South Street Media Interviews CEO of Elray --- Global Credit Exchange and Bitcoin
November 26 2013 - 9:30AM
Elray Resources, Inc. (OTCBB:ELRA), Melissa Diaz of South Street
Media Inc. manages to catch-up with Mr Goodman, CEO of Elray Gaming
in Sydney Australia and conducts brief Q&A to gain some insight
into the exciting Global Credit Exchange and Bitcoin project:
Q: Mr Goodman, the Company has received a lot of
attention recently with its announcement that it is to launch a
Virtual Exchange together with a large social gaming partner in
China?
A: Yes Melissa, Elray is finalising a JV with a successful
Social Gaming provider that has more than 80 Million registered
users. This JV will encompass the Global Credit Exchange ("GCX").
The GCX will deal exclusively in Virtual items.
Q: There is talk that you will accept and interchange
Bitcoin's within your exchange?
A: Yes the GCX will reflect what is happing in the Global Arena
and meet the needs of the rapidly evolving virtual currency systems
and will support Bitcoin's, Fractional Bitcoin's and other virtual
currencies utilised by the increasing internet users around the
world.
Users will be able to interchange their virtual currencies and
virtual items such as Social Gaming Credits, Bitcoin's, Lightcoin's
and Casino Credits for our Universal Virtual Currency. Our
Universal Virtual Currency will be called the GVX Coin (Global
Virtual Exchange Coin). Users will be able to acquire a range of
virtual items and a vast range of merchandise utilising our
proprietary GVX Coin. Elray will also provide a fully functional
Online Casino that accepts the GVX Coin.
Q: Bitcoin has been hitting the news recently, and it
seems US regulators are willing to step back and let this new
virtual currency develop and have also indicated that they see
value in the Bitcoin. Can you tell us a bit about Bitcoin and its
benefits?
A: Bitcoin is a digital currency and can simply be explained as
cash for the Internet.
It uses cryptography to control its creation and transactions
rather than a central or government authority.
Bitcoin has no boundaries and can be acquired with any currency
and sold for most currencies.
Bitcoin offers huge benefits but also has certain risks. Bitcoin
is a Virtual Currency offering many benefits as compared to real
currencies; it is fuelled by supply and demand, there are only
around 11 Million Bitcoin's in circulation with a limit of 1 new
Bitcoin being created every 10 minutes. This removes the risk of
inflation, removes government regulators and results in a low
collapse risk. The Bitcoin is relatively safe and simple to use. It
is easy to carry and store and above all it is untraceable. Some of
the risks include Volatility and limited supply and limited amount
of places that accept the currency.
Q: You mentioned you were forming this Global Credit
Exchange with a social gaming partner in China, who has an
estimated 80 million gamers in their network alone. Can you tell us
about the size of social gaming and Virtual Goods market in a
region like Asia, and how fast this category is growing in that
region?
A: Social Gaming in market in China is estimated to reach $9.2
Billion USD in 2014.
There are now more internet users in China than anywhere else,
and China's mature virtual goods market dwarfs the $1.6 billion
recently estimated for the U.S. Q: Once up and operating,
how will Elray generate revenues from this Global Credit Exchange
and the access to this massive user base ? Can you give us a
breakdown on different revenue streams?
A: Elray will simply charge a commission on all transactions
within the exchange and also share in the profits generated by the
Casino. Whilst the margins will be small the sheer volume of the
users and the magnitude of the Revenues will result in large
profits. Adopting a conservative participation rate of the 80
Million users we are confident that opportunity will prove to be
very lucrative.
The Global Credit Exchange and its Proprietary virtual currency
the GVX Coin will be unique and is a cutting edge product coupled
with a valuable underlying user base. All this combined will make
Elray a target for acquisition by one of the major Internet
Multinationals or simply reflect value in the share price
underpinned by our ownership of this large and developing
marketplace and the large revenues that we will generate.
Q: Finally, before you go, can you give us a general
idea of the current shares structure for ELRA ?
A: Elray has only around 27 Million Shares in issue and whilst
it has a large amount of shares authorised it will look to reduce
the authorised to half as a sign of confidence in its upcoming
projects.
<END INTERVIEW>
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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