Initial Contract Worth up to $2 Million Expected to Start in August
Long-Term Potential of Tens of Millions of Dollars Over Several Years
LAS VEGAS, Aug. 23, 2018 (GLOBE NEWSWIRE) -- Vivakor, Inc. (VIVK), a technology and asset acquisition company with a focus in the area of natural resources, today announced its successful delivery of its oil remediation unit in Kuwait.
Under its previously announced contract award from February 15, 2018/, Vivakor expects to begin work in September. The initial work covers approximately 15,000 metric tons of contaminated sands and is expected to be completed in six months. This first phase of the contract totals approximately $2 million and represents just a small fraction of the total opportunity of the project in Kuwait.
Vivakor is providing advanced technological oil-separation resources in Kuwait through its engagement with The Energy Resource Institute (“TERI”). The project is located at the existing TERI contracted site in Kuwait. The materials processed at the site are from the Kuwait Environmental Remediation Program (“KERP”), a United Nations funded project for cleaning up oil spilled due to the Iraqi invasion in 1991. Vivakor had been selected to process weathered crude material with significant oil content contained therein.
Vivakor has been the only company in the world to demonstrate the ability to clean sludge with the residual Total Petroleum Hydrocarbon (“TPH”) targets imposed by the Kuwaiti government for these renowned remediation projects. Requirements for TPH residuals were for less than 0.5%, and Vivakor came in at 0.2%.
The entire KERP project is approximately 26 million cubic meters with billions of dollars allocated by the United Nations for remediation of the defined areas. Given indications that at least 10 million cubic meters of the total 26 million, are in excess of 7% by weight of hydrocarbons, Vivakor believes its technology can process all of the defined such materials in the KERP project.
Garen Kolajian, General Manager of Vivakor Middle East, stated, “Our relationship with TERI in the Middle East is a very important focus for the Company. We are proud that our work over the past months and years has validated our proprietary technology and its differentiation and value-add to our partners and customers. We look forward to working with TERI and Kuwaiti officials in solving a serious problem, creating value and restoring land back to its original beauty.”
Vivakor Chairman and CEO Matt Nicosia, commented, “This is an extraordinary accomplishment for our Company, as our team, technology and processes went through highly complex vetting with TERI and Kuwaiti officials to be an approved vendor. We are eager to begin our work, as we believe this project has the potential to be a several year and tens of million of dollars significant opportunity for Vivakor.”
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 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
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.
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