Elray Resources Announces Strategic Sale of Crypto iGaming Technology
26 October 2024 - 12:00AM
Elray Resources Inc. (OTCPK:ELRA) is pleased to announce a
significant milestone in the company’s growth strategy.
Elray has completed the sale of proprietary technology to 180
Life Sciences Corp. (NASDAQ:ATNF), a NASDAQ-listed company in
exchange for preferred stock convertible into a 40% stake in ATNF
and warrants to purchase 3 million shares of ATNF common stock, the
conversion/exercise of which is subject to stockholder approval.
The technology stack contained within Elray’s technology package
will assist ATNF in launching an iGaming Blockchain casino.
“This strategic sale and potential future partnership are
expected to enhance Elray’s financial position, support future
innovation and open new opportunities and revenue streams for the
company,” said Vincent Cai, CTO of Elray Resources. “This will not
only strengthen our balance sheet considerably, but also will
enable ATNF and Elray to collaborate with leading players in the
market. We look forward to announcing relationships with new
operators, which will deliver even greater value to shareholders
and propel our business forward.”
About Elray Resources
Elray Resources Inc., based in Las Vegas, Nevada, provides
turnkey solutions and consulting services for various online
e-commerce companies. Elray is a developer, licensor and operator
of Crypto iGaming Solutions. The Company has developed highly
modular, configurable and scalable Crypto iGaming platforms which
offer the tools and features required to operate and maintain an
iGaming Blockchain operation. Elray’s Crypto iGaming solution has a
gaming portfolio provided by over 30 of the world’s leading gaming
content publishers, presenting players with the latest crypto
games, slots, tables, live, sportsbook and competition
products.
Forward-Looking Statements
Certain statements made in this press release contain
forward-looking information within the meaning of applicable
securities laws, including within the meaning of the Private
Securities Litigation Reform Act of 1995 (“forward-looking
statements”). These forward-looking statements represent the
Company’s current expectations or beliefs concerning future events
and can generally be identified using statements that include words
such as “estimate,” “expects,” “project,” “believe,” “anticipate,”
“intend,” “plan,” “foresee,” “forecast,” “likely,” “will,” “target”
or similar words or phrases. These forward-looking statements are
subject to risks, uncertainties and other factors, many of which
are outside of the Company’s control which could cause actual
results to differ materially from the results expressed or implied
in the forward-looking statements, including, but not limited to,
the impact of the COVID-19 pandemic on the Company; the need for
additional financing, the terms of such financing and the
availability of such financing; the ability of the Company and/or
its subsidiaries to obtain additional gaming licenses; the ability
of the Company to manage growth; the Company’s ability to complete
acquisitions and the available funding for such acquisitions;
disruptions caused by acquisitions; dilution caused by fund
raising, the conversion of outstanding preferred stock and/or
acquisitions; the Company’s ability to maintain the listing of its
common stock on the Nasdaq Capital Market; the Company’s
expectations for future growth, revenues, and profitability; the
Company’s expectations regarding future plans and timing thereof;
the Company’s reliance on its management; the fact that the
Company’s chief executive officer has voting control over the
Company; related party relationships; the potential effect of
economic downturns, recessions, increases in interest rates and
inflation, and market conditions, decreases in discretionary
spending and therefore demand for our products, and increases in
the cost of capital, related thereto, among other affects thereof,
on the Company’s operations and prospects; the Company’s ability to
protect proprietary information; the ability of the Company to
compete in its market; the Company’s lack of effective internal
controls; dilution caused by efforts to obtain additional
financing; the effect of current and future regulation, the
Company’s ability to comply with regulations and potential
penalties in the event it fails to comply with such regulations and
changes in the enforcement and interpretation of existing laws and
regulations and the adoption of new laws and regulations that may
unfavorably impact our business; the risks associated with gaming
fraud, user cheating and cyber-attacks; risks associated with
systems failures and failures of technology and infrastructure on
which the Company’s programs rely; foreign exchange and currency
risks; the outcome of contingencies, including legal proceedings in
the normal course of business; the ability to compete against
existing and new competitors; the ability to manage expenses
associated with sales and marketing and necessary general and
administrative and technology investments; and general consumer
sentiment and economic conditions that may affect levels of
discretionary customer purchases of the Company’s products,
including potential recessions and global economic slowdowns.
Although we believe that our plans, intentions and expectations
reflected in or suggested by the forward-looking statements we make
in this release are reasonable, we provide no assurance that these
plans, intentions or expectations will be achieved. Consequently,
you should not consider any such list to be a complete set of all
potential risks and uncertainties. More information on potential
factors that could affect the Company’s financial results is
included from time to time in the “Special Note Regarding
Forward-Looking Statements,” “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” sections of the Company’s periodic and current filings
with the OTC Markets. All subsequent written and oral
forward-looking statements attributable to the Company or any
person acting on behalf of the Company are expressly qualified in
their entirety by the cautionary statements referenced above. Other
unknown or unpredictable factors also could have material adverse
effects on the Company’s future results. The forward-looking
statements included in this press release are made only as of the
date hereof. The Company cannot guarantee future results, levels of
activity, performance or achievements. Accordingly, you should not
place undue reliance on these forward-looking statements. Finally,
the Company undertakes no obligation to update these statements
after the date of this release, except as required by law, and
takes no obligation to update or correct information prepared by
third parties that are not paid for by the Company. If we update
one or more forward-looking statements, no inference should be
drawn that we will make additional updates with respect to those or
other forward-looking statements.
Connect with us:Twitter –
https://twitter.com/ELRA_OfficialInstagram –
https://www.instagram.com/elray.gaming/Elray Resources Inc.Contact:
Vincent CaiEmail: info@elraygaming.com
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