Elray Gaming Finalizes an Agreement to Acquire Golden Galaxy Casino
September 23 2014 - 9:12AM
InvestorsHub NewsWire
NEW YORK - September 23rd, 2014 - InvestorsHub
NewsWire - Elray Resources Inc. (OTCPK:ELRA)
trading as Elray Gaming announced today that it has finalized an
agreement to acquire an operating and established online casino by
the name of Golden Galaxy (www.goldengalaxy.com
)
Golden Galaxy Casino is an established and
licensed online casino operating in multiple jurisdictions across
the globe.
Golden Galaxy has generated $6.9 Million Dollars
of turnover in the last 12 months, 5,487,361 games have been played
by over 21,142 registered Players. Golden Galaxy Casino offers over
250 state of the art casino games including Blackjack, Roulette,
Baccarat and Slots.
The acquisition is in line with Elray’s gaming
strategy and the recently concluded Reseller and Operating
agreement with Moorgate Ltd.
In terms of the agreement Elray will initially
acquire a 25% stake in the operating Casino with options to acquire
additional percentages based on Golden Galaxy achieving profit
milestones.
In consideration for the purchase Elray will
issue Preferred Series C stock with a 24 month restriction on
conversion.
The acquisition will generate additional
revenues to Elray and will be concluded on the achievements or
pre-defined profit benchmarks set for the operational Online
Casino.
www.ElrayGaming.com
About Elray
Elray is an established Gaming entity which owns
and licenses Gaming Intellectual Property, Gaming Domains,
Trademarks and Player Databases. Whilst Elray is a US company, we
have a global presence with offices in London, South Africa, Sydney
and Curacao, homes of the largest gaming operators, 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:
Elray Gaming
Email: info@elraygaming.com
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