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Victory Energy Announces Third Quarter 2017 Financial Results and Provides Update on Its Transformation into an Oilfield Services Company
Victory Energy Announces Third Quarter 2017 Financial Results and Provides Update on Its Transformation into an Oilfield Services Company.
About this update from Victory Oilfield Tech, Inc.
[{"type":"text","content":"\n\n AUSTIN, Texas, Nov. 14, 2017 (GLOBE NEWSWIRE) -- Victory Energy Corporation (OTCQB:VYEY) (\"Victory\" or the “Company”), today announced operating results for the three months ended September 30, 2017 and provided an update on the Company’s transition into a technology-driven, friction reducing oilfield products and services company.\n Update for Transition to Oilfield ServicesThe Company began this transition on August 21, 2017 with the successful conclusion of a transaction and investment related definitive agreements with Armacor Victory Ventures, LLC (“AVV”), an affiliate of Armacor Holdings, LLC and Liquidmetal Coatings. As part of the transaction, AVV 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.  These patented advanced oilfield technology alloy products are designed to deliver a comprehensive set of innovative drill-string solutions that prevent aggressive wear and corrosion on tool joints and pipe mid-sections, among other things. All products are based on a patented amorphous alloy solution that can dramatically reduce drill-string torque, which improves well completion time and lowers total well costs when drilling long laterals. The Liquidmetal Coatings - Armacor product line has been tested and down-hole validated by several large U.S. based oil and natural gas companies. This transaction requires a special meeting of shareholders to obtain approval of all necessary provisions of the transaction agreement and other Company matters. The special meeting of shareholders is scheduled for November 20, 2017, and voting is currently underway. Upon shareholder approval, AVV is expected to contribute $5 million to Victory for the initial development and execution of the sales and distribution business growth plan. Interim financing for the time leading up to the shareholder meeting was secured in August.  Kenny Hill, Victory’s Chief Executive Officer, commented, “We believe the alliance with Liquidmetal Coatings’ affiliate, Armacor Victory Ventures, is by far the best growth path forward for our Comp...