Elray Resources Inc (ELRA)

[starboard]

I came on in December, after the DOJ ruling on online gambling.

IMO, ELRA is still positioned nicely with their online gambling products...as well as their development of apps and FOREX trading products.

While the news on Friday is unfortunate, it is simply a part of building a company. Deals are made and dissolved every day...some for the good, some not so good. Time will tell on this one.

However, if you look at the company overview, this "unwound" deal does not seem to affect their core business model listed below.

"Elray gaming was formed in 2011 when a group of well established and successful Online Casino marketing specialists identified an opportunity: the market need for legally compliant, professional and qualified consultants to effectively manage, market and operate Online Casinos, Financial Products, Bingo Rooms, Social and Fantasy Games."

So, I just picked up a bunch more shares, as I don't think this bit of news changes the long-term outlook.