Golden Matrix Group Strengthens Financial Position as Meridianbet Founder Converts $2 Million Debt to Equity

Golden Matrix Group Inc. (NASDAQ: GMGI), a leading B2B and B2C gaming technology company, has announced a strategic financial maneuver that strengthens its balance sheet and signals strong insider confidence. Aleksandar Milovanović, the founder of GMGI's wholly owned subsidiary Meridianbet, has agreed to convert $2 million of debt owed to him into equity in the company.

This decision reduces a convertible note previously held by Milovanović from $2,805,671 to $805,671, effectively decreasing GMGI's outstanding debt and improving its financial position. The move comes in the wake of GMGI's recent acquisition of Meridianbet, highlighting Milovanović's commitment to the company's long-term success.

Brian Goodman, CEO of Golden Matrix Group, emphasized the significance of this development, stating, "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."

The conversion is expected to have several positive impacts on GMGI's financial standing. It improves the company's Net Debt Leverage ratio, which is already strong, and provides enhanced financial flexibility. This additional flexibility could prove crucial as GMGI continues to focus on its strategic initiatives and expansion efforts in the competitive gaming technology sector.

Golden Matrix Group, headquartered in Las Vegas, NV, operates globally across multiple international markets. The company's B2B division develops and licenses branded gaming platforms, while its B2C division, RKings, runs a high-volume eCommerce site for paid competitions in authorized markets. The recent acquisition of Meridianbet, founded in 2001, has expanded GMGI's reach into 17 jurisdictions across Europe, Africa, and South America.

Meridianbet's business model, which utilizes proprietary technology and scalable systems, aligns well with GMGI's growth strategy. The company's omni-channel approach, including retail, desktop online, and mobile platforms, positions it strongly in the evolving digital gaming landscape.

The debt-to-equity conversion also serves to align the interests of key stakeholders with GMGI's long-term prospects. By reducing debt and increasing equity, the company may be better positioned to pursue future growth opportunities and navigate market challenges.

Investors and industry observers may view this development as a positive indicator of GMGI's financial health and future prospects. The willingness of a key insider to increase their equity stake often signals confidence in a company's strategy and potential for value creation.

As the gaming technology sector continues to evolve rapidly, with increasing regulatory scrutiny and technological advancements, GMGI's strengthened financial position could provide a competitive advantage. The company's focus on proprietary technology and its expanding global footprint suggest a strategy aimed at capitalizing on the growing demand for online gaming and sports betting solutions.

While the company faces ongoing challenges, including regulatory compliance across multiple jurisdictions and the need to continually innovate in a fast-paced industry, this latest financial move demonstrates a proactive approach to managing its capital structure and fostering investor confidence.

As Golden Matrix Group continues to navigate the complex landscape of international gaming markets, the conversion of debt to equity by a key stakeholder like Milovanović may be seen as a vote of confidence in the company's direction and leadership. For investors and industry watchers, this development warrants attention as GMGI works to solidify its position in the global gaming technology market.

For more information about Golden Matrix Group and its operations, interested parties can visit the company's website or follow updates on their official Twitter and Instagram accounts.