|By Marketwired .||
|August 19, 2014 07:52 PM EDT||
IRVINE, CA--(Marketwired - August 19, 2014) - Vivakor Inc. (PINKSHEETS: VIVK) announced GAAP based financial results for the quarter ended June 30, 2014.
Q2 Financial Highlights
- The Company exceeded quarter over quarter results on its precious metals production by over 81% for the 2
ndquarter of 2014.
- The Company reports an increase in stockholder equity of $3.16M for the quarter ended June 30, 2014, an increase of 103% compared to the first quarter of 2014.
- Vivakor reports decreased liabilities by $1.59M or 39% from the previous quarter ended March 31, 2014.
- Total Assets increased to over $8.78M or 22% for the quarter ended June 30, 2014.
Vivakor further refined operating efficiencies in order to hone its focus on increasing shareholder value. This was in anticipation of the new scaled-up extraction machine unveiled in early June 2014. This latest generation machine is capable of processing up to 20 tons of ore per day through the highly productive efficiency of Vivakor's proprietary technology and method for extraction of Precious Metals. The new machine while currently in the quality control and assurance phase will largely increase the total yield per tonnage processed by Vivakor. The yield projections for the machine are for processing in a range between 5-20 tons of ore per day. The metals production output results in greater asset accumulation for the Company.
Vivakor currently realizes a very strong 10 oz. (310 grams) gold equivalent yield per ton of ore processed through a highly efficient and optimized extraction method. Vivakor's technology is proprietary and is proven industry disruptive with a low cost basis per ton of ore processed from 18 sizable mining claims throughout Arizona and Colorado that have substantial in-ground valuation. The global industry average yield is merely 2 grams per ton processed with high operating costs.
Chairman and CEO Matt Nicosia stated, "We have now been able to attain five successive quarters of overall positive results. Higher metals production output and the addition of the new machine allow us to increase our total assets for the company while we have also been able to reduce our liabilities. The longer-term plan for the Company is to increase our holdings through continued accruement of strategic assets while keeping our operating costs low. Vivakor maintains a pledge to a prudent business plan that is supported strongly by protection of its assets while growing the overall asset base and its valuation. We are thankful for the 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.
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.
Vivakor Investor Relations
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