PLEASANT HILL, Iowa, Oct. 5, 2010 (GLOBE NEWSWIRE) -- Vivakor, Inc. (OTCBB:VIVK) today announced that Dr. Fuja has resigned as Chief Executive Officer and Director of the Company and will remain as a scientific advisor to the company. Additionally Dr. Friz Lin and John Gryga have resigned from the Board of Directors. The Company will seek Board Members and management to assist in the commercialization of its technologies allowing Dr. Fuja to continue his research initiatives. Chairman Matt Nicosia has the following to say regarding the changes. "The market has indicated that serious changes need to occur with management and our board in order for the company to receive the financing needed and execute on its commercialization initiatives. We will continue to push Vivakor technologies forward and increase our current distribution channels, as we attract both management and board talent, to maximize both the scientific and financial objectives of the company. We remain committed to our Vivathermic technology and will expand on existing distribution. John Gryga has taken a more active role in the commercialization efforts of our VivaSlices technology and the company continues to receive partnership interest in our VivaCeuticals division." Additionally the resignation of Dr. Fuja has reduced nearly $380,000 in accrued wages.
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.
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.