CORALVILLE, Iowa, June 4, 2010 (GLOBE NEWSWIRE) -- Vivakor, Inc. (OTCBB:VIVK) today announced the Company has reduced its long and short term debt by an additional $510,000 by converting those debts to shares of common stock. This substantial debt reduction through conversion to stock finalizes the acquisition payments for Health America Inc. and the VIVASLICES MRI software technology, which the company purchased in August of 2008. VIVASLICES is a software technology which increases image resolution of previous generations of MRI units, thereby saving hospitals and clinics with older equipment millions of dollars in costs related to purchasing new MRI units with enhanced image resolution capacity.
Vivakor Executive Chairman Matt Nicosia added this statement to the news: "This reduction of the Company's debt represents both the positive outlook by management and its creditors as we make progress on both the commercialization of VIVASLICES and other Vivakor technologies. Additionally the Company has now eliminated all of its long term debt, which increases shareholder equity and improves the balance sheet. This elimination of long term debt allows the Company to devote its resources to technology commercialization and development. We look forward to completing the Company's financing needs which will add to the Company's sustainability and improve the outlook for Vivakor."
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 www.vivakor.com.
About VIVASLICES
The VIVASLICES software runs on commercial off-the-shelf (COTS) hardware. This proprietary software provides advanced processing, rendering and display of medical images from Magnetic Resonance Imagers used in Diagnostic Radiology. VIVASLICES improves the operations of MRI scanners by creating better images from the MR's data, shortens scan times up to 50% for patient comfort and improved throughput. Additionally VIVASLICES reduces operating cost by reducing film consumption from 30% to 80%.
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.