American Resources Corporation Reports Third Quarter 2021 Financial Results and Provides Business Outlook
ca.finance.yahoo.com
Mon., November 15, 2021, 6:00 a.m.·16 min read
Company highly aligned with major U.S. priorities in both infrastructure and electrification
Significant execution has positioned the Company to be a low-cost, stable provider of raw materials to high-growth markets
Company seeing significantly increasing carbon demand and price realization as it scales operations
Strong balance sheet provides financial strength and flexibility to execute on its innovation, collaboration and growth plans
Company to host update conference call today at 11:00 AM ET
FISHERS, INDIANA / ACCESSWIRE / November 15, 2021 / American Resources Corporation (NASDAQ:AREC) ("American Resources" or the "Company"), a next generation and socially responsible supplier of raw materials to the new infrastructure and electrification marketplace, today reported its third quarter of 2021 financial results and provided a corporate update. The Company will host a conference call and webcast, today, November 15, 2021, at 11:00 a.m. ET (details below).
Mark Jensen, Chairman and CEO of American Resources Corporation commented, "Over the course of the third quarter of 2021, we continued to position our Company to be one of the most unique growth platforms to reposition old-world, legacy assets to strategically align with a more modern economy. With the advancement of our nation's infrastructure initiatives, we find ourselves extremely well aligned with our American Carbon and American Rare Earth divisions to support these important aspects of our national and global economies. Both traditional infrastructure like roads, ports and bridges as well more modern infrastructure initiatives such as the advancements of green energy and clean tech have a growing need for both high quality steel as well as critical battery and magnet metals. We remain highly committed and focused on the execution of both divisions and feel like we are extremely well positioned to be the growing supplier of high-quality metallurgical carbon in a market that is expected to remain tightly supplied for the foreseeable future, as well as redefining how critical and rare earth elements are both sourced and processed throughout the world while also focusing on the circular economy of recycling existing permanent magnets and battery metals."
Third Quarter 2021 Key Highlights
Procured supplemental equipment to enhance the functionality of the Company's REE electrolysis processing plant and analysis of certain feedstocks such as fly ash.
Appointed Jeff Peterson as a senior member to expand and bolster the Company's American Rare Earth division and focus on the deployment and commercialization of the Company's intellectual property.
Finalized its site selection to build its first commercial scale rare earth element isolation and purification facility in the United States. The secured site provides approximately 7 acres of developable land in Noblesville, Indiana.
Named to a U.S. Department of Energy (DOE) Federal Demonstration Partnership award for the sorting for critical mineral-rich coal resource feedstock in a support role. The program is focused on determining novel methods for predicting rare earth elements and critical minerals in different coal types.
Engaged industry consultant, Rodney Campbell, to spearhead and assist with the collection and analysis of the Company's controlled, carbon-based rare earth element feedstocks.
Showcased success in achieving an ultra-high purity of the battery metals lithium, nickel and cobalt from recycled NMC batteries sourced from electric vehicles, following its success in processing isolated and purified magnet metals. The Company utilized its affinity chromatography technology to achieve the results from its exclusive licensed and patented technology.
"Looking forward to the remainder of 2021 and beyond, we remain extremely excited and optimistic about the opportunities that lie ahead of us throughout all of our operating divisions. Our American Carbon division, with one of the largest metallurgical carbon growth platforms in the industry, continues to execute on its production ramp. Our Perry County Resources (PCR) complex continues to progress with an updated and expanded mine plan to maximize production and efficiencies in the current market. We have positioned the PCR complex to be one of the lowest, if not the lowest cost, metallurgical carbon complexes in the country with updated mine and processing plant infrastructure and equipment. We expect PCR to continue its production growth throughout the end of this year. With the recent commencement of our McCoy Elkhorn complex and our Carnegie 1 mine, we will continue to progress with our plan to bring our additional Carnegie mines online to feed the McCoy complex throughout the rest of this year and early 2022. Additionally, and given the strength of the metallurgical carbon market, we've announced our strategic plans to restart our Wyoming County, WV complex (WCC) next year and are looking at various partnerships to collaboratively execute on that project. Once established, we're confident WCC will be a meaningful contributor to our 2022 growth," continued Mr. Jensen.
