WEST CHESTER, Pa., Aug. 20, 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, today announced third quarter 2013 and nine-month results.
Company Highlights
- Oil & Gas sales increased over 27%.
- Assets increased 7.4% while Liabilities decreased 3.1% and Shareholders' Equity increased 44%.
- Established an international trading platform to sell various natural resources globally.
- Continue to evaluate expanding our intellectual property platform by filing several potential patents and trademarks to protect our assets and their potential uses.
- Completed key hires to build our sales team.
Michael D. Parrish, Chief Executive Officer of Daleco Resources, stated, "Throughout 2013 Daleco has completed several strategic initiatives in order to establish a diversified energy resource platform capable of sustained growth. Management has forged key industry partnerships and established an international trading platform in order to monetize our valuable portfolio of natural resources. We have refocused our efforts on our oil, gas and industrial mineral holdings by prioritizing those resources with higher margin sales capabilities,while taking the necessary steps to reduce our debt. We are currently engaged in discussions with several strategic partners and expect to begin showing tangible results before the end of 2013 as our pipeline of opportunities continues to increase."
Three-month financial results for the period ended June 30, 2013
Net revenues for the three months ended June 30, 2013, were $180,805, a slight increase when compared to the $165,854 recorded during the three months ended June 30, 2012.Loss from operations was $399,158 in the three months ended June 30, 2013 compared to a loss of $271,780 in the same period of 2012. The Company reported a net loss of approximately $364,162 or $0.01 per share loss, for the three months ended June 30, 2013, compared to a loss of $303,484 or $0.01 per share for the same three month period ended June 30, 2012.
Nine-month financial results for the period ended June 30, 2013
Net revenues for the nine months ended June 30, 2013, were $519,852, a slight increase when compared to the $514,116 recorded during the same period ended June 30, 2012. Loss from operations was $956,083 in the three months ended June 30, 2013 compared to a loss of $938,493 in the same period of 2012. The Company reported a net loss of approximately $1,044,993 or $0.02 per share loss, for the nine months ended June 30, 2013, compared to a loss of $1,129,071or $0.01 per share not including the one time gain of $898,335 realized from the sale of assets for the same nine month period ended June 30, 2012.
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.