NEW YORK -- (PRESS RELEASE) -- Elray Resources Inc. (ELRAD) trading as Elray Gaming announced today that it has acquired 25% of AsiaLink, a Hong Kong Company.
AsiaLink is a specialist gaming company with over 30 experienced staff.
AsiaLink currently generates over 1.63 Billion RMB in wagering every month ($260 Million USD).
Mr Goodman, CEO of Elray Gaming stated that, "This is a considerable and exciting acquisition as it will provide 24x7 customer support, an experienced Technology Development team and an active marketing team that will result in revenues and additional Asian players. The Acquisition will ensure that Elray maintains its growth in this region, the world's largest gaming market and the interest in AsiaLink will generate valuable revenue for Elray Gaming and add value to the company as a whole."
In terms of the agreement Elray will initially acquire a 25% stake in AsiaLink with options to acquire additional percentages based on AsiaLink achieving profit milestones.
In consideration for the purchase Elray will issue Preferred Series C stock with a 24 month restriction on conversion.