LAS VEGAS, NV--(Marketwired - November 16, 2015) - Vivakor Inc. (OTC PINK: VIVK) announced GAAP based financial results for the quarter ended September 30, 2015.
Q3 2015 Highlights:
- Acquired a very respectable 120 acre footprint in Eastern Utah in support of oil sands extraction and business development in the quarter ended September 30, 2015
- Continued driving toward the finalization of our flagship eco-friendly mobile oil extraction unit (250 barrel capacity per day per unit)
- Shareholder Equity increased to $24.02M for the quarter ended September 30, 2015. This represents a 207% increase from one year ago
- Total Assets increased to $24.71M for the quarter ended September 30, 2015. Total assets have increased 159% from one year ago
Vivakor continues to focus on asset accrual in their Precious Metals and Energy Business Units. The Company operates its multiple precious metal extraction processing machines from Henderson, NV, and has eighteen (18) mineral claims it operates within the Southwest US. Additionally, Vivakor entered the Energy Sector back in 2014. The Company developed a proprietary; environmentally clean solvent and methodology for extraction of oil from the designated Utah Oil Sands area. They have acquired land in the area near Vernal, UT. Eastern Utah has over 32 billion barrels of oil in the rich oil sands within the State. As Vivakor acquired their technology and methodology for extraction of the high-value oil sands; the Company also announced an ability to do remediation and reclamation of contaminated sands from oil spills across the globe.
Chairman and CEO Matt Nicosia stated, "We feel good about the core stability of the Company as evidenced by our ability to realize ten straight quarters of overall positive financial results. Our balance sheet is solid and fundamentally we are exactly where we want to be as a company as drive the company's evolution. We are ahead of our goals and objectives established for 2015. The remainder of this year looks solid as our precious metals production enables us to increase our total assets for the Company while we continue to contain costs. Our flagship eco-friendly mobile oil extraction unit is in the final stages of completion and should be ready within 30 days. Vivakor continues to move in a determined manner as it meets its defined goals and objectives. Growth of the overall asset base and valuation accrual for our loyal shareholders remains a top priority."
Vivakor's intellectual properties are proprietary and proving industry disruptive with a low cost basis in their operations model in the natural resources space. The Company focus is specifically in Precious metals extraction and green, clean oil extraction from the rich oil sands area of Eastern Utah. These assets classes provide Vivakor with a substantial capability and opportunity going forward.
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.
FORWARD-LOOKING STATEMENTS
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.