VIVK - .0069 x .007 - Up big on news..
Vivakor Announces Receipt of $3 Million Investment LOI and MOU to Merge With Resolution Biomedical Inc.
IRVINE, Calif., Jan 27, 2011 (GlobeNewswire via COMTEX) -- Vivakor, Inc. (OTCBB:VIVK) announced today that it has received an Letter of Intent for $3 Million in investment capital from a private investment group. The financing is to be used for strategic acquisitions and working capital for the combined businesses. The final terms of the investment are to be negotiated based on the terms of the acquisition.
Additionally, Vivakor(TM) announced that it has entered a Memorandum of Understanding to merge with Resolution Biomedical(TM), a biotechnology company based in Tustin, California, in an exchange of shares. Resolution Biomedical develops and sells diagnostic products with applications in cancer detection. Vivakor's Chairman Matt Nicosia stated the following, "Resolution Biomedical Inc. has a parallel mission to increase the quality and length of life through detection and prevention of cancer and other infectious diseases. They have a proven product that continues to grow in sales and we look forward to completing this acquisition."
Robert Webber, Chairman of Resolution Biomedical, stated, "We look forward to completing this transaction, to provide a path for future liquidity for our current shareholders, and to increase overall value to both companies' shareholders. Assuming the transactions contemplated by the LOI and MOU are consummated, we intend to use the financing proceeds for working capital and to grow our business in the U.S. and overseas."
AI
