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.

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Steve Kanaval: Portfolio Manager/Writer/ Market Analyst Steve began his career in the Trading Pits in Chicago making markets at the Chicago Mercantile Exchange (NYSE:CME) the Chicago Board of Trade and the CBOE in the early 80’s. He ran the Morgan Stanley Derivative Prop Trading for the firm specializing in Index Arbitrage. He continued his career as a Trader/Portfolio Manager for multiple Hedge Funds during the Internet Boom of the 90’s managing large portfolios. Steve is known as an expert in MicroCap Technology Stocks and the emerging Digital Currency markets as a Portfolio Manager for his Family Office. Steve has managed portfolio’s in volatile asset classes for 3 decades as a commodity trader, hedge fund manager and digital currency trader and miner. Steve publishes his views on the asset classes in a public forum and has published more than 10,000 articles simplifying these complex and volatile assets for readers. His work is published on multiple sites including Bloomberg,,, CryptoCurrencyNews as a paid contributor. His work includes research, journalism and archived video on important market volatility related to stocks, digital currency and other volatile misunderstood asset classes. He offers a humorous, unique insight and the related back stories and drivers for readers interested in volatility and emerging market assets. Full disclosure Steve is long 25 digital currencies and sits on the board of multiple public companies involved in digital currencies, and owns shares in these companies from time to time.