"American Rare Earth represents a very exciting and strategic opportunity for us to help solve some pressing issues regarding the rapidly growing demand for battery and magnet metals and how these materials are sources and processed. We strongly believe that innovation is needed to establish the United States competitively within these supply chains, and a sustainable and circular life cycle is key to that approach. We are confident that our chromatography process will help drive that innovation and redefine how these critically important materials are processed and purified. Our chromatography solution is applying an established and commercialized technology to critical and rare earth element processing. Now that we have showcased its ability to isolate and purify battery and magnet metals to ultra-high purities and yields, we are confident and focused on being the first in the United States and first in the world to use this most environmentally safe and economically viable method ever established. "
"Lastly, our Company-sponsored SPAC, American Acquisition Opportunity Inc. and our graphene licensing partner, Novusterra Inc. have the potential to drive meaningful value and are examples of our nimble, shareholder-focused culture. We continue to work with our partners involved and help them with an efficient pathway to a public listing and feed the demands of a more modern economy, very similarly to American Resources," concluded Mr. Jensen.
Expected Near-Term Catalysts
Continued execution and milestone announcements on American Rare Earth processing and purification development and commercialization
Additional metallurgical carbon production growth and offtake agreements
Secure additional collaboration agreements with sourcing partners for REE end-of-life materials and REE feedstocks
Announce key appointments to American Carbon production teams to enhance production and mitigate future labor challenges
Formalize SPAC target opportunity
Conference Call Information
American Resources management will host a conference call for investors, analysts and other interested parties today, Monday, November 15, 2021 at 11:00 AM ET.
Interested participants and investors may access the conference call by dialing (877) 407-4019 and referencing American Resources Corporation's Third Quarter of 2021 Conference Call, or by the webcast link: here.
Financial Results for Third Quarter 2021
For the third quarter of 2021, American Resources reported a net income loss of $8.91 million, or a loss of $0.15 per share for the three months ended September 30, 2021, as compared with a net income gain of $0.12 million, or $0.00 per share in the prior-year period. The Company earned adjusted earnings before interest, taxes, depreciation, amortization, equity-based compensation, warrant expense and development and restructuring costs ("Adjusted EBITDA") of a $1.37 million loss in the third quarter of 2021, as compared with Adjusted EBITDA of $2.8 million for the third quarter of 2020.
Third Quarter 2021 Summary
Total revenues were $2.81 million for the third quarter of 2021 compared to revenues of $0.295 million during the third quarter of 2020. General and administrative expenses for the third quarter of 2021 were $826,000 compared to $133,000 in the prior year period. American Resources incurred interest expense of $1.1 million during the third quarter of 2021 compared to $380,000 during the third quarter of 2020. Development costs during the quarter were $5.14 million, compared to $3.06 million in the second quarter of 2021.
Given improvements to the Company's balance sheet including its strong cash position, the reduction of approximately $8.5 million of debt and payables as well as the recommencement of operations and sales, the Company was able to remove the "going concern" from its financial statement. Additionally, the Company made capital investments of approximately $10 million in the form of development, equipment and infrastructure to its American Carbon and American Rare Earth divisions to better position each entity for successful execution.
The Company did not incur any income tax expense in the third quarter of 2021 as it was able to utilize its available net operating losses ("NOL") carried forward from prior periods of approximately $17.8 million as of December 31, 2020.
