Elray Gaming's Interest in AsiaLink Exceeds Expectations
GlobeNewswire via CMTX - Tue Mar 10, 7:00AM CDT
Elray Resources Inc. (OTCPK:ELRA), trading as Elray Gaming announced today that its Joint venture Partner, AsiaLink has signed three new Online Casino Operators. The new operators have over 8,000 New Players that have registered and played within the newly launched online casinos in less than a month and over 8 Million CNY (Approximately 1,100,000 USD) has also already been waged by the new players the last few weeks.
In terms of the agreement, Elray acquired a 25% stake in AsiaLink with options to acquire additional percentages based on AsiaLink achieving profit milestones.
AsiaLink is a specialist gaming company with over 30 experienced staff.
AsiaLink currently generates over 1.63 Billion RMB in wagering every month ($260 Million USD).
Mr. Goodman, CEO of Elray Gaming stated, "The recent results are way ahead of our expectations. The recently formed Joint Venture and Acquisition will ensure that Elray maintains its growth in this region. Asia is the world's largest gaming market and Elray's JV and interest in AsiaLink will generate valuable revenue for Elray Gaming. We are confident that we can maintain this momentum and continue to build Elray Gaming."
In consideration for the recent purchase of its interest in AsiaLink Elray had issued Preferred Series C stock with a 24-month restriction on conversion.
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