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Tuesday, December 27, 2011 4:22:40 PM
Source : Business Wire
Elray Resources, (OTCBB:ELRA)
Elray Gaming (OTC.BB:ELRA) announced effective today that it has amended the purchase agreement in which it acquired all of the issued shares of Splitrock BVI. The amended agreement results in Elray Resources only acquiring certain assets from Splitrock.
Following the announcement 669,718 shares will be surrendered to Elray and will be cancelled. It is expected that the special stock dividend previously announced in which Elray stockholders were to receive one share in Goldmine Resources PLC for each ten shares held in Elray will be completed in January.
Brian Goodman, Elray Chief Executive, stated “Significant and welcome changes are currently taking place in the online gaming industry with many countries now introducing regulations that permit online gaming within their jurisdictions. This will open opportunities for corporations that have traded legally in these jurisdictions to apply for online gaming licenses and for these corporations to provide intellectual property and services to land based casinos, state lotteries and third party online gaming sites that are seeking to enter the online gaming markets. As a result of these positive developments, Elray intends entering this market. Elray plans to acquire, develop and licensing technology to licensed online gaming operators to become a technology provider in this lucrative market. Elray will seek to provide a turnkey environment offering state of the art gaming platform, best of breed slot machines and table games. The domain knowledge that we have developed over the last 8 years augers well for our success in the market.”
Elray also intends marketing social networking applications and bingo into the market in due course. Initially, Elray will concentrate on international markets outside of the United States, but will continue to build an infrastructure in the US and develop relationships with land based, riverboat and tribal casinos in anticipation of law changes in the United States.
About Elray Gaming
Elray Gaming is an established Global Online Gaming entity which owns and licenses Gaming Intellectual Property, Gaming Domains, Trademarks and Player Databases. www.elraygaming.com
Safe Harbor Statement can be found at http://elraygaming.com/safe-harbor.html.
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