Viking Energy’s Majority-Owned Subsidiary, Simson-Maxwell Ltd., Appointed Exclusive Manufacturer and Vendor of Medical & Bio-Hazard Waste Treatment System
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 51% of Viking Ozone Technology, LLC ("VOT"), which 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").
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.
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.
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.
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SOURCE: Viking Energy Group, Inc.
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Released February 3, 2022