NEW YORK, Nov. 7, 2013 (GLOBE NEWSWIRE) -- Elray Resources, Inc (OTCBB:ELRA), through its online gaming and turnkey solution subsidiary Elray Gaming, announces Joint Venture with one of Asia's leading Social Game Developers.
Social Game - Joint Venture
As part of its ongoing strategy to develop a Bitcoin and Credit Exchange, Elray Gaming has reached a Joint Venture agreement with one of Asia's largest Social Game operator and developer. The Asian Social Gaming Operator has over 80 Million users and is growing rapidly.
Global Bitcoin and Credit Exchange
Elray Gaming's Bitcoin and Credit Exchange will be run under the brand name Global Credit Exchange (Global CXC) www.globalcxc.com
Global CXC will allow players to exchange credits from various social gaming networks and also interchange credits for Bitcoins. Global CXC will initially provide the exchange for the one Social Gaming Network of over 80 Million Players, an online Casino Network and an Online Merchandise Store. Users will be able to freely exchange credits for the social gaming platform, the online casino, a large variety of merchandise and also utilize Bitcoins to acquire credits, hereby creating a virtual exchange for the 80 million existing users. Global CXC will add additional Social Gaming Networks, Merchandise Stores and Casinos over time and capitalize on the rapidly growing social networks as well as Virtual Currency opportunities.
As of November 01, 2013, the Company had approximately 29 million common shares issued and outstanding, with roughly 10 million shares available in the public float.
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, or binary products, 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.
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Source:Elray Resources, Inc.