Vivakor Relocating RPC #2 from Vernal, Utah to Kuwait

Rhea-AI Summary

Vivakor, Inc. announces the relocation of its Remediation Processing Center 2 from Utah to Kuwait. The company has secured $1.95 million in loan financing and expects to generate revenue from its operations in 2024 based on successful pilot results.

Positive

• Vivakor plans to relocate its Remediation Processing Center 2 from Utah to Kuwait, which is expected to generate revenue in 2024. The company has secured $1.95 million in loan financing.

Negative

• None.

Based on Successful Results Yielding Less Than 1% Total Petroleum Hydrocarbons in Treated Contaminated Soil in Kuwait

LEHI, UT / ACCESSWIRE / June 20, 2023 / Vivakor, Inc. (NASDAQ:VIVK) ("Vivakor" or the "Company"), a socially responsible operator, acquirer and developer of clean energy technologies and environmental solutions, is pleased to announce the planned relocation of its Remediation Processing Center 2 (RPC #2) from Vernal, Utah to Kuwait.

The Company is expecting to begin the dismantling process for RPC #2 by the end of June and targeted to be in Kuwait during the fourth quarter 2023. Vivakor has secured loan financing totaling $1.95 million, to be received over eight installments as certain milestones are reached, from signing the loan documents to full installation of the RPC #2.

Vivakor Chairman and Chief Executive Officer James Ballengee, commented, "We are excited to have contracted our RPC #2 with Aldali Int'l for Gen. Trading & Cont. Co. ("DIC") and to relocate it to Kuwait. We expect the relocation of RPC #2 will enable us to generate revenue from its operations in 2024 based on the successful pilot machine results yielding less than 1% Total Petroleum Hydrocarbons ("TPH") in treated contaminated soil in Kuwait. We look forward to having our team in place in Kuwait readying the machine in the fourth quarter and positioned for operations in early 2024."

The completed trial was deemed a success, as the commissioning phase was concluded and KOC/PMC approved to move to commercialization. After the treatment and analysis of the soil, the final treated soil TPH range was measured between 0.2% to 0.4% which is within the excepted range of TPH < 1%.

The contaminated soil treatment activity was conducted at the South Kuwait Excavation, Transportation and Remediation (SKETR) Zone III project in DIC Yard, Mina Abdullah, Kuwait.

The Vivakor Field Trial carried out the treatment of contaminated soil in the presence of KOC / PMC representatives. The Vivakor Pilot Plant at the DIC yard treated the contaminated soil by using contaminated soil of TPH range 7% - 10 % and 10% - 15% and brought the TPH to < 1%.

About Vivakor, Inc.

Vivakor, Inc. (NASDAQ:VIVK), is a clean energy technology company focused on the oil remediation and natural resources sectors. Vivakor's corporate mission is to operate, create, acquire and accumulate distinct assets, intellectual properties, and exceptional technologies. Its Silver Fuels Delhi, LLC, and White Claw Colorado City, LLC subsidiaries include a crude oil gathering, storage, and transportation facilities, which feature long-term ten year take or pay contracts.

The Company's patented Remediation Processing Centers allows for the environmentally friendly recovery of bitumen (heavy crude) and other hydrocarbons from the remediation of contaminated soils. It is believed to be the only remediation system that can clean soils with more than 5% by weight oil contamination while fully recovering the oil and leaving the soil fully viable for reuse. Its Remediation Processing Centers currently focus on generating petroleum-based remediation projects in Kuwait and in Houston, Texas.

For more information, please visit our website: http://vivakor.com

Forward-Looking Statements

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.

Investors Contact:
P:949-281-2606
info@vivakor.com

ClearThink
nyc@clearthink.capital

SOURCE: Vivakor

View source version on accesswire.com:
https://www.accesswire.com/762205/Vivakor-Relocating-RPC-2-from-Vernal-Utah-to-Kuwait

FAQ

What is Vivakor, Inc. announcing?

Vivakor, Inc. is announcing the relocation of its Remediation Processing Center 2 from Utah to Kuwait.

When does Vivakor expect to begin the dismantling process for RPC #2?

Vivakor expects to begin the dismantling process for RPC #2 by the end of June.

How much loan financing has Vivakor secured?

Vivakor has secured $1.95 million in loan financing.

When does Vivakor expect to generate revenue from its operations?

Vivakor expects to generate revenue from its operations in 2024 based on successful pilot results.

Where was the contaminated soil treatment activity conducted?

The contaminated soil treatment activity was conducted at the South Kuwait Excavation, Transportation and Remediation (SKETR) Zone III project in DIC Yard, Mina Abdullah, Kuwait.