WEST CHESTER, Pa., May 21, 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 provided a shareholder update.
Michael D. Parrish, Chief Executive Officer of Daleco Resources, stated, "I am pleased with the recent strategic growth initiatives that we have completed during the first half of fiscal 2013. Additionally, I am encouraged with our multiple ongoing revenue generating projects and our pipeline is growing rapidly. Our sales & marketing agreement that we recently executed with Far East and DTE Investments has allowed us to create a process that will specialize in exporting energy resources to the Asian marketplace."
Mr. Parrish continued, "With the $1.5 million investment we have been able to focus our attention on key growth initiatives. We have hired a new sales team and deployed capital into our oil and gas wells in order to increase our revenue base. We believe that our valuable portfolio of natural resources and established strategic industry relationships have now positioned Daleco to begin the process of monetizing our assets."
- Established an international trading platform to sell various natural resources globally.
- Signed a $1.5 million Stock Purchase Agreement with Far East Investments, LLC ("FEI") and DTE Investments, Ltd ("DTI').
- Entered into an Exclusive Sales Agency and Marketing Agreement for natural resources and products in which FEI and DTI will provide assistance to Daleco in establishing business relationships in China and throughout the Asian market.
- Added Mr. Li Chi Kong and Mr. Grant Lin to their Board of Directors.
- Hired Mr. Joseph Sverapa to serve as the company's Vice President of Sales.
- His extensive sales and logistics experience coupled with strategic relationships and key industrial sales knowledge will allow Daleco to improve monetization of our natural resource holdings.
- Continue to evaluate expanding our intellectual property platform by filing several potential patents and trademarks to protect our assets and their potential uses.
Three-month financial results for the period ended March 31, 2013
Net revenues for the three months ended March 31, 2013, were $162,165, a slight increase when compared to the $159,818 recorded during the three months ended March 31, 2012.
Loss from operations was $321,231 in the three months ended March 31, 2013 compared to a loss of $328,993 in the same period of 2012. The Company reported a net loss of approximately $374,170 or $0.01 per share loss, for the three months ended March 31, 2013, compared to a gain of $496,000 or $0.01 per share for the same three month period ended March 31, 2012 which included a one time gain of $898,335 from the sale of undeveloped oil & gas properties in March 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.
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.
CONTACT: Investors: Alan Sheinwald Alliance Advisors, LLC (212) 398-3486 firstname.lastname@example.org
Source:Daleco Resources Corporation