Full Deployment Expected in Q1 2020 in Utah
LAS VEGAS, NV / ACCESSWIRE / October 15, 2019 / Vivakor, Inc. (OTCPK:VIVK), a technology and asset acquisition company with a focus in the area of natural resources, announced it has closed its second royalty program for approximately $6 million.
The Royalty II program, later structured to invest in a Utah Opportunity Zone Business, was over-subscribed at $6 million. The funds went to complete the assembly and deployment of a Remediation Processing Center (RPC) containing Vivakor’s proprietary, patent-pending oil extraction technology. Management expects the RPCII, which is currently being assembled on an open oil sands mine in Eastern Utah, to be completed within 90 days, with revenues anticipated in Q1 2020. It is anticipated that RPCII will have an hourly processing capacity of 25 tons after deployment and will operate 24 hours a day, 6 days a week.
“The successful over subscription of our Royalty II Opportunity Zone offering is a major step forward in the Company’s financial business model. Project Machine financing in an opportunity zone manufacturing business allows the Company to have access to capital, and allows investors to participate in the opportunity zone incentive, with the potential of receiving quarterly cash flow from RPC production anticipated for 20 years. The Company intends to continue this form of fund raising and financing to work toward the deployment of at least 30 RPC’s over the course of the next 3 years,” stated Vivakor Chief Executive Officer Matt Nicosia.