NEW YORK, May 4, 2012 /PRNewswire/ -- Elray Resources
Inc. (ticker ELRA.OB) announced today that it has entered into an
agreement to acquire all of the outstanding shares of Golden Match,
a company incorporated in the British
Virgin Islands, following a letter of intent which was
signed on March 22, 2012.
Golden Match is an investment holding company. Its principal
business activity is to hold a profit share agreement with a VIP
Room Gaming Promoter, under which it receives 80% of the profit
stream from the Promoters. The Promoter currently participates in
the promotion of many, major luxury VIP gaming facilities in
Macau, China, the largest gaming market in the
world.
VIP gaming operations in Macau
consist of VIP rooms that cater exclusively to high-limit Baccarat
table games. Baccarat is the largest source of gaming revenue in
Macau, Gaming Promoters in
Macau have historically maintained
the majority of VIP customer relationships. The Promoters secure
VIP rooms through agreements in which they receive either a
commission on turnover or a percentage of the casino net gaming win
or loss on a pre-gaming tax basis.
About Golden Match:
Golden Match is a company that has negotiated a profit sharing
agreement with CALI Promocao de
Jogos Sociedade Unipessoal Lda. (CALI), a company duly incorporated under the
laws of the Special Administrative Region of Macau.
CALI promotes Casinos in
Macau SAR, pursuant to a license
issued by the Gaming Inspection and Coordination of Bureau of the
Government of Macau (DICJ).
With immediate effect Mr. Lao Sio I. is appointed Chairman of
the Board of Directors with Brian
Goodman remaining as Chief Executive.
Upon signing the agreement, Mr. Lao Sio I. commented "I am
excited to be part of this new venture which will enable us to take
advantage of exciting growth opportunities specifically in
Asia and the benefits provided by
Elray will enable me to exponentially grow the gaming
business. Macau has become the
Gambling Capital of the World and continues to grow at a rapid
rate, new casinos are opening, existing ones are expanding with
more and more people visiting Macau, we will now be able to pursue these
opportunities."
Brian Goodman, current CEO stated
that "Elray will now be well positioned to develop and grow as a
gaming entity internationally. The Macau opportunity together with the US listing
will enable the company to raise growth capital, acquire other
gaming promoters in Macau as well
as in other jurisdictions and create a profitable company,
creating enormous institutional worth whilst aggressively
increasing the brand value on a global scale returning excellent
returns for shareholders, overall an excellent result for Elray
shareholders."
Mr. Lao Sio I. – Chairman of the Board
Mr. Lao Sio I. is a highly educated Chinese Citizen and a
resident of Macau. After
graduating from the Macau Polytechnic Institute Mr. Lao Sio I. (39
years old) completed numerous post graduate courses including
diplomas in English as well as a number of technology related
courses.
Following a successful career in local government in
Macau, Mr. Lao Sio I. entered the
gaming industry in 2003, initially as a Casino VIP host and in 2005
investing in a VIP room as a senior partner. Since that time Mr.
Lao Sio I. has developed a reputation of being one of the leading,
most influential and respected gaming promoters in the GCR (Greater
China Region), having negotiated deals with the largest Casinos in
Macau.
As Chairman, Mr. Lao Sio I. will be leading the future
development and growth of Elray.
About Macau
Macau is part of the territory
of the Peoples Republic of China,
located on China's southeast coast
to the west of the Pearl River delta. The Macau Special
Administrative Region ("MSAR") was established on December 20, 1999, after Macau was administrated by Portugal for more than 400 years.
Macau is one of the most
rapidly growing economies in Asia
and is the only territory within China where casino operations has been
legalized. In 2011, total revenues generated by casinos in
Macau were approximately
$33.5 billion, more than four times
the revenues generated by the Las
Vegas strip during the same period (source: Macau Gaming
Inspection and Coordination Bureau). The Macau gaming industry has grown at an average
of 37.5% per annum over the last 5 years. (2007 to 2011, source:
Macau Statistics and Census Bureau)
About Elray
Elray is an established Gaming entity which owns and licenses
Gaming Intellectual Property, Gaming Domains, Trademarks and Player
Databases.
This press release may contain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995, such as statements relating to financial results and plans
for future development activities, and are thus prospective.
Forward-looking statements include all statements that are not
statements of historical fact regarding intent, belief or current
expectations of the Company, its directors or its officers.
Investors are cautioned that any such forward-looking statements
are not guarantees of future performance and involve risks and
uncertainties, many of which are beyond the Company's ability to
control. Actual results may differ materially from those projected
in the forward-looking statements. Among the factors that could
cause actual results to differ materially from those indicated in
the forward-looking statements are risks and uncertainties
associated with the Company's business and finances in general,
including the ability to continue and manage its growth,
competition, global economic conditions and other factors discussed
in detail in the Company's periodic filings with the Security and
Exchange Commission. The Company undertakes no obligation to update
any forward-looking statements.
Contact: Brian Goodman, CEO
Brian@elraygaming.com
(917) 775 9689
www.elraygaming.com
SOURCE Elray Resources Inc.