CORALVILLE, Iowa, March 16, 2010 (GLOBE NEWSWIRE) -- Vivakor, Inc. (OTCBB:VIVK) today announced, ahead of its annual report on form 10K to be filed with the SEC, that, during the fourth quarter 2009 through the current date in the first quarter 2010, the Company has reduced its long and short term debts by an additional $412,000 by converting those debts to equity. These conversions of debts to equity are in addition to the conversion of approximately $1,016,000 in debt converted to equity as previously reported through the third quarter 2009, for aggregate conversions of approximately $1,428,000. These substantial debt reductions through conversions to equity equate to more than 21% of the Company's total current market value.
Vivakor Executive Chairman Matt Nicosia added this statement to the news: "This further reduction of the Company's debts represents both the results of hard work as well as the promise of better things for the Company. This substantial reduction of the Company's debts, partnered with other recently instituted fiscal efficiencies has positioned the Company for new financings, which we are currently having discussions, as well as potential new strategic partnerships for commercialization. We expect this to be the first of several new positive announcements for Vivakor in the coming weeks."
About Vivakor
Vivakor™ is a biomedical/biotechnology company with transdisciplinary research that develops and acquires products in the fields of molecular medicine, electro-optics, biological handling and natural and formulary compounds that extend or improve life. More information can be found about Vivakor at www.vivakor.com.
FORWARD-LOOKING STATEMENTS
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.