Under the Symbol:
Vivakor Closes $6 Million Opportunity Zone Offering to Complete its Second Remediation Processing Center
Tuesday, October 15, 2019 8:30 AM
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.
About Vivakor, Inc.
Vivakor, Inc. (VIVK), a 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 are anticipated to 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.