LAS VEGAS, NV, June 04, 2018 (GLOBE NEWSWIRE) -- Matrix Group Inc. (OTCPK: GMGI) today announced it had entered into a Settlement Agreement and General Release with LG Capital Funding LLC (LG) whereby the parties agreed to release each other from any and all liabilities relating to the Convertible Promissory Note purchased by LG on July 19, 2014 (originally dated November 1, 2013) in the amount of $75,000.
In accordance with their agreement, Golden Matrix has agreed to pay out to LG the remaining balance of the said note totaling $48,604.19, with $30,000 paid by the company at signing and $4,651.05 payable monthly for four consecutive months.
“This is a significant financial event for Golden Matrix as it will remove the last significant piece of third party convertible debt from the company’s balance sheet,” said Golden Matrix CEO, Anthony Goodman. “Furthermore, we were able to fund the transaction from the strong cash flow being generated by the company’s monthly licensing fees, while at the same time continuing to invest in business development with casino operators in the Asia Pacific region.”
About Golden Matrix Group Inc.
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.
Forward-Looking Statements
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