NEW YORK, Sept. 23, 2014 (GLOBE 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.
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.