LAS VEGAS, NV--(Marketwired - December 05, 2016) - Vivakor Inc. (OTC PINK: VIVK) announced GAAP based financial results for the quarter ended September 30, 2016.
Company financials are filed quarterly with OTC Markets and all filings are available on the OTC Markets web page. Some key year-over-year figures are the 27% increase in total assets, 34% increase in precious metals concentrate, 130% increase in revenues, and 61% increase in gross profit for the third quarter ending September 30th. Other important business activities are as follows:
- Production operations of oil extraction in Utah steadily continues to increase. Royalty Program Investors already began to receive royalty payments from oil production sales in Utah.
- As reported in Q2 2016, the Company officially engaged in a Joint Venture (JV) agreement with Remediation and Reclamation Technology (RRT), a 35-year-old US based Thermal Technology company to further enhance Vivakor's extraction technology and capabilities. The combined companies continue to enrich their end-to-end operational processes for oil extraction as well as remediation and reclamation capabilities.
Chairman and CEO Matt Nicosia stated, "We are very pleased with the progress and success of our metals and energy technologies and our business model this past quarter. We have now become the only Company to profitably produce and micro refine the bitumen in the oil sands from the Uintah Basin in Utah. We strongly believe that our technology held and operated by our joint venture VIVARRT, will be the long-term solution for extraction and distribution of hydrocarbon products from oil sands. Additionally, our operational model to create modular mobile units provides a huge competitive advantage over the large production plants of competitors as we can control costs and realize profitable production that can also be scaled. The current expansion into overseas projects through our joint venture with VIVARRT has become a top priority and will be significant. Our vision to offer investors a royalty program on our revenue streams from our technologies is a driving factor in our financial growth. We intend to explore all options in maximizing shareholder value through such programs as we believe our lasting value will be derived by diversifying into multiple revenue streams within our technologies that make great business sense."
Vivakor continues to focus on total asset accrual in their Precious Metals and Energy Business Units. The Company operates its multiple precious metal extraction processing machines from Henderson, NV. Additionally, Vivakor entered the Energy Sector back in 2014. At that time, the Company developed a proprietary, environmentally clean methodology for extraction of oil from the designated Oil Sands area in Utah. This proprietary, patent pending technology has been combined with a thermal, hydrocarbon cracking and extraction technology held by the VIVARRT joint venture. Eastern Utah has over 32 billion proven barrels of oil in the rich oil sands within the State. As Vivakor acquired this technology and methodology for extraction of the high-value oil sands; VIVARRT also announced an ability to support remediation and reclamation contracts of contaminated sands from oil spills across the globe.
Vivakor's intellectual properties are proprietary and proving industry disruptive with a low-cost basis in their operations model in the natural resources sector. The Company focus is specifically in Precious metals extraction and green, clean oil extraction from rich oil sands and is expanding worldwide in support of significant remediation and reclamation projects. These asset classes provide Vivakor with a significant capability and opportunity going forward while maximizing the expansion of its technologies.
ABOUT VIVAKOR, INC.
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.