Vivakor Exceeds Estimates, Announces 1st Quarter 2014 Results
May 19 2014 - 9:49PM
Marketwired
Vivakor Exceeds Estimates, Announces 1st Quarter 2014 Results
IRVINE, CA--(Marketwired -
May 19, 2014) - Vivakor Inc. (PINKSHEETS: VIVK) today announced GAAP based
financial results for the quarter ended March 31, 2014.
Q1 Financial Highlights
- VivaVentures Inc. exceeded quarter over quarter expectations on
its metals production by 12% as previously reported on April 16,
2014.
- Total Assets increased over 25% for the quarter ended March 31,
2014.
- Vivakor reports decreased liabilities by $872K or 17.45% from
the previous quarter ended December 31, 2013.
- The Company reports an increase in shareholder equity of $1.45M
for the quarter ended March 31, 2014, an increase of 25.3% compared
to the fourth quarter of 2013.
- The Company entered into a Royalty Land Lease Agreement with
National Reserves Mining Statutory Trust (NRMST) spanning ten (10)
years with a minimum value to Vivakor of Fifty Million ($50M)
dollars over that period.
Vivakor established increasing efficiencies to its operating
model in order to further sharpen its focus on value. This was
in anticipation of the new scaled-up extraction machine coming
on-line in May 2014. The progressive momentum in production
output will continue in the form of lower costs, improved yield and
greater cash flow for the Company.
The longer-range strategy is to increase its capital position in
support of continued procurement of strategic assets. Vivakor
maintains a commitment to a seamless asset acquisition plan that is
supported strongly by protection of all its assets and is comprised
of the following:
- Qualitative/Best-Practices Model for managing Vivakor,
Inc.
- Built on increasing Net Present Value (NPV)
- Increasing the Company's Book Value
- Driving Earnings and keeping Operating Expenses low
- Capital accumulation for asset acquisition which includes:
- Precious Metal Extraction Machines
- In-Ground Asset Acquisition
- Investments in other income producing assets and/or strategic
technologies
Vivakor realizes a very strong precious metals yield through a
highly efficient and optimized mining extraction processs that is
proprietary with a very low cost basis per ton of ore
processed.
Chairman and CEO Matt Nicosia stated, "We are very pleased about
our continued ability to drive value for shareholders, and to
position the business to capture the benefits of continued demand
growth in this sector in the longer term. We have now been
able to attain four successive quarters of overall positive
results.
"Higher production output has enabled us to increase our total
asset growth for the company in four consecutive quarters while
reducing our liabilities. Our highly efficient extraction
process enables continued asset accrual going forward. Last
year we improved by 35% quarter-over-quarter our total ounces
accumulated from our mining operations and this year we are off to
a great start.
"The addition of more robust metals extraction units this year
is setting the stage for Vivakor's long-range positioning in the
Precious Metals markets and we're excited about that
prospect! We appreciate the trust and marked confidence in
Vivakor."
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 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.
Contact: Vivakor Investor Relations (949) 281-2606
irpr@vivakor.com