AMERICAN RESOURCES CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
UNAUDITED
|
| For the three months ended
September 30,
2021
|
|
| For the three
months ended
September 30,
2020
|
|
| For the nine
months ended
September 30,
2021
|
|
| For the nine
months ended
September 30,
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Coal Sales
|
| $
| 2,779,193
|
|
| $
| -
|
|
| $
| 3,121,782
|
|
| $
| 524,334
|
| Metal Aggregating, Processing and Sales
|
|
| 20,510
|
|
|
| 294,646
|
|
|
| 48,385
|
|
|
| 521,482
|
| Royalty Income
|
|
| 14,220
|
|
|
| -
|
|
|
| 47,614
|
|
|
| -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Revenue
|
|
| 2,813,923
|
|
|
| 294,646
|
|
|
| 3,217,781
|
|
|
| 1,045,816
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of Coal Sales and Processing
|
|
| (3,068,847
| )
|
|
| (72,692
| )
|
|
| (4,813,688
| )
|
|
| (2,590,435
| )
| Accretion Expense
|
|
| (305,636
| )
|
|
| (240,685
| )
|
|
| (916,909
| )
|
|
| (981,859
| )
| Depreciation
|
|
| (495,676
| )
|
|
| (646,438
| )
|
|
| (1,364,220
| )
|
|
| (1,855,236
| )
| Amortization of Mining Rights
|
|
| (314,765
| )
|
|
| (313,224
| )
|
|
| (938,135
| )
|
|
| (939,672
| )
| General and Administrative
|
|
| (826,480
| )
|
|
| (132,676
| )
|
|
| (2,501,548
| )
|
|
| (1,659,908
| )
| Professional Fees
|
|
| (287,414
| )
|
|
| (175,832
| )
|
|
| (1,191,397
| )
|
|
| (686,158
| )
| Production Taxes and Royalties
|
|
| (215,681
| )
|
|
| (154,604
| )
|
|
| (883,339
| )
|
|
| (404,660
| )
| Development Costs
|
|
| (5,142,306
| )
|
|
| (792,926
| )
|
|
| (10,009,860
| )
|
|
| (1,228,333
| )
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Operating Expenses
|
|
| (10,656,805
| )
|
|
| (2,529,078
| )
|
|
| (22,619,096
| )
|
|
| (10,346,261
| )
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Loss from Operations
|
|
| (7,842,882
| )
|
|
| (2,234,432
| )
|
|
| (19,401,316
| )
|
|
| (9,300,445
| )
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Income and (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Income (loss)
|
|
| (58,340
| )
|
|
| 160,635
|
|
|
| (469,927
| )
|
|
| (153,544
| )
| Gain on interest forgiven
|
|
| -
|
|
|
| 832,500
|
|
|
| -
|
|
|
| 832,500
|
| Gain on Depreciation Recapture
|
|
| -
|
|
|
| 1,706,569
|
|
|
| -
|
|
|
| 1,706,569
|
| Gain on sale of stock
|
|
| -
|
|
|
| -
|
|
|
| -
|
|
|
| 6,820,949
|
| Amortization of debt discount and issuance costs
|
|
| (3,179
| )
|
|
| (2,879
| )
|
|
| (8,637
| )
|
|
| (8,637
| )
| Interest Income
|
|
| 85,901
|
|
|
| 41,172
|
|
|
| 187,293
|
|
|
| 164,686
|
| Interest expense
|
|
| (1,095,021
| )
|
|
| (379,583
| )
|
|
| (2,260,965
| )
|
|
| (1,891,226
| )
| Total Other income (expense)
|
|
| (1,070,639
| )
|
|
| 2,358,413
|
|
|
| (2,552,236
| )
|
|
| 7,471,297
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income (Loss)
|
| $
| (8,913,521
| )
|
| $
| 123,982
|
|
| $
| (21,953,552
| )
|
| $
| (1,829,148
| )
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss per common share - basic and diluted
|
| $
| (.15
| )
|
| $
| .00
|
|
| $
| (.41
| )
|
| $
| (.07
| )
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average common shares outstanding
|
|
| 60,016,171
|
|
|
| 26,785,364
|
|
|
| 53,070,428
|
|
|
| 27,009,075
|
|
AMERICAN RESOURCES CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
UNAUDITED
|
| September 30,
2021
|
|
| December 31,
2020
|
|
|
|
| ASSETS
|
|
|
|
|
|
|
|
|
| CURRENT ASSETS
|
|
|
|
