WEST CHESTER, Pa., Sept. 10, 2013 (GLOBE NEWSWIRE) -- Daleco Resources Corporation (OTCQB:DLOV), a natural resource company with operating subsidiaries active in oil and gas, industrial minerals and environmental remediation technology, announced that it has reached a settlement with a former executive officer that allowed the Company to settle $915,887 of obligations recorded on its balance sheet in exchange for restricted shares of the Company's common stock. Additionally, the settlement enabled the Company to recognize previously impaired notes receivable and accrued interest of $444,559 as well as receipt of $37,448 of accounts receivable due to the Company.
"This 10% reduction of liabilities is part of our strategic plan to continue strengthening the Company's balance sheet," stated, Mr. Michael D. Parrish, Daleco Resources' Chief Executive Officer. "This balance sheet improvement, combined with our ongoing sales and new commercialization efforts in our oil, gas, and industrial minerals portfolio, will help us accelerate our company's growth."
For more information please review the company's 8K filing dated September 4, 2013.
Daleco Resources Corporation
Daleco Resources is a natural resource company with operating subsidiaries and natural resource holdings active in oil and gas, industrial minerals, and environmental remediation technology. For further information on Daleco and clean age technologies, please visit www.dalecoresources.com.
Forward-Looking Statements
Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in the future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product price volatility, product demand, market competition, and risk inherent in the Company's operations, imprecision in estimating product reserves and the Company's ability to replace and expand its holdings.