Las Vegas, NV (Marketwired) - Vivakor Inc. (OTC PINK: VIVK) announced that its Energy Unit has entered into a Joint Technology Venture with CSS Nanotech, Inc. (CSSN) based in Houston, TX.
The venture focuses on oil in the energy sector. Vivakor's focus is on creating technologies that enable the transformation of natural resources into usable products; providing incredible economic and environmental benefit to its clients across the globe.
CSS Nanotech, Inc. (CSSN) is a nanomaterials company founded in March 2014 with a vision to develop, license, and commercialize nanotechnology that can provide solutions to significant materials challenges and innovate tomorrow's world. Their corporate mission is to provide customers and strategic partners with scalable and cost-effective nanomaterials solutions that will deliver valuable improvement to product performance and operational efficiencies. The company is targeting the Energy Sector, multifunctional Composites Industry, and environmentally sustainable water treatment. Their unique and proprietary Carbon Nanotube (CNT) materials called NanoSponge™ will help Vivakor commercialize advanced heat exchanger technology for petrochemical extraction and micro oil refining processing applications.
The technology collaboration looks at ways of enhancing hydrocarbon reserves that are already in place. These reserves vary from conventional oil reservoirs to tar/oil sands. Through this venture, CSSN with its partners has been designing innovative thermal-based technologies in the oil space. Vivakor provides financial support and its own intellectual properties to this endeavor. This alignment optimizes Vivakor's oil extraction capabilities and drives immediate, measurable impact in the oil remediation and reclamation space.
Vivakor's focus domestically is on the rich, oil sands designated areas of Eastern Utah, specifically in the Uintah Basin which is part of the massive Green River Oil Formation that extends through Colorado, Utah and Wyoming. The proven oil sands reserves in Utah are 32 billion barrels (USGS). Vivakor currently operates its oil extraction technology from a facility in Vernal, UT. The low-cost processing capability with the amount of readily available oil sands material places the Company in a strong position as other participants in the oil sands extraction space have not been able to successfully operate for various reasons.
The Company reaffirmed that its oil sands processing technology has a multi-purpose and multi-functional capability through the use of their next-generation oil extraction technologies. This technology venture provides the ability to cleanup oil in a number of different capacities. Vivakor and CSSN's joint technology collaboration will enable companies to clean and recover the oil spilled during day-to-day operations or because of accidental spills into the environment. Oil spills that are not addressed and accumulate, create an interruption of business operations or worse yet, may negatively impact the ecosystem. Vivakor and CSSN will be able to assist companies and governments in areas where oil has contaminated the soil/water due to spills and can assist with cleanup due to the ravages of war and terrorism. The humanitarian aspect to the cleanup fits into Vivakor's charter for responsible Corporate Governance across the globe.
Vivakor's intellectual properties are proprietary and patented with a low-cost basis in their operational model in the natural resources space.
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This press release may contain forward-looking statements, including, but not limited to, statements regarding Vivakor's products and their related market potential. Forward-looking statements may be identified 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. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. 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 are incorporated herein by reference. Readers are cautioned not to place undue reliance on any of these forward-looking statements. Vivakor undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect actual outcomes.
SOURCE: Vivakor, Inc.