LAS VEGAS, NV–(Marketwired – May 20, 2015) – Vivakor Inc. (OTC PINK: VIVK) announced GAAP based financial results for the quarter ended March 31, 2015.
Q1 2015 Financial Highlights:
- Acquired oil-sand intellectual property valued at $10M and land containing oil-sand claims for $1M for the quarter ended March 31, 2015
- Shareholder Equity increased 117% to $22.5M for the quarter ended March 31, 2015; This represents a 630% increase from one year ago
- For the quarter ended March 31, 2015, liabilities decreased 84% from one year ago
- Total Assets increased 110% to $23M for the quarter ended March 31, 2015; Total assets have increased 222% from one year ago
Vivakor continues to focus on asset accrual in their Metals Business Unit as it operates its multiple precious metal extraction processing machines. Vivakor realizes a very strong precious metals yield through a highly efficient and optimized mining extraction process that is proprietary with a very low cost basis for ore that is processed. Additionally, Vivakor introduced a strong move into the Energy Sector. The Company developed over the past year a proprietary, environmentally clean solvent and process for extraction of oil from the Utah Oil Sands. They picked up land in the area near Vernal, UT as they acquired the technology and methodology for extraction of the high-value oil sands.
Chairman and CEO Matt Nicosia stated, “We are very pleased that we have been able to recognize eight straight quarters of overall positive financial results. Continued precious metals production enables us to increase our total assets for the Company while we continue to contain costs and reduce our liabilities. We continue to realize our longer-range plan for the Company by increasing our holdings through continued accumulation of strategic, high value assets while still keeping our operating costs low. We announced our objective to move into the energy sector and our effort has resulted in exciting announcements during the past several months. Vivakor continues to move swiftly as it meets its goals and objectives, while maintaining a prudent business plan that is supported through growth of the overall asset base and its valuation for our shareholders. We want to express our appreciation to our shareholders and supporters.”
ABOUT VIVAKOR, INC.
Vivakor, Inc. (VIVK) is an Asset Acquisition company that develops and acquires resources that generate revenue currently or in the near term. The Company acquires technologies and assets primarily in the field of Natural Resources. Vivakor has several mineral assets that have great value and create a cash flow and a long term revenue stream for the Company. Additionally, the Company has effectively acquired positions in other Green Energy companies. Vivakor has several operating assets that produce revenues and cash flow to the Company. The general business model is to acquire cash-flowing or near term cash-flowing mineral and or technology assets with an identified need or a substantial market opportunity. For more information please visit www.vivakor.com.
This news release may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including economic slowdown affecting companies, our ability to successfully develop products, rapid change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. 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 may be incorporated herein by reference. Forward-looking statements may be identified but not limited 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. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.