NEW YORK, Feb. 7, 2014 (GLOBE NEWSWIRE) -- Elray Resources, Inc (OTCBB:ELRA), through its online gaming and turnkey solution subsidiary Elray Gaming, announced it has finalized the acquisition of Dynasty Virtual Exchange, and an online ecommerce system, Dynasty E-Store.
The Company announced it has finalized the acquisition of 100% ownership of Dynasty Virtual Exchange, and Dynasty E-Store from Virtual Technology Group (VTG). This finalized agreement, approved and executed by the Board of Directors, allows Elray Gaming to continue its focus on developing its own IP and building its virtual currency and gaming support business.
Dynasty Virtual Exchange
Through the Dynasty Virtual Exchange users will be able to interchange virtual items and currencies such as Social Gaming Credits, Bitcoin's, Lightcoin's and Casino Credits. Dynasty has also created its own Virtual Currency.The Universal Virtual Currency will be called the VX Coin (Virtual Exchange Coin). Users will be able to acquire a range of virtual items and a vast range of merchandise utilizing our proprietary VX Coin. The Exchange will facilitate the acquisition of Bitcoins for Chinese customers and process will adhere to the latest Chinese regulations that have made it difficult for Chinese residents to acquire Bitcoins through standard real currency transactions. The Exchange is already in final Beta Testing and can be seen at www.dynastycxc.com
Dynasty E-Store
Within the Dynasty E-Store users will be able to acquire a range of merchandise using real currencies processed through integrated payment solutions as well as by using virtual currencies such as Bitcoins and Elray's own Virtual Currency the VX Coin. The Store is primarily targeting Asian customers and will carry a vast range of merchandise including high end luxury products on launch The Beta Testing store can be seen at www.dynastyestore.com
Emerald City Casino
Elray Gaming's new virtual platforms will fully support online gaming casinos run by successful operators, the first being Emerald City Casino, and Elray will look to build on its network in 2014. Customers will be able to exchange their virtual currencies obtained from the virtual exchange and ecommerce store into gaming credits and play in the Casino. www.emc888.com
Products are still in the beta roll-out stage and additional information will be provided by Elray in the coming weeks on the Live deployment of the products.
Elray will provide further details of the acquisition in an 8K to be filed imminently.
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 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.