STANLEY, ND -- (Marketwire) -- 02/07/13 -- Luminart Corp. (PINKSHEETS: LUMP) closed out the year with some major accomplishments and substantial gains. In January of 2012, Luminart acquired complete ownership of White Star Sand & Gravel which added approximately $4M to the revenue base. White Star also expanded the mining sites with leases signed for Donneybrook and Newtown. May brought the formation of the subsidiary Outwest Field Services which shortly thereafter achieved vendor status with Thomas tools and later in the year, established an MSA with EMS. The 2 agreements potentially add an estimated $700K per month to top line revenue. Outwest also acquired several out of state contractor's licenses during the year. Subsidiary B3 Well Services broke ground on the man camps and completion should come sometime this spring (2013). Luminart's Black & Blue Water division was activated mid-year and contributed to revenue with the addition of well drilling capabilities. 2012 brought a significant gain in fixed assets increasing from $3.1M to $6.5M. Luminart added depth and experience to the company by forming an advisory board comprised of Mitch Swergold and William Rippy and further expanded that experience through the addition of the new V.P. of Finance, Randy Wells.
"This has been an amazing year for us in so many ways," said Luminart President Burke Bentley. "We had a tremendous amount of growth in revenue, business contracts, and assets, and the conversion of the bulk of our asset base from lease contracts to purchase contracts was a big part of that growth. The year was not without its challenges but with the impact of things like the addition of subsidiary Outwest Field Services and the relentless effort to drive the company forward with new contracts and contacts by Operations manager Brandon Bentley, we were able to push through those challenges and maintain our forward momentum. Moving CFO Tom Maher to our Utah office was also critical to the success we had in 2012. CEO Mike Reynolds worked diligently on the investment side of the company and it was through his efforts that we were able to form our advisory board and bring on our new V.P. of finance, Randy Wells. The most exciting thing about what transpired in 2012 is that it's still just the tip of the iceberg in terms of what the future looks like for us and our shareholders. This year, we are going to focus on Mergers & Acquisitions of companies similar to ours and integrate these additions into our system of success. We expect a substantial increase in revenue in 2013 and plan to expand the business beyond North Dakota to many of the states that have been affected by the huge growth in the oil industry."
About Luminart Corp. and Its Subsidiaries:
Luminart Corp.'s subsidiaries: B3 Well Services, White Star Sand & Gravel, Black & Blue Water and OutWest Field Services are focused on the expansion of contract hauling materials for infrastructure development in North Dakota, mining and processing materials for road building, providing storage and hauling of pipe, supplying crane operations and qualified riggers, transporting of miscellaneous heavy equipment, well drilling and expansion of the base camps in the North Dakota operations, sales and marketing.
Led by a skilled and experienced management team, the timely entrance to this quickly developing opportunity in the Bakken oil reserves has positioned the company to create more value for its shareholders and secure a strategic position for increased market share in the future.
This press release may contain forward-looking statements, including, but not limited to, statements regarding Luminart Corp. and their plans, products and related market potential. Forward-looking statements may be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential" or "continue" and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in Luminart Corp.'s filings with the Pink Sheets, which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on any of these forward-looking statements. Luminart Corp. undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect actual outcomes.
For more information contact:
William A. Broad
Email: Email Contact
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