AUSTIN, Texas, April 16, 2018 (GLOBE NEWSWIRE) -- Victory Energy Corporation (OTCQB:VYEY), recently filed with the Securities and Exchange Commission a Current Report on Form 8-K providing, among other things, a market update relating to the entry into (i) a supplementary agreement with Armacor Victory Ventures ("AVV"), (ii) a settlement and mutual release of the loan agreement with Visionary Private Equity Group I, LP ("VPEG"), and (iii) a new interim debt facility with VPEG intended to help accelerate the Company’s transition into the oilfield energy-tech industry. As part of these transactions, the Company is contemplating a private placement offering of up to $7 million, the net proceeds of which are expected to be utilized for targeted oilfield service company acquisitions, buildout of key infrastructure needs, including expansion of early-stage product manufacturing and distribution, order fulfillment, customer support, key executive team buildout and the launch of a branding effort to expand awareness of Victory's revolutionary amorphous alloy coatings products.
About Victory Energy Corporation
Victory Energy Corporation (OTCQB:VYEY), is a publicly held oilfield energy-tech products company focused on improving well performance and extending the lifespan of the industry’s most sophisticated and expensive equipment. America’s resurgence in oil and gas production is partially driven by new innovative technologies and processes. The Company has exclusively licensed intellectual property related to amorphous metal alloys for use in the global oilfield services industry. Victory’s patented products utilize amorphous coatings designed to cost effectively reduce drill-string torque, friction, wear and corrosion, while not impacting the integrity of the base metal. Current products include solutions for drill-pipe, production tubing, and RFID enclosures, but will be expanded to meet the additional needs of exploration and production customers. Amorphous alloys are mechanically stronger, harder and more corrosion resistant than typical crystalline structure alloys found in the market today. This combination of characteristics creates opportunities for drillers to dramatically improve lateral drilling lengths, well completion time and total well costs.
About Armacor Victory Ventures
Armacor Victory Ventures, LLC is an affiliate of Liquidmetal Coatings and the grantor of the global exclusive license to Victory Energy for products and services in oilfield services. Liquidmetal Coatings Armacor® branded materials harness a revolutionary material technology based on amorphous metal technology discovered in conjunction with NASA. Considered one of their top discoveries, it has the potential to fundamentally change the paradigm in material science and the industries for which Liquidmetal Coatings makes products. They harness this technology to produce the world’s leading wear and corrosion solutions. The unique amorphous metal technology protects drill pipe, casings, and other critical assets to a degree that competitors have historically proven unable to match. This allows oil and gas producers, drillers and even applicators to maximize their asset management and field efficiencies.
About Visionary Private Equity Group
Visionary Private Equity Group (“VPEG”) invests in early stage, high growth companies with strong management teams. VPEG targets businesses through an exhaustive vetting process that have a robust near term plan for growth and profitability while laying the foundation for significant long term growth and strong upside potential. The VPEG team consists of highly respected professionals with a unique blend of private equity, investment banking, legal, medical, oil & gas, internet technology and operating experience that play an active role ensuring that our portfolio companies have a sound operating and capital strategy. For more information please visit www.visionaryprivateequitygroup.com.
