NEW YORK, Nov. 26, 2013 (GLOBE NEWSWIRE) -- Elray Resources, Inc. (OTCBB:ELRA), Melissa Diaz of South Street Media Inc. manages to catch-up with Mr Goodman, CEO of Elray Gaming in Sydney Australia and conducts brief Q&A to gain some insight into the exciting Global Credit Exchange and Bitcoin project:
Q: Mr Goodman, the Company has received a lot of attention recently with its announcement that it is to launch a Virtual Exchange together with a large social gaming partner in China?
A: Yes Melissa, Elray is finalising a JV with a successful Social Gaming provider that has more than 80 Million registered users. This JV will encompass the Global Credit Exchange ("GCX"). The GCX will deal exclusively in Virtual items.
Q: There is talk that you will accept and interchange Bitcoin's within your exchange?
A: Yes the GCX will reflect what is happing in the Global Arena and meet the needs of the rapidly evolving virtual currency systems and will support Bitcoin's, Fractional Bitcoin's and other virtual currencies utilised by the increasing internet users around the world.
Users will be able to interchange their virtual currencies and virtual items such as Social Gaming Credits, Bitcoin's, Lightcoin's and Casino Credits for our Universal Virtual Currency. Our Universal Virtual Currency will be called the GVX Coin (Global Virtual Exchange Coin). Users will be able to acquire a range of virtual items and a vast range of merchandise utilising our proprietary GVX Coin. Elray will also provide a fully functional Online Casino that accepts the GVX Coin.
Q: Bitcoin has been hitting the news recently, and it seems US regulators are willing to step back and let this new virtual currency develop and have also indicated that they see value in the Bitcoin. Can you tell us a bit about Bitcoin and its benefits?
A: Bitcoin is a digital currency and can simply be explained as cash for the Internet.
It uses cryptography to control its creation and transactions rather than a central or government authority.
Bitcoin has no boundaries and can be acquired with any currency and sold for most currencies.
Bitcoin offers huge benefits but also has certain risks. Bitcoin is a Virtual Currency offering many benefits as compared to real currencies; it is fuelled by supply and demand, there are only around 11 Million Bitcoin's in circulation with a limit of 1 new Bitcoin being created every 10 minutes. This removes the risk of inflation, removes government regulators and results in a low collapse risk. The Bitcoin is relatively safe and simple to use. It is easy to carry and store and above all it is untraceable. Some of the risks include Volatility and limited supply and limited amount of places that accept the currency.
Q: You mentioned you were forming this Global Credit Exchange with a social gaming partner in China, who has an estimated 80 million gamers in their network alone. Can you tell us about the size of social gaming and Virtual Goods market in a region like Asia, and how fast this category is growing in that region?
A: Social Gaming in market in China is estimated to reach $9.2 Billion USD in 2014.
There are now more internet users in China than anywhere else, and China's mature virtual goods market dwarfs the $1.6 billion recently estimated for the U.S.
Q: Once up and operating, how will Elray generate revenues from this Global Credit Exchange and the access to this massive user base ? Can you give us a breakdown on different revenue streams?
A: Elray will simply charge a commission on all transactions within the exchange and also share in the profits generated by the Casino. Whilst the margins will be small the sheer volume of the users and the magnitude of the Revenues will result in large profits. Adopting a conservative participation rate of the 80 Million users we are confident that opportunity will prove to be very lucrative.
The Global Credit Exchange and its Proprietary virtual currency the GVX Coin will be unique and is a cutting edge product coupled with a valuable underlying user base. All this combined will make Elray a target for acquisition by one of the major Internet Multinationals or simply reflect value in the share price underpinned by our ownership of this large and developing marketplace and the large revenues that we will generate.
Q: Finally, before you go, can you give us a general idea of the current shares structure for ELRA ?
A: Elray has only around 27 Million Shares in issue and whilst it has a large amount of shares authorised it will look to reduce the authorised to half as a sign of confidence in its upcoming projects.
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.
CONTACT: Melissa Diaz, South Street Media, Inc Phone: (917) 937-8968 Email: email@example.com
Source:Elray Resources, Inc.