Victory Energy Announces Third Quarter 2017 Financial Results and Provides Update on Its Transformation into an Oilfield Services Company
AUSTIN, TX--(November 14, 2017) - Victory Energy Corporation (OTCQB:VYEY) ("Victory" or the “Company”), today announced operating results for the three months ended September 30, 2017 and provided an update on the Company’s transition into a technology-driven, friction reducing oilfield products and services Company.
Update for Transition to Oilfield Services
The Company began this transition on August 21, 2017 with the successful conclusion of a transaction and investment related definitive agreements with Armacor Victory Ventures, LLC (“AVV”), an affiliate of Armacor Holdings, LLC and Liquidmetal Coatings. As part of the transaction, AVV granted to Victory a worldwide, perpetual, royalty free, fully paid up and exclusive sublicense (the “License”) to all of AVV’s owned and licensed intellectual property for use in the oilfield services industry, except for a tubular solutions Company headquartered in France.
These patented advanced oilfield technology alloy products are designed to deliver a comprehensive set of innovative drill-string solutions that prevent aggressive wear and corrosion on tool joints and pipe mid-sections, among other things. All products are based on a patented amorphous alloy solution that can dramatically reduce drill-string torque, which improves well completion time and lowers total well costs when drilling long laterals. The Liquidmetal Coatings - Armacor product line has been tested and down-hole validated by several large U.S. based oil and natural gas companies.
This transaction requires a special meeting of shareholders to obtain approval of all necessary provisions of the transaction agreement and other Company matters. The special meeting of shareholders is scheduled for November 20, 2017, and voting is currently underway. Upon Shareholder Approval, AVV is expected to contribute $5 million to Victory for the initial development and execution of the sales and distribution business growth plan. Interim financing for the time leading up to the shareholder meeting was secured in August.
Kenny Hill, Victory’s Chief Executive Officer commented, “We believe the alliance with Liquidmetal Coatings’ affiliate, Armacor Victory Ventures, is by far the best growth path forward for our Company and its shareholders. Since the August transaction agreements were executed, all parties have been working together to meet the infrastructure, planning and business integration needs of the initiative. The Company has also added new board members that bring Fortune 500 level credentials to the Company. This experience and the major progress we have made to-date will be instrumental in our future growth and our ability to quickly acquire market share in targeted
The following information was filed by Victory Oilfield Tech, Inc. (VYEY) on Tuesday, November 14, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: VYEY CIK: 700764 Form Type:10-Q Quarterly Report Accession Number: 0001628280-17-011516 Submitted to the SEC: Tue Nov 14 2017 8:32:28 AM EST Accepted by the SEC: Tue Nov 14 2017 Period: Saturday, September 30, 2017 Industry: Crude Petroleum And Natural Gas