LAS VEGAS, NV / ACCESSWIRE / March 25, 2020 / Vivakor, Inc. (OTC PINK:VIVK), a clean technology and asset acquisition company declares it is moving ahead with business operations, despite challenges to the price of oil and economy amid the COVID-19 pandemic.
“The recent economic environment, particularly the price of oil, just demonstrates the importance of having a proprietary, crossover technology,” stated Vivakor Chief Executive Officer Matt Nicosia. “We know several other businesses in this industry that are highly dependent on the price of oil, we are not. Vivakor has focused on activities that pay us for contracted remediation efforts based on cubic meters processed. Further, our oil waste to energy operations can be pivoted to produce bituminous material that can be used in the nearly $100 billion global asphalt market. Working with a company that has this type of crossover ability is key for investors.”
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 100 million barrels of heavy crude that will need to be remediated in sands located near Vernal, Utah. Vivakor Middle East entered a 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. Vivakor’s technology, according to management, has the ability to remediate contaminated sands up to as high as 40% petroleum. 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 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: https://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.