|
|
|
|
| Cash
|
| $
| 19,121,714
|
|
| $
| 10,617,495
|
|
|
| Accounts Receivable
|
|
| 2,106,937
|
|
|
| 38,650
|
|
|
| Inventory
|
|
| 1,664
|
|
|
| 150,504
|
|
|
| Prepaid fees
|
|
| 268,332
|
|
|
| 175,000
|
|
|
| Accounts Receivable - Other
|
|
| -
|
|
|
| 234,240
|
|
|
| Advances to related party
|
|
| 5,000
|
|
|
| -
|
|
|
| Total Current Assets
|
|
| 21,503,647
|
|
|
| 11,215,889
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LONG-TERM ASSETS
|
|
|
|
|
|
|
|
|
|
| Cash - restricted
|
|
| 1,008,583
|
|
|
| 583,708
|
|
|
| Property and Equipment, Net
|
|
| 23,022,004
|
|
|
| 22,498,659
|
|
|
| Investment in LLC - Related Party
|
|
| 2,250,000
|
|
|
| -
|
|
|
| Note Receivable
|
|
| 4,117,139
|
|
|
| 4,117,139
|
|
|
| Total Long-Term Assets
|
|
| 30,397,726
|
|
|
| 27,199,506
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL ASSETS
|
| $
| 51,901,373
|
|
| $
| 38,415,395
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
|
|
|
|
|
|
|
|
|
|
|
| CURRENT LIABILITIES
|
|
|
|
|
|
|
|
|
|
| Accounts payable
|
| $
| 2,748,903
|
|
| $
| 4,288,794
|
|
|
| Non-Trade payables
|
|
| 2,681,651
|
|
|
| 3,850,781
|
|
|
| Accounts payable - related party
|
|
| 2,318,119
|
|
|
| 679,146
|
|
|
| Accrued interest
|
|
| 427,818
|
|
|
| 1,043,519
|
|
|
| Due to affiliate
|
|
| 74,000
|
|
|
| 74,000
|
|
|
| Current portion of long term-debt
|
|
| 5,314,261
|
|
|
| 10,997,692
|
|
|
| Current portion of convertible debt, (net of unamortized discount of $123,406 and $827,573)
|
|
| 12,050,769
|
|
|
| -
|
|
|
| Current portion of reclamation liability
|
|
| 2,327,169
|
|
|
| 2,327,169
|
|
|
| Total Current Liabilities
|
|
| 27,942,690
|
|
|
| 23,261,101
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LONG-TERM LIABILITIES
|
|
|
|
|
|
|
|
|
|
| Long-term portion of note payable (net of issuance costs of $397,030 and $405,667)
|
|
| 4,746,156
|
|
|
| 5,330,752
|
|
|
| Convertible note payables - long term
|
|
| -
|
|
|
| 14,300,907
|
|
|
| Reclamation liability
|
|
| 16,445,044
|
|
|
| 15,528,135
|
|
|
| Total Long-Term Liabilities
|
|
| 21,191,200
|
|
|
| 35,159,794
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Liabilities
|
|
| 49,133,890
|
|
|
| 58,420,895
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| STOCKHOLDERS' EQUITY (DEFICIT)
|
|
|
|
|
|
|
|
|
|
| AREC - Class A Common stock: $.0001 par value; 230,000,000 shares authorized, 60,829,718 and 42,972,762 shares issued and outstanding
|
|
| 6,083
|
|
|
| 4,256
|
|
|
| Additional paid-in capital
|
|
| 158,119,222
|
|
|
| 113,279,448
|
|
|
| Accumulated deficit
|
|
| (155,357,822
| )
|
|
| (133,289,247
| )
|
|
| Total Stockholders' Equity (Deficit)
|
|
| 2,767,483
|
|
|
| (20,005,500
| )
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
|
| $
| 51,901,373
|
|
| $
| 38,415,395
|
|
|
|
AMERICAN RESOURCES CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
UNAUDITED
|
| For the nine
months ended
|
|
| For the nine
months ended
|
|
|
| September 30,
2021
|
|
| September 30,
2020
|
| Cash Flows from Operating activities:
|
|
|
|
|
|
| Net loss
|
| $
| (21,953,552
| )
|
| $
| (1,829,148
| )
| Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
|
|
|
|
| Depreciation
|
|
| 1,364,220
|
|
|
| 1,855,236
|
| Amortization of mining rights
|
|
| 938,135
|
|
|
| 939,672
|
| Accretion expense
|
|
| 916,909
|
|
|
| 981,859
|
| Liabilities reduced due to sale of assets
|
|
| -
|
|
|
| (3,271,973
| )
