Vivakor, Inc. Announces Strategic Sale of Non-Core Subsidiaries to Strengthen Financial Position

Vivakor, Inc. (NASDAQ: VIVK), a prominent name in the energy sector, has taken a significant step towards financial optimization by selling its non-core subsidiaries, Meridian Equipment Leasing LLC and Equipment Transport LLC. This strategic divestiture has not only brought in approximately $11 million in net consideration but also relieved the company of about $59 million in debt, thereby enhancing its credit metrics and fortifying its capital structure.

James H. Ballengee, the Chairman, President, and CEO of Vivakor, highlighted the strategic importance of this move. By exiting the produced water transportation sector, the company aims to reduce its annual interest expenses and redirect its focus towards more lucrative areas such as crude oil transportation, midstream infrastructure, and environmental remediation services. This decision is a testament to Vivakor's commitment to refining its operational focus, improving capital efficiency, and securing funds for future growth initiatives.

The sale of these subsidiaries is a clear indication of Vivakor's strategy to streamline its operations and concentrate on core areas that offer higher margins and sustainable growth. For further insights into this strategic development, interested parties can visit https://ibn.fm/etqLw. Additional information about Vivakor's services and operations is available at http://vivakor.com.