Elray Gaming JV to Develop Bitcoin and Credit Exchange With Global CXC
November 07 2013 - 10:15AM
Elray Resources, Inc (OTCBB:ELRA), through its online gaming and
turnkey solution subsidiary Elray Gaming, announces Joint Venture
with one of Asia's leading Social Game Developers.
Social Game - Joint Venture
As part of its ongoing strategy to develop a Bitcoin and Credit
Exchange, Elray Gaming has reached a Joint Venture agreement with
one of Asia's largest Social Game operator and developer. The Asian
Social Gaming Operator has over 80 Million users and is growing
rapidly.
Global Bitcoin and Credit Exchange
Elray Gaming's Bitcoin and Credit Exchange will be run under the
brand name Global Credit Exchange (Global CXC)
www.globalcxc.com
Global CXC will allow players to exchange credits from various
social gaming networks and also interchange credits for Bitcoins.
Global CXC will initially provide the exchange for the one Social
Gaming Network of over 80 Million Players, an online Casino Network
and an Online Merchandise Store. Users will be able to freely
exchange credits for the social gaming platform, the online casino,
a large variety of merchandise and also utilize Bitcoins to acquire
credits, hereby creating a virtual exchange for the 80 million
existing users. Global CXC will add additional Social Gaming
Networks, Merchandise Stores and Casinos over time and capitalize
on the rapidly growing social networks as well as Virtual Currency
opportunities.
Share Structure As of November 01, 2013, the Company had
approximately 29 million common shares issued and outstanding, with
roughly 10 million shares available in the public float.
Compliance to Gaming Regulations Since inception, Elray Gaming
has always aimed to adhere to all standing and legal compliance
when it comes to local gaming laws. Based on the current
uncertainty on how Bitcoin trading may be labeled in regards to
online gambling, Elray Gaming will initially launch any Bitcoin
casinos, or binary products, as if they were cash only gaming, thus
restricting players where gaming may be illegal locally, or under
the Unlawful Internet Gambling Enforcement Act of 2006. Elray
Gaming will not be involved in the direct trading of Bitcoin
currency. 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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