LAS VEGAS, NV--(Marketwired - April 21, 2017) - Vivakor Inc. (OTC PINK: VIVK) announced GAAP based financial results for the quarter ended December 31, 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 26% increase in total assets, 135% increase in revenues, and shareholder equity was up for the fourth quarter ending December 31st.
Chairman and CEO Matt Nicosia stated, "We are extremely satisfied with the achievements of our metals and energy businesses this past year. Our oil sands extraction technology is a long-term solution for hydrocarbon extraction from oil sands in Utah. We began production last summer and things are going extremely well. Additionally, our operational model which is based on transportable oil processing units provides a distinct competitive advantage as we can control costs and realize profitable production that can be scaled. The current expansion into overseas oil clean-up projects has become one of our top priorities, and will be a significant piece of our business going forward. We continue to examine multiple options in driving shareholder value by diversifying into multiple revenue streams within our core technologies that make solid business sense."
Vivakor continues to focus on total asset accrual in their Precious Metals and Energy Business Units. The Company operates precious metal extraction processing machines from within the Southwest US. Additionally, Vivakor entered the Energy Sector back in 2014. At that time, the Company developed a proprietary, environmentally clean method for extraction of oil from the designated Oil Sands area in Eastern Utah. This proprietary, patent pending technology has been combined with a thermal, hydrocarbon 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 its technology and methodology for extraction of the high-value oil sands; the VIVARRT JV also announced a capability to support remediation and reclamation contracts for oil clean-up across the globe.
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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.