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Victory Energy Announces Agreement for $5 Million Financing and Entry into Exclusive Sublicense with Armacor Victory Ventures
Victory Energy Announces Agreement for $5 Million Financing and Entry into Exclusive Sublicense with Armacor Victory Ventures.
About this update from Victory Oilfield Tech, Inc.
[{"type":"text","content":"\n\n AUSTIN, Texas, Aug. 22, 2017 (GLOBE NEWSWIRE) -- Victory Energy Corporation (OTCQB:VYEY) (\"Victory\" or the “Company”), a growth stage, oil and gas exploration and production company, announced today that it is transitioning its business into a technology focused oilfield services company, and entered into a transaction and investment agreement  (the “Transaction Agreement”), sublicense agreement and other related agreements with Armacor Victory Ventures, LLC (“AVV”), an affiliate of Armacor Holdings, LLC and Liquidmetal Coatings.  As part of the transaction, AVV has granted to Victory a worldwide, perpetual, royalty free, fully paid up and exclusive sublicense (the “License”) to all of AVV’s owned and licensed intellectual property for use in the oilfield services industry, except for a tubular solutions company headquartered in France.  The Liquidmetal Coatings - Armacor product line has been widely tested and down-hole validated by several large U.S. based oil and gas companies, who are currently using the product. Victory will hold a special meeting of its shareholders as soon as possible to obtain their approval of all necessary provisions of the Transaction Agreement (the “Shareholder Approval”) and other Company matters.  Upon Shareholder Approval, AVV is expected to contribute $5 million (the “Cash Contribution”) to Victory for the development and execution of the sales and distribution business growth plan.  Interim financing for the time period leading up to the shareholders meeting has also been arranged.\n Kenny Hill, Victory’s Chief Executive Officer commented, “Over the last 18 months, we have reviewed a variety of upstream, midstream and oil services opportunities in our search for a transformational transaction that could establish a favorable growth opportunity for Victory. We believe this alliance with Liquidmetal Coatings’ affiliate, Armacor Victory Ventures, is by far the best growth path forward for our company and its shareholders. The alliance will provide Victory with a combination of patent protected products, a rapidly developing commercial marketplace and exclusive distribution rights, that we believe create an ideal opportunity to scale product sales distribution and rela...