Final Project Milestone Met as Operations Start in Utah
LAS VEGAS, NV / ACCESSWIRE / June 2, 2020 / Vivakor, Inc. (OTC PINK:VIVK), a clean technology and asset acquisition company, is pleased to announce that its Remediation Processing Center Royalty II Machine (RPCII) has successfully entered the production phase of operations at its Asphalt Ridge facility in Utah. This commencement of operations marks the completion of the final project milestone.
"The RPCII is fully operational and exceeding expectations, boasting the very latest in our proprietary, clean technology solution for the remediation of hydrocarbon contaminated sands," stated, Vivakor Chief Executive Officer, Matt Nicosia. "After thousands of dedicated hours in design and engineering, meticulous construction, calibration, and quality control, we are thrilled to commence operations. And, we are already seeing the fruits of such innovative, proprietary design and operations, with throughput surpassing initial forecasts. Further, our oil waste to energy operations produce bituminous material that can be used in the nearly $100 billion global asphalt market. Not only do our RPCs provide an economic benefit for our investors and communities where we operate, but they are also socially responsible and aligned with many of the Sustainable Development Goals outlined by the United Nations."
The RPCII was financed via an opportunity zone royalty offering that closed October of 2019. RPCs are designed, engineered, and manufactured in an Opportunity Zone in South Salt Lake, Utah, utilizing multiple patent-pending technologies owned by the company. Each RPC can process up to 700 tons of hydrocarbon contaminated sands, with an operating life of at least 20 years. Depending on pricing and service fees, each RPC can generate potentially $4 to $6 million in top line revenue per year. This production occurs in a fully enclosed, continuous feed operating system that uses no water and emits no harmful pollutants, which has enormous upside implications for the company and the planet.
VivaVentures Energy Group (VVEG) owns the royalty rights to all Vivakor projects in Utah and the Middle East. Vivakor has contracted to operate and purchase a property with estimates of over 40 million barrels of heavy crude that will need to be remediated in sands located near Vernal, Utah. Vivakor Middle East entered a United Nations sponsored remediation contract for the clean-up and remediation of waste oil contaminated soil material, which remains as a result of the Iraqi invasion of Kuwait. The entire United Nations sponsored remediation project in Kuwait contains an estimated 20 million cubic meters of contaminated soil. Vivakor is the only Company known to possess a viable and successful technology solution for the United Nations project at this time. VVEG will provide financing of the Vivakor extraction units through an Opportunity Zone, VivaOpportunity Fund, LLC, in exchange for a royalty paid to fund owners.
About Vivakor, Inc.
Vivakor, Inc. (VIVK), a clean energy technology and asset acquisition company with a focus in the area of natural resources. Vivakor's corporate mission is to create, acquire and accumulate distinct assets, intellectual properties, and exceptional technologies that produce solid returns to its valued shareholders and partners. The company currently focuses on bitumen (heavy crude) extraction from shallow, oil-laden areas in Eastern Utah, along with petroleum-based remediation projects across the globe. The technologies utilized are low-cost, proprietary and proving themselves industry disruptive when measured by a number of important factors. The general business model has been to be an acquisition hub, focused on building and acquiring cash-flowing assets in discrete areas that have an acknowledged technological advantage and enable a substantial market opportunity within significant target markets across the globe. Our research, and the technology we acquire are anchored by our relationships with synergistic partners and product-specific commercialization strategies. From the point of product or technology conception, or through acquisition, development and commercialization, we expect to have strategic partners, joint ventures or licensing arrangements in place for many of our products in order to sustain revenue attainment.
For more information, please visit our website: http://vivakor.com
This news release may contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including economic slowdown affecting companies, our ability to successfully develop products, rapid change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in Vivakor's filings with the Securities and Exchange Commission, which factors may be incorporated herein by reference. Forward-looking statements may be identified but not limited 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. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
SOURCE: Vivakor, Inc.
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