FISHERS, IN / ACCESSWIRE / May 29, 2018 / American Resources Corporation (OTC PINK: AREC) is pleased to announce the reduction of over $18.1 million of prior liabilities from its balance sheet. In a continued, ongoing effort to strengthen the company's balance sheet, American Resources has accepted the immediate forgiveness of $17.8 million of payables to a related party of the company and a reduction of debt in the amount of $315,000 that was the result from an equipment transaction with an unrelated party.
"The cancellation of over $18 million of our prior debt is a significant positive step in our efforts to continually strengthen our balance sheet for future growth," stated Mark Jensen, Chief Executive Officer of American Resources. "We are constantly reviewing opportunities to reduce our prior balance sheet liabilities as we continue to expand our operations."
The debt cancellation was effective May 25, 2018.
About American Resources Corporation
American Resources Corporation is engaged in diversified energy services including mining, processing and logistics, with a primary focus on traditional energy sources such as coal and oil and gas. American Resources Corporation plans to expand its business by continuing to develop its currently leased properties and further expanding its processing and logistics business, and through the pursuit of strategic acquisitions.
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Special Note Regarding Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and other important factors that could cause the Company's actual results, performance, or achievements or industry results to differ materially from any future results, performance, or achievements expressed or implied by these forward-looking statements. These statements are subject to a number of risks and uncertainties, many of which are beyond the control of the Company. The words "believes", "may", "will", "should", "would", "could", "continue", "seeks", "anticipates", "plans", "expects", "intends", "estimates", or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Any forward-looking statements included in this press release are made only as of the date of this release. The Company does not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. The Company cannot assure you that the projected results or events will be achieved.
SOURCE: American Resources Corporation