Viking Energy’s Majority-Owned Subsidiary, Simson-Maxwell Ltd., Appointed Exclusive Manufacturer and Vendor of Medical & Bio-Hazard Waste Treatment System
Viking Energy Group (OTCQB:VKIN) has completed a joint venture to acquire 51% of Viking Ozone Technology, which owns a patent-pending Medical & Bio-Hazard Waste Treatment system utilizing ozone technology. Following this, on February 2, 2022, VOT signed a Manufacturing and License Agreement with its majority-owned subsidiary, Simson-Maxwell, granting exclusive rights to manufacture and sell this system. Simson-Maxwell is already an approved vendor for the UK's National Health Service, enhancing its market reach.
- Acquisition of 51% of Viking Ozone Technology enhances product portfolio.
- Simson-Maxwell granted exclusive rights, opening high-margin revenue opportunities.
- Approval as a vendor for the NHS positions the Ozone System in a significant market.
- None.
HOUSTON, TX / ACCESSWIRE / February 3, 2022 / Viking Energy Group, Inc. (OTCQB:VKIN) ("Viking" or the "Company") announced on January 24th, 2022, the closing of a joint venture regarding the acquisition of
Viking is pleased to further announce that on February 2, 2022 VOT entered into a Manufacturing and License Agreement with Simson-Maxwell Ltd. ("Simson-Maxwell"), Viking's majority-owned subsidiary, pursuant to which Simson-Maxwell was granted exclusive worldwide rights to manufacture, market and sell the Ozone System.
Daryl Kruper, Chairman of Simon-Maxwell, commented "Entering into this license arrangement provides Simson-Maxwell with a significant, high-margin revenue opportunity. We will be able to manufacture the Ozone System using existing infrastructure and personnel, with nominal, if any, capex investment. Simson-Maxwell has been in business for over 80 years and is a respected designer and manufacturer of custom energy systems. Manufacturing the Ozone System is a perfect fit for our experienced team of engineers and other professionals, and this venture will be prioritized to meet anticipated demand. We are grateful for the opportunities our relationship with Viking has provided thus far and are excited to enter this market."
Simson-Maxwell has already been approved as a vendor for the purpose of selling the Ozone System within the National Health Service (NHS) foundation trust in the United Kingdom which manages hundreds of hospitals.
James A. Doris, President and Chief Executive Officer of Viking, commented "We are extremely pleased to be able to leverage the expertise within Simson-Maxwell to introduce this industry-leading Medical and Bio-hazard waste-treatment technology to the market. This initiative is an integral part of our overall strategy to pursue proven, innovative, sustainable and environmentally-friendly products and technologies."
Additional details regarding the license arrangement were included in, and the description above is qualified in its entirety by reference to, Viking's Current Report on Form 8-K filed with the Securities and Exchange Commission ("SEC") on February 3, 2022, and is available under "investors" - "SEC filings" at www.vikingenergygroup.com.
About Viking:
Based in Houston, Texas, Viking Energy Group, Inc. is a growth-oriented diversified energy company. Through various majority-owned subsidiaries, Viking provides custom energy & power solutions to commercial and industrial clients in North America and owns interests in oil and natural gas assets in the United States. The company also holds an exclusive license in Canada to a patented carbon-capture system. For more information, please visit the company's website at www.vikingenergygroup.com.
Forward-Looking Statements
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SOURCE: Viking Energy Group, Inc.
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