LAS VEGAS, NV–(Marketwired – March 02, 2016) – Vivakor Inc. (OTC PINK: VIVK) today announced that its Board of Directors has authorized a common stock repurchase plan.
The authorization permits management to repurchase the Company’s shares from time to time at management’s discretion based upon the best interest of the Company and its Shareholders. The plan authorizes Vivakor to begin its purchases immediately, yet the Company is not obligated to repurchase any particular number of shares. The Company also stated there is no fixed termination date for the repurchase plan.
The Company is authorized to repurchase up to 1,000,000 shares of Company common stock through the market. The Company anticipates that all repurchases will be made pursuant to the volume, pricing and the manner of purchase provisions of Rule 10b-18 promulgated under the Securities and Exchange Act of 1934.
The Company has expressed that this is a great buying opportunity and its fundamentals over the past two and one-half (2.5) years drive this decision at this time. Vivakor has strengthened its business by delivering industry leading cost and efficiencies in the extraction of precious metals during the past 3 years. Additionally, the Company has methodically entered in to the oil extraction business in early 2015 in Utah and they are actively working oil remediation and reclamation opportunities through use of their low-cost, clean and proprietary technologies.
ABOUT VIVAKOR, INC.
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This press release may contain forward-looking statements, including, but not limited to, statements regarding Vivakor’s products and their related market potential. Forward-looking statements may be identified by the use of the words “anticipates,” “expects,” “intends,” “plans,” “should,” “could,” “would,” “may,” “will,” “believes,” “estimates,” “potential,” or “continue” and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in Vivakor’s filings with the Securities and Exchange Commission, which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on any of these forward-looking statements. Vivakor undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect actual outcomes.