NEW YORK, April 4, 2014 (GLOBE NEWSWIRE) -- Elray Resources Inc. (OTCBB:ELRA), through its online gaming and turnkey solution subsidiary Elray Gaming, announced it has finalized the acquisition of the SimRacing virtual horse racing platform.
The Company is already running a Beta version and will shortly have a working version of the unique Virtual Horse Racing platform. Races should be available within the next week for public viewing. The Company is currently working with a large licensed gaming partner in Hong Kong, with the intention of entering into a Joint Venture, licensing the valuable technology and is aiming to exhibiting the product at the Asian Gaming Show on the 20 th May being held in Macau. www.G2EAsia.com
Brian Goodman, the CEO of Elray Gaming Inc. commented, "Elray is now showing benefits as a result of its focus and expertise in the valuable and rapidly growing Gaming Segment. In addition to our recent milestone of revenues generated as a result of a consultancy agreement for $250,000 over 12 months with online casino operator, Universal Technology Investments Limited (UTI), we are now very excited to announce the acquisition of this new virtual horse racing technology and this will further strengthen Elray Gaming's portfolio and generate additional revenues. The Company will work to deploy this virtual betting platform through joint ventures, licensing agreements, and potentially have this real time virtual betting game in such places as casinos, betting parlors, and sports bars."
"At the end of last year the Macau gaming stocks, on average were up over 22% over in 30 days, 45% over the previous three months, and they doubled over the previous year. The Global Gaming market still continues to be one of the strongest and most resilient markets. The revenues of Mobile Gaming will surpass 70 Billion USD this year and the number of mobile gamers is expected to surpass 1.2 Billion making this segment of the market one of the most lucrative."
About SimRacing
The SimRacing platform was built in conjunction with horse owners, breeders, trainers, jockeys, handicappers and patrons of horse racing.
The unique user experience is unmatched by any other virtual game on the market offering Real-time 3D texture-rich animated races.
The SimRacing virtual world is the heart of the game. Elray has re-created the world of live horse racing down to every element from breeding, bloodlines, speed rating and track conditions adding an element of skill and this all resulting in an engaging real life experience.
SimRacing has over 7 years of history including 400,000 horses that have been bred through the characteristic profiling and historical performance of the parents and grandparents. The virtual blood-lining process ensures that horses are unique by taking on the running style and characteristics bred into them by their virtual parents. Some horses will be afraid of the getting to close to the rail, some will lead the race and the fall off, while others will come from behind. All of the excitement you expect to see in live horse racing. Based on these bloodlines and work outs, horses gravitate to different classes that they will compete in, moving up or down in class depending on their race results. This promotes organic behavior and produces a real horse racing experience.
As of March 14, 2014, the Company has approximately 51,381,487 common shares issued and outstanding.
About Elray Gaming
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: info@southstreetmedia.com
Source: GlobeNewswire (April 4, 2014 - 9:15 AM EDT)
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