| Amortization of issuance costs and debt discount
|
|
| 4,095,706
|
|
|
| -
|
| Stock option expense
|
|
| 478,665
|
|
|
| -
|
| Issuance of shares for services
|
|
| 187,999
|
|
|
| 18,800
|
| Issuance of shares for debt settlement
|
|
| -
|
|
|
| 642,060
|
| Warrant expense
|
|
| -
|
|
|
| 230,050
|
| Shares returned as part of asset sale
|
|
| -
|
|
|
| (1,840,200
| )
|
|
|
|
|
|
|
|
|
| Change in current assets and liabilities:
|
|
|
|
|
|
|
|
| Accounts receivable
|
|
| (1,839,047
| )
|
|
| 2,378,755
|
| Inventory
|
|
| 148,840
|
|
|
| 365,126
|
| Prepaid expenses and other assets
|
|
| (93,332
| )
|
|
| (175,000
| )
| Accounts payable
|
|
| (2,709,020
| )
|
|
| (303,567
| )
| Accrued interest
|
|
| (615,701
| )
|
|
| (2,296,237
| )
| Accounts payable - related party
|
|
| 1,638,973
|
|
|
| 202,351
|
| Cash used in operating activities
|
|
| (17,441,205
| )
|
|
| (2,102,216
| )
|
|
|
|
|
|
|
|
|
| Cash Flows from Investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash used in investments in LLCs
|
|
| (2,250,000
| )
|
|
| -
|
| Cash received (paid) for PPE, net
|
|
| (2,825,701
| )
|
|
| 417,857
|
| Cash provided by (used in) investing activities
|
|
| (5,075,701
| )
|
|
| 417,857
|
|
|
|
|
|
|
|
|
|
| Cash Flows from Financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal payments on long term debt
|
|
| (641,409
| )
|
|
| (1,072,745
| )
| Proceeds from convertible debt
|
|
| 600,000
|
|
|
| 3,638,277
|
| Proceeds from the sale of common stock, net
|
|
| 29,218,000
|
|
|
| 797,475
|
| Proceeds from long term debt
|
|
| -
|
|
|
| 28,000
|
| Proceeds from warrant conversions
|
|
| 2,269,425
|
|
|
| 1,223,700
|
| Net proceeds from (payments to) factoring agreement
|
|
| -
|
|
|
| (1,807,443
| )
| Cash provided by financing activities
|
|
| 31,446,016
|
|
|
| 2,807,264
|
|
|
|
|
|
|
|
|
|
| Increase(decrease) in cash and restricted cash
|
|
| 8,929,094
|
|
|
| 1,122,905
|
|
|
|
|
|
|
|
|
|
| Cash and restricted cash, beginning of period
|
|
| 11,201,203
|
|
|
| 268,811
|
|
|
|
|
|
|
|
|
|
| Cash and restricted cash, end of period
|
| $
| 20,130,297
|
|
| $
| 1,391,716
|
|
|
|
|
|
|
|
|
|
| Supplemental Information
|
|
|
|
|
|
|
|
| Non-cash investing and financing activities
|
|
|
|
|
|
|
|
| Issuance of common shares for debt conversions
|
| $
| 8,485,384
|
|
| $
| -
|
| Issuance of warrants in conjunction with convertible notes
|
| $
| -
|
|
| $
| 1,223,700
|
| Cash paid for interest Warrant exercise for common shares
|
| $
| 42,426
|
|
| $
| 208,154
|
| Issuance of warrants in conjunction with convertible notes Discount on note due to beneficial conversion feature
|
| $
| -
|
|
| $
| 1,223,700
|
| Cash paid for interest
|
| $
| -
|
|
| $
| 1,223,700
|
| Issuance of warrants in conjunction with convertible notes
|
| $
| -
|
|
| $
| 1,223,700
|
|
|
|
|
|
|
|
|
|
| Cash paid for interest
|
| $
| 42,426
|
|
| $
| 208,154
|
| Cash paid for income taxes
|
| $
| -
|
|
| $
| -
|
|
Reconciliation of Non-GAAP Measures
Reconciliation of Adjusted EBITDA to Amounts Reported Under U.S. GAAP
|
| For the three months ended Sept. 30, 2021
|
|
| For the three months ended Sept. 30, 2020
|
| Net Income
|
|
| (8,913,521
| )
|
|
| 123,982
|
|
|
|
|
|
|
|
|
|
| Interest & Other Expenses
|
|
| 1,095,021
|
|
|
| 379,583
|
| Income Tax Expense
|
|
| -
|
|
|
| -
|
| Accretion Expense
|
|
| 305,636
|
|
|
| 240,685
|
| Depreciation
|
|
| 495,676
|
|
|
| 646,438
|
| Amortization of Mining Rights
