Elray Resources Announces Legal Settlement Regarding Golden Match Acquisition
NEW YORK--(BUSINESS WIRE)-- Elray Resources, Inc (ELRA - OTCBB), through its online gaming and turnkey solution subsidiary Elray Gaming, announced a legal settlement regarding the acquisition of Golden Match.
Elray Resources, Inc. announces a settlement agreement, with Mr. Lao Sio I, Millennium Commodity Trading Pty Ltd., a Hong Kong corporation, and Millennium Holdings Pty Ltd., a Hong Kong corporation.
Pursuant to the settlement agreement, 211,018,516 shares of Elray's Series A Preferred Stock, will be returned to treasury.
Brian Goodman, the CEO of Elray Gaming, Inc commented, "We are very pleased to announce the settlement in regards to this legal matter and this now clears the way for the company to begin aggressively pursuing a number of operations, capitalising on its strong Asian relationships within the gaming industry and supporting its existing licensing agreements in the online and mobile gaming industry. With this settlement we can now put our full focus on such opportunities such as our licensing agreement with BetTek for development of its unique virtual horse racing platform, SIMTV, and other gaming projects under Elray's portfolio such as our Binary Options Platform, and Online Casino's." "Certain of Elray's valuable and potential revenue generating projects had been delayed due to the uncertainty created by the court action however all of these will now be fast tracked and Elray will immediately launch these products, generating much substantial revenues" "Elray has multiple gaming products that are market ready and will also fast track these Asian gaming products, targeting the world's largest and most profitable gaming jurisdictions."
As of Oct. 01, 2013, the Company had approximately 24 million common shares issued and outstanding, and will explore prospects of retiring a large portion of Series Preferred stock to better restructure the Company.
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.
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