Viking Closes Joint
Venture Re: Medical & Bio-Hazard Waste Treatment
Technology
HOUSTON, TX - January 24, 2022 -
InvestorsHub NewsWire - Viking Energy Group, Inc.
(OTCQB:VKIN) ("Viking" or the
"Company") is pleased to
announce it acquired on January 18, 2022 a 51% interest in an
entity that owns the intellectual property rights to a fully
developed, patent pending, ready-for-market proprietary Medical
& Bio-Hazard Waste Treatment system using Ozone Technology (the
"Ozone
System"). The purchase
price for the acquired interest was $5,000,000 worth of shares of
Viking common stock payable as follows: (i) $2,000,000 at closing;
(ii) $2,000,000 after product revenues reach
$10,000,000[1];
and (iii) $1,000,000 after product revenues reach
$20,000,000[2].
James Doris, President and Chief Executive Officer of Viking,
commented, "We are extremely
pleased to continue our strategy to acquire ready-to-market
products that demonstrate our commitment to innovation, sustainable
technologies and carbon footprint reduction. The medical waste treatment industry is more
than $20 billion annually and growing rapidly.
Proper treatment
and disposal, however, of medical and bio-hazard waste has come
under heightened scrutiny during these globally trying
times. The industry has had limited innovation for
decades. Treating biohazardous waste using ozone is the safest,
most environmentally sustainable and cost-effective technology for
medical waste compared to all existing alternatives. Ozone has been
in use as a sterilizing agent for over 100 years with a proven
operational safety and efficacy record. And finally, we are in
discussions with customers in the United States and abroad with
regarding the potential utilization of the technology at several
locations".
This advancement in waste treatment technology is a
sustainable alternative to incineration, chemical, autoclave and
heat treatment of bio-hazardous waste. The OZONE technology fine
shreds the raw waste in a controlled ozone environment as the first
step in the waste processing treatment. The waste is reduced in
volume by up to 90% and is no longer recognizable or retrievable,
eliminating HIPPA violations. The treated waste is classified as
renewable fuel for waste-to-energy (WTE) facilities in many
locations around the world. OZONE is effective to kill all known
pathogens including bacteria, fungi, and viruses.
The OZONE biohazardous waste treatment technology extracts
oxygen from the ambient air and converts it to ozone using plasma
ozone generators. This ozone is used to treat biohazardous waste in
a very safe and controlled manner. The processing and treatment of
the waste is done at room temperature, no steam or heat is
required, and no by-products are produced from this system. After
the treatment, any residual ozone is automatically converted back
into oxygen, resulting in "zero" emissions.
The Ozone System is designed to assist with critical waste
needs of a variety of institutions or organizations,
including:
Hospitals
|
Nursing Homes
|
Universities
|
Laboratories
|
Border Crossing Facilities
|
Research Facilities
|
Cruise Ships and Vessels
|
Resorts and Hotels
|
Transfer Stations MSW
|
Airports & Terminals
|
Military Facilities
|
Correctional Facilities
|
Additional details
regarding the proposed transaction 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 January 24, 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
This press release may contain
forward-looking information within the meaning of Section 21E of
the Securities Exchange Act of 1934, as amended, and Section 27A of
the Securities Act of 1933, as amended. Any statements that are not
historical facts contained in this press release are
"forward-looking statements", which statements may be identified by
words such as "expects," "plans," "projects," "will," "may,"
"anticipates," "believes," "should," "intends," "estimates," and
other words of similar meaning. Such forward-looking statements are
based on current expectations, involve known and unknown risks, a
reliance on third parties for information, transactions that may be
cancelled, and other factors that may cause our actual results,
performance or achievements, or developments in our industry, to
differ materially from the anticipated results, performance or
achievements expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially from anticipated results include risks and uncertainties
related to the fluctuation of global economic conditions or
economic conditions with respect to the oil and gas industry, the
COVID-19 pandemic, the performance of management, actions of
government regulators, vendors, and suppliers, our cash flows and
ability to obtain financing, competition, general economic
conditions and other factors that are detailed
in Viking's
filings with the Securities and Exchange Commission. We intend that
all forward-looking statements be subject to the safe-harbor
provisions.
Contact
Information
Investors and Media:
Tel. 281.404.4387 (ext.3)