NEW YORK, March 10, 2011 /PRNewswire/ -- Elray Resources, Inc. (OTC Bulletin Board: ELRA) – Elray announced that it has acquired, under a share exchange agreement, all of the issued and outstanding stock of Splitrock Ventures (BVI) Limited in exchange for the issuance of 600 million shares of its common stock.
Splitrock Ventures is an online gaming business, owning intellectual property in the gaming arena and providing online gaming products as well as gaming services to markets globally, where such activity is legal. Splitrock precludes players in the United States from participating in online gaming through sophisticated technological techniques.
The existing officers and directors of Elray have resigned and the directors nominated by Splitrock Ventures; Donald Radcliffe, Dr. Roy Sugarman and Brian Goodman, have been elected to the board of Elray Resources. Brian Goodman has been appointed Chief Executive and Chief Financial Officer of Elray with immediate effect.
Splitrock is an established Global Online Gaming entity which owns and licenses Gaming Intellectual Property, Gaming Domains, Trademarks and Player Databases. Operations are headquartered in Curacao, Netherland Antilles and maintain offices, representatives and support facilities in the United States, United Kingdom, Australia, South Africa, Mauritius, Israel and the Philippines. Splitrock's business model is to offer Internet Gaming Products to non-US players in jurisdictions where online gaming is permitted.
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 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.
SOURCE Elray Resources, Inc.