|
|
| 314,765
|
|
|
| 313,224
|
| Amortization of Debt Discount & Issuance
|
|
| 3,179
|
|
|
| 2,879
|
| Non-Cash Stock & Option Comp. Expense
|
|
| 101,615
|
|
|
| 101,615
|
| Non-Cash Warrant Expense
|
|
| 86,384
|
|
|
| 142,296
|
| Development Costs
|
|
| 5,142,306
|
|
|
| 792,926
|
| PCR Restructuring Expenses
|
|
| -
|
|
|
| 66,275
|
|
|
|
|
|
|
|
|
|
| Total Adjustments
|
|
| 7,544,582
|
|
|
| 2,685,921
|
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA
|
|
| (1,368,939
| )
|
|
| 2,809,903
|
|
Adjusted EBITDA is defined as net income before net interest expense, income tax expense, accretion expense, depreciation, non-cash stock compensation expense, transaction and other professional fees, and development costs. Adjusted EBITDA is not a measure of financial performance in accordance with GAAP, and we believe items excluded from Adjusted EBITDA are significant to a reader in understanding and assessing our financial condition. Therefore, Adjusted EBITDA should not be considered in isolation, nor as an alternative to net income, income from operations, cash flow from operations or as a measure of our profitability, liquidity, or performance under GAAP. We believe that Adjusted EBITDA presents a useful measure of our ability to incur and service debt based on ongoing operations. Furthermore, similar measures are used by analysts to evaluate our operating performance. Investors should be aware that our presentation of Adjusted EBITDA may not be comparable to similarly titled measures used by others.
About American Resources Corporation
American Resources Corporation is a next-generation, environmentally and socially responsible supplier of high-quality raw materials to the new infrastructure market. The Company is focused on the extraction and processing of metallurgical carbon, an essential ingredient used in steelmaking, critical and rare earth minerals for the electrification market, and reprocessed metal to be recycled. American Resources has a growing portfolio of operations located in the Central Appalachian basin of eastern Kentucky and southern West Virginia where premium quality metallurgical carbon and rare earth mineral deposits are concentrated.
American Resources has established a nimble, low-cost business model centered on growth, which provides a significant opportunity to scale its portfolio of assets to meet the growing global infrastructure and electrification markets while also continuing to acquire operations and significantly reduce their legacy industry risks. Its streamlined and efficient operations are able to maximize margins while reducing costs. For more information visit americanresourcescorp.com or connect with the Company on Facebook, Twitter, and LinkedIn.
Special Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. 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 American Resources Corporation's control. 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.
PR Contact
Precision Public Relations
Matt Sheldon
917-280-7329
matt@precisionpr.co
Investor Contact:
JTC Team, LLC
Jenene Thomas
833-475-8247
arec@jtcir.com
RedChip Companies Inc.
Todd McKnight
1-800-RED-CHIP (733-2447)
Info@redchip.com
Company Contact:
Mark LaVerghetta
Vice President of Corporate Finance and Communications
317-855-9926 ext. 0
investor@americanresourcescorp.com
SOURCE: American Resources Corporation
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