Ludlow Research Issues Valuation Alert on ELRA Based on $560,000 Market Cap
October 24 2013 - 8:30AM
Elray Resources, Inc (OTCBB:ELRA), through its online gaming and
turnkey solution subsidiary Elray Gaming, announced a research
valuation report has been issued on the company based on low market
capitalization and pending launch of online gaming projects.
Report Highlights - Developing Virtual Horse
Racing Platform
- 2 Management Contracts for Online Casino Operators
- Developing Bitcoin Casino
- 24 Million Shares Outstanding
- Valuation Target of $0.20 ($4.8 Million Market Cap)
Current Valuation
As of October 01, 2013, the Company had approximately 24 million
common shares issued and outstanding, thus giving the stock a
market cap valuation of roughly $560,000. In the report the
research firm stated that the recent sell-off in small cap equities
due to fear of recent government shutdown has provided investors
with unique opportunity as the stock has dropped to market cap
level far removed from others within the online gambling sector.
The indicators on ELRA chart also signal oversold triggers with
their RSI now below 30. In addition, the Company is currently in
process of developing a number of online gaming platforms and
casinos utilizing the new and growing virtual currency 'Bitcoin'.
Although still in beta testing, the rapid growth of Bitcoin gaming
may position the Company to become a player within the rapidly
growing market segment. Now that the Company plans to aggressive
launch and market their online gaming project, with target towards
Asia, and planned reduction in preferred shares outstanding, the
company may provide an opportunity for upside appreciation.
To view the full report, and access risks, disclosures, and
potential outlook visit
http://www.wallstreetnewscast.com/profile/elra.html 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, Inc
Phone: (917) 937-8968
Email: info@southstreetmedia.com
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