IRVINE, Calif., Jan. 27, 2011 (GLOBE NEWSWIRE) -- Vivakor, Inc. (OTCBB:VIVK) announced today that it has received an Letter of Intent for $3 Million in investment capital from a private investment group. The financing is to be used for strategic acquisitions and working capital for the combined businesses. The final terms of the investment are to be negotiated based on the terms of the acquisition.
Additionally, Vivakor™ announced that it has entered a Memorandum of Understanding to merge with Resolution Biomedical™, a biotechnology company based in Tustin, California, in an exchange of shares. Resolution Biomedical develops and sells diagnostic products with applications in cancer detection. Vivakor's Chairman Matt Nicosia stated the following, "Resolution Biomedical Inc. has a parallel mission to increase the quality and length of life through detection and prevention of cancer and other infectious diseases. They have a proven product that continues to grow in sales and we look forward to completing this acquisition."
Robert Webber, Chairman of Resolution Biomedical, stated, "We look forward to completing this transaction, to provide a path for future liquidity for our current shareholders, and to increase overall value to both companies' shareholders. Assuming the transactions contemplated by the LOI and MOU are consummated, we intend to use the financing proceeds for working capital and to grow our business in the U.S. and overseas."
About Vivakor, Inc.
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 .
About Resolution Bio Medical Inc.
Resolution Biomedical, Inc. ("RBI") specializes in developing and selling in-vitro diagnostic products for use in liquid-based cytology. The company's mission is to improve diagnoses of certain cancers and other diseases with unique, accurate, and cost-effective alternatives to current cytology methods. Additional information about RBI can be found at .
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements, including, but not limited to, statements regarding Vivakor's and Resolution Biomedical's products and their related market potential, completion of the financing, completion of the merger, and growth of the business. 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.
CONTACT: Vivakor Investor Relations info@vivakor.com