LAS VEGAS, October 25, 2024 – Elray Resources Inc. (OTCPK:ELRA) has announced a significant strategic move, completing the sale of its proprietary technology to 180 Life Sciences Corp. (NASDAQ:ATNF).
The deal, which involves preferred stock convertible into a 40% stake in ATNF and warrants for 3 million shares of ATNF common stock (subject to stockholder approval for conversion/exercise), is poised to benefit both companies. The 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
Based in Las Vegas, Nevada, Elray Resources Inc. provides comprehensive turnkey solutions and consulting services for online e-commerce companies, with a specialization in the development, licensing, and operation of Crypto iGaming solutions.
The company has developed highly configurable, modular and scalable Crypto iGaming platforms. These platforms provide the necessary tools and features for running and maintaining an iGaming Blockchain operation. Elray’s Crypto iGaming solution boasts a diverse gaming portfolio from over 30 of the world’s leading gaming content publishers, offering players a wide array of crypto games, slots, tables, live games, sportsbook options, and competition products.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect current expectations and beliefs about future events but are subject to risks and uncertainties that could cause actual results to differ materially.
These risks include, but are not limited to: the impact of the COVID-19 pandemic, the need for and availability of additional financing, the ability to obtain and maintain gaming licenses, the ability to manage growth and complete acquisitions, dilution from financing and conversions, the ability to maintain the listing of common stock on the Nasdaq Capital Market, expectations regarding future growth and profitability, reliance on management, related party relationships, economic downturns, the ability to protect proprietary information, the ability to compete in the market, the lack of effective internal controls, the effect of current and future regulation, risks associated with gaming fraud and cyber-attacks, systems failures, foreign exchange and currency risks, the outcome of contingencies, the ability to compete, and the ability to manage expenses.
The company undertakes no obligation to update these statements after the date of this release, except as required by law.
