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The gaming industry has grown at a remarkable pace over the course of the past half a decade or so and many new companies have become important players in recent times. One of the interesting companies to have emerged in recent times is Las Vegas-based gaming technology firm Golden Matrix Group Inc (OTCMKTS:GMGI).
New Board of Directors
The company is the owner of online gaming related intellectual property and is also well known for building scalable social gaming platforms for its clients in the Asia Pacific. Some of the gaming intellectual property owned by the company includes tools meant for marketing, monetization of users, and user retention among others.
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On Thursday, the company made an announcement with regards to an appointment to its board of directors, and soon enough the stock started rallying. Golden Matrix announced that Murray G. Smith has been appointed to the board of directors of the company with immediate effect.
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The announcement triggered a rally and the stock ended the day with gains of 12%. Smith is the second outside appointment to the board that has been made by the company this year. He is a Certified Public Accountant and has an experience spanning 27 years in the areas of finance and accounting. At this point in time, Smith is employed as the Chief Financial Officer of Craft Banning + Bottling.
Craft is a fully owned subsidiary of the NASDAQ listed company Eastside Distilling Inc. The Chief Executive Officer of Golden Matrix Brian Goodman stated that Smith brings a ton of experience in key areas like “SEC filings, internal controls, internal audits, and strategic planning”.
While the gains made yesterday were substantial, it is necessary for investors to note that since the middle of April, the Golden Matrix stock has managed to deliver gains of as much as 400%. Considering the fact that the stock has delivered such gains over an extended period, it could be worthwhile for investors to take a closer look at Golden Gate. Earlier this month, the company announced its revenues for the month of June and it proved to be a major positive for investors.
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The company announced that the revenue from gaming content, systems, and social gaming platforms for the month of June was in excess of $245,000. That is a record performance from the company and the company expects to generate revenue of more than $1,000,000 in the second fiscal quarter.
Golden Matrix stated that the performance in the quarter was primarily due to the rise in the number of operators and from heightened activities from one of the distributors. On top of that, Golden Matrix also mentioned that its user base expanded as well and in June, the company had in excess of 3 million registered users across the range of gaming platforms that it owns.
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