Golden Matrix Group Reduces Debt Through Equity Conversion by Meridianbet Founder

Golden Matrix Group Inc. (NASDAQ: GMGI) has announced a significant financial move that could have far-reaching implications for its future growth and stability. Aleksandar Milovanović, the founder of Meridianbet, a wholly owned subsidiary of Golden Matrix, has agreed to convert $2 million of debt owed to him into equity in the company. This decision reduces the debt from the recent acquisition of Meridianbet from $2,805,671 to $805,671.

This strategic decision is a clear indication of Milovanović's confidence in Golden Matrix Group's performance and its potential for continued growth. Brian Goodman, CEO of Golden Matrix Group, stated that this move sends a strong message to the market and 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," Goodman commented.

The conversion of debt to equity is not just a financial maneuver; it aligns the interests of key stakeholders with Golden Matrix Group’s long-term growth prospects. This alignment is crucial as it enhances the company's financial flexibility, allowing it to focus on strategic initiatives and expansion efforts. The move also improves the company's already strong Net Debt Leverage, providing a more robust financial foundation for future endeavors.

Golden Matrix Group, based in Las Vegas, NV, is a leading player in the gaming technology industry, operating both B2B and B2C divisions. The company develops and licenses branded gaming platforms for its extensive list of clients through its B2B division. Its B2C division, RKings, operates a high-volume eCommerce site enabling end-users to enter paid-for competitions on its proprietary platform in authorized markets.

Meridianbet, founded in 2001 and acquired by Golden Matrix in April 2024, is a well-established online sports betting and gaming group. It operates in 17 jurisdictions across Europe, Africa, and South America, utilizing proprietary technology and scalable systems to cater to multiple countries and currencies. This omni-channel approach, covering retail, desktop online, and mobile platforms, makes Meridianbet a valuable asset for Golden Matrix Group.

The implications of this debt-to-equity conversion are significant for the gaming technology industry. It showcases a model where stakeholder confidence and financial strategy work hand in hand to drive growth. For Golden Matrix Group, this move is expected to provide enhanced financial flexibility, allowing the company to navigate its strategic initiatives more effectively. It also sets a precedent for other companies in the industry to explore similar financial strategies to align stakeholder interests and strengthen financial positions.

As Golden Matrix Group continues to build strong relationships with stakeholders and drive sustainable growth, this debt conversion stands as a testament to its commitment to value creation and long-term success. The market and shareholders will likely view this as a positive step, reinforcing the company's vision and potential for future achievements.