WEST CHESTER, Pa., Jan. 8, 2014 (GLOBE NEWSWIRE) -- Daleco Resources Corporation (OTCQB:DLOV), a natural resource company with operating subsidiaries active in industrial minerals and environmental remediation technology, announced that its wholly owned subsidiary, Westlands Resources Corporation, entered into an asset purchase and sale agreement to sell its interest in certain non-core assets. The Company received $488,038 cash and will use the proceeds for general working capital purposes and to further focus on its growth initiatives in it's core businesses.
Michael D. Parrish, Chief Executive Officer of Daleco Resources, stated, "We are pleased to have received $488,000 of cash to use in our core businesses. The assets sold held no carrying value on our financial statements and were nonrevenue generating. This sale demonstrates our commitment to staying focused on our strategic plan and generating capital in a non-dilutive manner for our shareholders."
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.
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.
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Source:Daleco Resources Corporation