Elray Resources Announces Strategic Sale of Crypto iGaming Technology – Everything Law and Order Blog





Elray Resources Inc. (OTCPK:ELRA) has completed the sale of its proprietary crypto iGaming technology to 180 Life Sciences Corp. (NASDAQ:ATNF). As compensation, Elray received preferred stock convertible into a 40% stake in ATNF and warrants to purchase 3 million shares of ATNF common stock, subject to stockholder approval. The technology will be used to launch an iGaming Blockchain casino. According to CTO Vincent Cai, this strategic move aims to enhance Elray’s financial position and create new revenue opportunities through market collaborations.

Elray Resources Inc. (OTCPK:ELRA) ha completato la vendita della sua tecnologia proprietaria di iGaming basata su criptovalute a 180 Life Sciences Corp. (NASDAQ:ATNF). Come compenso, Elray ha ricevuto azioni privilegiate convertibili in una partecipazione del 40% in ATNF e diritti di acquisto per 3 milioni di azioni ordinarie di ATNF, soggetti all’approvazione degli azionisti. La tecnologia sarà utilizzata per lanciare un casinò Blockchain iGaming. Secondo il CTO Vincent Cai, questa mossa strategica mira a migliorare la posizione finanziaria di Elray e a creare nuove opportunità di ricavo attraverso collaborazioni di mercato.

Elray Resources Inc. (OTCPK:ELRA) ha completado la venta de su tecnología propietaria de iGaming en criptomonedas a 180 Life Sciences Corp. (NASDAQ:ATNF). Como compensación, Elray recibió acciones preferentes convertibles en una participación del 40% en ATNF y opciones para comprar 3 millones de acciones comunes de ATNF, sujeto a la aprobación de los accionistas. La tecnología se utilizará para lanzar un casino de iGaming basado en Blockchain. Según el CTO Vincent Cai, este movimiento estratégico tiene como objetivo mejorar la posición financiera de Elray y crear nuevas oportunidades de ingresos a través de colaboraciones en el mercado.

Elray Resources Inc. (OTCPK:ELRA)는 180 Life Sciences Corp. (NASDAQ:ATNF)에 독점적인 암호화폐 기반 iGaming 기술의 판매를 완료했습니다. 보상으로 Elray는 ATNF의 40% 지분으로 전환 가능한 우선주와 ATNF 보통주 300만 주를 구매할 수 있는 워런트를 받았으며, 이는 주주 승인에 따라 다릅니다. 이 기술은 iGaming 블록체인 카지노를 출시하는 데 사용될 것입니다. CTO인 Vincent Cai에 따르면, 이 전략적 조치는 Elray의 재정 상태를 개선하고 시장 협력을 통해 새로운 수익 기회를 창출하는 것을 목표로 하고 있습니다.

Elray Resources Inc. (OTCPK:ELRA) a finalisé la vente de sa technologie exclusive d’iGaming en cryptomonnaie à 180 Life Sciences Corp. (NASDAQ:ATNF). En compensation, Elray a reçu des actions privilégiées convertibles en une participation de 40 % dans ATNF ainsi que des bons de souscription pour acheter 3 millions d’actions ordinaires d’ATNF, sous réserve de l’approbation des actionnaires. La technologie sera utilisée pour lancer un casino iGaming basé sur la blockchain. Selon le CTO Vincent Cai, ce mouvement stratégique vise à améliorer la position financière d’Elray et à créer de nouvelles opportunités de revenus grâce à des collaborations sur le marché.

Elray Resources Inc. (OTCPK:ELRA) hat den Verkauf seiner eigenen Krypto-iGaming-Technologie an 180 Life Sciences Corp. (NASDAQ:ATNF) abgeschlossen. Als Gegenleistung erhielt Elray bevorzugte Aktien, die in eine 40%ige Beteiligung an ATNF umgewandelt werden können, sowie Optionen zum Kauf von 3 Millionen Aktien von ATNF, vorbehaltlich der Genehmigung der Aktionäre. Die Technologie wird verwendet, um ein Blockchain-iGaming-Casino zu lancieren. Laut CTO Vincent Cai zielt dieser strategische Schritt darauf ab, die finanzielle Situation von Elray zu verbessern und neue Einnahmequellen durch Marktzusammenarbeiten zu schaffen.

Positive


  • Acquisition of convertible preferred stock representing 40% stake in NASDAQ-listed company

  • Receipt of warrants to purchase 3 million shares of ATNF common stock

  • Strategic partnership potential with NASDAQ-listed company

Negative


  • Conversion and exercise of securities subject to stockholder approval

  • Divestment of proprietary technology assets











LAS VEGAS, Oct. 25, 2024 (GLOBE NEWSWIRE) — 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_Official
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Elray Resources Inc.
Contact: Vincent Cai
Email: info@elraygaming.com









FAQ



What did Elray Resources (ELRA) sell to 180 Life Sciences Corp?


Elray Resources sold its proprietary crypto iGaming technology to 180 Life Sciences Corp (ATNF).


What did Elray Resources (ELRA) receive in exchange for its technology?


Elray received preferred stock convertible into a 40% stake in ATNF and warrants to purchase 3 million shares of ATNF common stock.


What is the purpose of Elray’s technology sale to ATNF?


The technology will be used by ATNF to launch an iGaming Blockchain casino and is expected to enhance Elray’s financial position and create new revenue opportunities.





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