Vivakor Exceeds Estimates, Announces 1st Quarter 2014 Results
May 20, 2014 - IRVINE, CA
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.
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