STANLEY, ND--(Marketwire - Aug 16, 2012) - Luminart Corp. (PINKSHEETS: LUMP) reported their 2nd quarter revenue at $2.8 million, up 33% from the $2.1 million first quarter record earnings this year. The increase can be attributed to a major contribution in sales from the company's newest mining site in New Town, North Dakota. Both Gross and Net earnings dropped approximately 26% and 10% respectively due to costs associated with the formation of Luminart's newest subsidiary, OutWest Field Services as well as the investment in land, equipment, site preparation and installation of utilities required for the RV Park and truck parking facilities scheduled for completion during this quarter. The company also had some significant gains in assets due to investment in the financing of previously leased equipment.
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"Our 2nd quarter revenue increase really demonstrates the fruits of our expansion efforts in North Dakota," said Luminart President Burke Bentley. "The aggressive pursuit of road base and hauling contracts at the New Town site was what really elevated our performance and kept our momentum over the past 3 months. We're also really excited to have added some new equipment along with previously leased equipment to our asset base."
About Luminart Corp. and B 3 Well Services subsidiary:
Luminart Corp.'s subsidiary B 3 Well Services is focused on the expansion of contract hauling materials for infrastructure development in North Dakota, mining and processing materials for road building, and expansion of the base camps in the North Dakota operations, sales and marketing.
Led by a skilled and experienced management team, the timely entrance to this quickly developing opportunity in the Bakken oil reserves has positioned the company to create more value for its shareholders and secure a strategic position for increased market share in the future.
This press release may contain forward-looking statements, including, but not limited to, statements regarding Luminart Corp. and their plans, products and 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 Luminart Corp.'s filings with the Pink Sheets, which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on any of these forward-looking statements. Luminart Corp. 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.