Yahoo Finance CYBER ENVIRO-TECH ENTERS INTO A MEMORANDUM OF UNDERSTANDING TO ACQUIRE A SALT WATER DISPOSAL FACILITY IN THE PERMIAN BASIN
SCOTTSDALE, Ariz., June 12, 2024 /PRNewswire/ -- (OTC Pink: CETI), Cyber Enviro-Tech, Inc. an international eco-conscious remediation company, is pleased to announce the signing of a Memorandum of Understanding to acquire a Salt Water Disposal (SWD) facility in the Permian Basin of West Texas. CETI will collaborate with a long-established SWD and oil field operating company to restore this facility to full operational condition. The goal is to develop a Pilot SWD facility that not only manages water disposal but also showcases advanced technologies in desalinization, water remediation, and sludge contamination removal, converting waste into saleable oil. With CETI's biotechnology solutions, the Company's aim is to demonstrate its ability to safely repurpose wastewater for agricultural use or even restore it to potable drinking water quality for local communities. CETI expects to complete its due diligence and sign a definitive agreement by the third quarter of 2024, with production and revenue generation following soon thereafter.
During oil production, significantly more contaminated water is produced than oil. This wastewater, laden with hydrocarbons and industrial compounds, poses severe environmental risks. Currently, it is transported to salt water disposal wells and injected deep underground. In 2020 alone, the state of Texas disposed of approximately 4.4 billion barrels of contaminated oil production wastewater through SWDs. The persistent drought conditions in Texas have underscored the critical need to optimize the use of limited water resources.
CETI's focus is to treat and repurpose a substantial amount of the water it receives from oil fields. Post-treatment, this water can be reused by oil companies, in agriculture, or even as drinking water where needed. Globally, agriculture consumes about 70% of freshwater resources, making CETI's water remediation capabilities particularly valuable to local communities and Industries.
"The potential of acquiring this West Texas SWD would mark a new chapter in our bioremediation enterprise as it allows us to showcase our unique, total waste solutions. By combining multidisciplinary innovations, we not only demonstrate environmentally sound practices but also the most effective and economical ones" said Kim D. Southworth, co-founder and CEO of Cyber Enviro-Tech, Inc.
ABOUT CYBER ENVIRO-TECH, INC. CETI is an international eco-conscious, oil/sludge, water and soil remediation Company. Using bio remedial material and other proprietary equipment and processes, we are able to extract and eliminate many hazardous waste materials found in today's oil, industrial wastewater and soil. CETI has designed safe, cost-effective remediation systems including 4th Industrial Revolution technologies. This would include machine learning, artificial intelligence, the cloud, SCADA, etc., along with the application of our non-chemical, bio remedial material. Our core business model is focused on cleaning oil/sludge ponds, storage tanks, oil spills, mining and other soil remediation projects and all bodies of contaminated industrial wastewater.
FORWARD-LOOKING STATEMENTS
Any statements contained in this press release that do not describe historical facts constitute forward-looking statements. Forward-looking statements may include, without limitation, financial projections, statements regarding the plans and objectives of management for current and future operations, the development, regulatory approvals and commercialization of the Company's products, or any of the Company's proposed services, systems, services, licensing arrangements, joint ventures, partnerships or acquisitions. Such forward-looking statements are not meant to predict or guarantee actual results and performance and actual events or results may differ considerably. Factors that may cause actual results to differ materially from any projections may include, without limitation, delays in the Company's development of its products and services, the inability to obtain additional financing, the impact of significant new or changing government regulation on the industry, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company's general failure to effectively implement the Company's business plans or strategies. The Company assumes no obligation to update any forward-looking statements to reflect any change in events or circumstances that may arise after the date of this release.
CONTACT:
Winston McKellar,
Dir of IR/PR
Cyber Enviro-Tech, Inc.
6991 E. Camelback Rd., Suite D-300
Scottsdale, AZ 85251
866.687.6856
Email: info@cyberenviro.tech
www.cyberenviro.tech
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SOURCE Cyber Enviro-Tech
