LAS VEGAS, NV—(Marketwired – December 06, 2017) – Vivakor Inc. (OTC PINK: VIVK) announced financial results for the quarter ended September 30, 2017.
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 include the 19% increase in total assets, 18% increase in current assets, and 96% increase in intellectual property, technology, and patents, for the third quarter ending September 30, 2017. Other important business activities are as follows:
- Developmental production of oil extraction in Utah has continued to increase.
- Royalty Program Investors have been allotted working interest payments and tax deductions to investors of $1.7 million for the nine months ended September 30, 2017.
- Our contract partner, Remediation and Reclamation Technology (RRT), continues to work in the Middle East region, while contracting with GEMS on permitting and operational process for remediation and reclamation processing of certified GEMS material.
Chairman and CEO Matt Nicosia stated, “We are very pleased with the progress and advancements we have made in Utah this past quarter, as well as the opportunities that we have established in Saudi Arabia. We continue as the only Company with the technological potential to produce and micro refine the bitumen in the sands from the Uintah Basin in Utah. We also strongly believe that as operations and permitting in Saudi Arabia are completed that our contract and association with operator, RRT, will be the long–term solution for remediation and reclamation in that region. Our new offering to investors of a royalty program on the new contracts and opportunities that arising out of the Middle East is coming to fruition. We have continued to make strides to be the solution for waste hydrocarbons in the highest producing nations in the world.”
Vivakor continues to focus on total asset accrual in their Energy Business Units. The Company developed a proprietary, environmentally clean methodology for extraction of oil from the material and sand in Utah. This proprietary, patent pending technology has been combined with a thermal, hydrocarbon cracking and extraction technology for remediation and reclamation in Saudi Arabia. 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 green, clean oil extraction from rich oil material and is expanding worldwide in support of significant remediation and reclamation projects.
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.