Acquires 25 percent stake in Playtech-powered Golden Galaxy Casino
Elray Resources Inc., trading as Elray Gaming, has finalised a Master Software Reseller Agreement with Moorgate Commercial Limited under which it will be permitted to resell and operate Playtech Ltd. Gaming Software in defined territories in Asia.
A company statement said Elray will work closely with Moorgate and Playtech Ltd to build its Asian business and capture a slice of the Global market expected to reach USD 117.9 Billion in 2015.
The License Agreement will also allow Elray to build on its Junket Operator relationships and existing business and is expected to generate ongoing revenues in Asia.
As an extension to the deal, Elray Gaming has finalised an agreement to acquire an initial 25 percent stake in Golden Galaxy, a Playtech-powered online casino.
Elray has options to acquire additional percentages in the operator based on Golden Galaxy achieving profit milestones. In consideration for the purchase Elray will issue Preferred Series C stock with a 24 month restriction on conversion. The acquisition will be concluded on the achievements or pre-defined benchmarks set for the online casino.
According to a press statement, Golden Galaxy has generated $6.9 Million Dollars of turnover in the last 12 months, 5,487,361 games have been played by over 21,142 registered Players.
Online Casino News Courtesy of Infopowa