WEST CHESTER, Pa., Feb. 18, 2014 (GLOBE NEWSWIRE) -- Daleco Resources Corporation (OTCBB:DLOV), a natural resource company with operating subsidiaries active in industrial minerals and environmental remediation technology, today announced its annual financial results for the period ending September 30, 2013.
Michael D. Parrish, Chief Executive Officer of Daleco Resources, stated, "To date we have made progress on a number of fronts. During the year we made a dedicated decision to focus our efforts on the mining and marketing of non-metallic industrial minerals such as Zeolite. We have successfully mined and sold approximately 100 tons as well as signed a new $316,000 contract for our Cite-Clean™ product on the West Coast. We expect this trend to continue heading into the new fiscal year as we transition to the production phase of our zeolite commercialization efforts. Additionally we have sold off non-core assets for working capital purposes and will continue to opportunistically evaluate other similar opportunities."
Operational Highlights for 2013 and to Date:
- Through September 30, 2013, the Company mined approximately 1,300 tons of material for the preparation of samples and test products.
- Clean Age Minerals signed a multi-year contract with EnviroVeritas, LLC for a minimum commitment to purchase $316,000 of trademarked Cite-Clean™, an all-natural Zeolite based product.
- During the year, the Company produced saleable minerals from its zeolite mineral deposit in Texas. Approximately 100 tons have been sold or distributed as the Company's trademarked ReNuGen™, a zeolite based, wastewater treatment product.
- Clean Age has also provided material for various environmental testing and industrial clean up applications.
- The Company introduced two new trademarked products – Cite-Clean™ and ZoilTech™.
- Earlier this month, Daleco Resources announced it entered into an asset purchase and sale agreement to sell its interest in certain non-core assets. The Company received $448,000 in cash and will use the proceeds for general working capital purposes and to further focus on its growth initiatives in its core businesses.
- The Company has filed for patent protection covering certain application aspects of its "CA-Series" technology to treat industrial wastewaters associated with oilfield, mine, and industrial process operations.
- For the fiscal year ended September 30, 2013, revenue on a consolidated basis totaled $679,489.
Please visit www.sec.gov for all of the Company's filings with the Securities and Exchange Commission.
Daleco Resources Corporation
Daleco Resources Corporation 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 Resources and Clean Age Minerals, 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.