Viking Closes Joint Venture Re: Medical & Bio-Hazard Waste Treatment Technology

HOUSTON, TX – January 24, 2022 (Accesswire) – Viking Energy Group, Inc. 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; and (iii) $1,000,000 after product revenues reach $20,000,000.

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:  

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

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