Elray Resources Announces Legal Settlement Regarding Golden Match Acquisition
October 04 2013 - 8:30AM
Business Wire
Elray Resources, Inc (ELRA - OTCBB), through its online gaming
and turnkey solution subsidiary Elray Gaming, announced a legal
settlement regarding the acquisition of Golden Match.
Elray Resources, Inc. announces a settlement agreement, with Mr.
Lao Sio I, Millennium Commodity Trading Pty Ltd., a Hong Kong
corporation, and Millennium Holdings Pty Ltd., a Hong Kong
corporation.
Pursuant to the settlement agreement, 211,018,516 shares of
Elray’s Series A Preferred Stock, will be returned to treasury.
Brian Goodman, the CEO of Elray Gaming, Inc commented, “We are
very pleased to announce the settlement in regards to this legal
matter and this now clears the way for the company to begin
aggressively pursuing a number of operations, capitalising on its
strong Asian relationships within the gaming industry and
supporting its existing licensing agreements in the online and
mobile gaming industry. With this settlement we can now put our
full focus on such opportunities such as our licensing agreement
with BetTek for development of its unique virtual horse racing
platform, SIMTV, and other gaming projects under Elray’s portfolio
such as our Binary Options Platform, and Online Casino’s.” “Certain
of Elray’s valuable and potential revenue generating projects had
been delayed due to the uncertainty created by the court action
however all of these will now be fast tracked and Elray will
immediately launch these products, generating much substantial
revenues” “Elray has multiple gaming products that are market ready
and will also fast track these Asian gaming products, targeting the
world’s largest and most profitable gaming jurisdictions.”
As of Oct. 01, 2013, the Company had approximately 24 million
common shares issued and outstanding, and will explore prospects of
retiring a large portion of Series Preferred stock to better
restructure the Company.
About Elray Gaming, Inc.
Elray Gaming provides a complete turnkey solution for numerous
successful online gaming companies as well as performs strategic
marketing and consulting services for Online Gaming operators from
all parts of the world. While our US office is in New York, we are
a global company with offices in London, Sydney and Curacao, homes
of the largest online operators on the net, which helps us actively
manage and serve our clients. Our sophisticated patented software
automatically declines any gaming requests from within the United
States, in strict compliance with current US law. Our Sydney office
allows us to tap into skilled resources and some of the world's
largest client base, for regular, personal interaction. As our
active operations are in a jurisdiction that is friendly to online
gaming, our clients can rest assured that we are here to stay.
www.elraygaming.com
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:
Melissa Diaz,South Street Media, IncPhone: (917) 937-8968Email:
info@southstreetmedia.com
South Street Media, IncMelissa Diaz,
917-937-8968info@southstreetmedia.com
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