Ludlow Research Upgrades ELRA Based on Asian Bitcoin Exchange Venture
November 12 2013 - 10:15AM
Elray Resources, Inc (OTCBB:ELRA), through its online gaming and
turnkey solution subsidiary Elray Gaming, announced research
upgraded based on recently announced Bitcoin Joint Venture with one
of Asia's leading Social Game Developers.
Report Highlights
- Joint Venture with one of Asia's Largest Gaming Developers -
Developing Bitcoin and Universal Credit Exchange - 80 Million
Players in the Network - 2 Management Contracts for Online Casino
Operators - 29 Million Shares Outstanding - Valuation Target $0.30
to $0.40 ($10 to $12 million market cap)
On Nov. 07, 2013, the Company announced a joint venture with one
of Asia's leading social gaming developers to created Global CXC,
which 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
online merchandise store.
Users will be able to freely exchange credits for the social
gaming platform, the online casino, and variety of merchandise
utilizing 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.
Based on their planned development of one of Asia's largest
Bitcoin credit exchanges, access to nearly 80 million players for
their current and upcoming casino gaming platforms, and with only
29 million shares outstanding, Elray Gaming may offer a unique
valuation opportunity at these levels.
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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