Elray Resources Inc (OTCMKTS:ELRA) has announced the signing of Synergy Business Consultants as the company’s IR and financial advisory agency. The company’s investor relations would be handled by Mr. Richard Severson. Additionally, the company recently released its 10-Q, reporting a 49% increase in revenues. Much of this revenue has been attributed to increased fee from an existing long-term client and several onetime consulting projects.
Elray CEO, Brian Goodman, stated that as his company continues to post increased revenues in subsequent quarters, they plan to initiate strategies for reduction of debt. As the online gambling market in North America continues to report strong growth, some states have begun allowing regulated activity. Elray plans to make the most of this phenomenon and assist its clients in generating revenues and profits through its IP technology. Mr. Goodman further revealed plans to develop specific tools for this market alone.
About the company’s signing of Synergy as its IR and financial advisor, Mr. Goodman expressed his excitement. He stated that Synergy’s strategic and consistent communications are of crucial importance to Elray. He further revealed that Richard Severson’s reputation and network of contacts are crucial to drive Elray’s growth and success. For its 1Q2015, Elray reported a decrease in G&A expenses, which was attributed to a decrease in legal consultation fees. Unfortunately, there was a slight increase in depreciation and amortization expenses. The company stated that most of these were related to intangible assets acquired in 2014.
However, the largest decline was observed in interest expenses, which fell from $2.13 million to $524, 478. This was due to a decline in the issuance of convertible debt. The company also made progress in settling a number of its debts during the quarter. At the moment Elray seems to be making all the right moves and if it stays on this course, it might become one of the hottest penny stocks in the market.
Elray Resources Inc (OTCMKTS:ELRA) saw trading of 423.84 million shares during the July 7 session to register a 100% increase in share price and close at $0.0002.