed, the Company has a strong balance sheet and as of September 30, 2024, had $38.4 million in cash, significantly exceeding its $17.5 million in current portion of long-term debt.

“We believe we are well-positioned to settle any debt as needed, and we are currently servicing all debt in cash, instead of equity. We also expect our liquid cash position to allow the Company to pursue accretive acquisitions, and continue to support our growth strategy,” stated Mr. Goodman.

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