NEW YORK, March 11, 2011 /PRNewswire/ -- Elray Resources, Inc. (OTC Bulletin Board: ELRA) - Elray announced today additional information concerning its acquisition of Splitrock Ventures.
Splitrock Ventures is an online gaming company that owns intellectual property, licenses Playtech software, operates online gaming web sites and provides gaming, back office and marketing services to independent third party operators into global markets, where such activity is legal.
An investment in Elray provides U.S. investors an opportunity to participate in this lucrative and expanding global industry.
The Unlawful Internet Gambling Enforcement Act of 2006 ("UIGEA") precludes financial transactions related to online gaming in the United States. Players in the U.S. are therefore legally precluded from participating in online gambling. Splitrock's online gaming consequently is not available to U.S. players and via its technology provider Playtech has a number of sophisticated internet and financial compliance controls in place to prevent their participation.
Splitrock's compliance with the requirements of the law is facilitated by using an affiliate of Playtech to screen the source and legitimacy of player deposits. Playtech's affiliates use a variety of sophisticated internet and financial validation techniques to ensure that players from disallowed markets are excluded from game participation.
Additionally, to assist in all areas of gaming compliance, Splitrock has engaged the leading gaming law firm in the United States to provide guidance to ensure that all gaming and related activities are in compliance with the laws of the United States.
There is a growing groundswell in the United States to have the Unlawful Internet Enforcement Act of 2006 ("UIGEA") repealed, in the event that this occurs, Splitrock will be well positioned to then legally enter the U.S. market.
Splitrock's current strategy is to focus on the growing international online gaming market, which is expected to fuel significant growth for the Company. Splitrock's gaming operations are currently available in six languages and 5 currencies.
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, 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.
Brian Goodman, CEO
SOURCE Elray Resources, Inc.