Luminart Corporation reported unaudited financials for the third quarter ending Sept 30 2013

STANLEY, N.D. - Nov. 21, 2013 - PRLog -- The management of Luminart is excited by the enthusiastic acceptance the Company's services have received in North Dakota. The Company is proud to provide a service that is part of the solution to the high cost of fuel. Since inception, management has been focused on the development of a solid infrastructure, building relationships and establishing the foundation of a business that will continue to grow.

During three month period ended September 30, 2013, the Company recognized revenues of $1,944,385 compared with $3,202,210 for the three months ended September 30, 2012.  For the nine months ended September 30, 2013 the Company recognized revenues of $3,713,486 compared to $8,122,081 for the nine months ended June 30, 2012.

For the three months ended September 30, 2013, the Company incurred general and administrative expense of $762,256 compared with $281,711 for the three months ended September 30, 2012.  Overall, general and administrative costs increased during the period primarily due to the increase in payroll and depreciation.  For the nine months ended September 30, 2013 the general and administrative expenses were $1,774,695 versus $1,206,542 for the nine months ended September 30, 2012.

For the three months ended September 30, 2013, the Company experienced a net loss of $319,267 compared with a net profit of $233,520 for the three months ended September 30, 2012.  The decrease is attributed to the fact that the Company began depreciation on a quarterly versus annual basis and the extremely long 2013 winter.  For the nine months ended September 30, 2013 the Company experienced a loss of $444,633 as compared to a net profit of $638,154 for the nine months ended September 30, 2012.

The Company’s future growth is significantly dependent upon its ability to generate sales.  The Company’s main priorities relating to revenue are: (1) increase market awareness of our services through our sales and marketing plan, (2) growth in the number of customers and vehicles per customer, (3) providing extensive customer service and support and (4) the continued growth of the Company’s general contracting business, Outwest Field Services, LLC.  Earlier in the year, the Company achieved a major milestone by adding financing capacity up to $5,000,000 with its funding source, CapFlow Funding Group Managers LLC (“CapFlow”), based in Rutherford, NJ.  The company factors majority of its receivables through CapFlow.

Subsequent Events:

During the quarter it was determined by the Board of Directors that the Company was misled in its acquisition of the Monson Corporation in February 2013.  A lawsuit has been filed for recovery of costs and damages.

The Board of Directors has decided to change the focus of B3 Well Services LLC.  With increasing costs and competition in the Bakken, the Company experienced losses exceeding $1 million to-date.  Going forward, the Company will sell the majority of its truck fleet and contract its hauling through third parties at a profit.

On November 1, 2013, the Company began operations of its new subsidiary, Luminart Leasing LLC.  The company will manage all of the corporation’s moving fixed assets and bill for their use to third parties and intercompany. The Company has substantial equipment which is in demand throughout the industry and it is believed that the leasing subsidiary will provide an excellent revenue base.

The Board of Directors is currently determining the continued use of Black & Blue Water Services and Monson Corporation.  Both companies have remained dormant through the year.

About Luminart Corp. and Its Subsidiaries:

Luminart Corp. subsidiaries: B3 Well Services, White Star Sand & Gravel, OutWest Field Services, Westby Rock & Gravel LLC are focused on the expansion of contract hauling materials for infrastructure development, mining and processing materials for road building, providing storage and hauling of pipe, supplying crane operations and qualified riggers, transporting of miscellaneous heavy equipment, and well drilling in the oil and gas fields of North Dakota, Montana, Oklahoma, and Texas.

Forward-Looking Statements:

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.