Camber Energy, Inc. (NYSE:CEI) (“Camber”) and Viking Energy Group, Inc. (OTCQB:VKIN) (“Viking”) today announced that the shareholders of each of Camber and Viking approved by the requisite voting thresholds at special meetings held separately by each company on July 20, 2023, the various proposals relating to the adoption and approval of the Agreement and Plan of Merger between Camber and Viking dated February 15, 2021, as amended on April 18, 2023 (collectively, the “Merger Agreement”) and the transactions contemplated by the Merger Agreement, including a wholly owned subsidiary of Camber merging with and into Viking (the “Merger”), with Viking surviving the Merger as a wholly owned subsidiary of Camber and Camber remaining the sole publicly-traded entity.
Closing Date
Camber and Viking anticipate that the Merger will be completed on or about August 1, 2023, subject to the satisfaction of required closing conditions.
Benefits of Merger
If remaining closing conditions are satisfied, upon closing of the Merger, Camber will acquire full legal and accounting control of Viking, permitting Camber to, among other things, report underlying subsidiary revenues at the Camber level, and Camber would benefit directly and fully from Viking’s business activities, including as it relates to Viking’s interests in the following:
- Custom Energy & Power Solutions Business;
- Exclusive License to a Patented Clean Energy & Carbon-Capture system;
- Intellectual property rights to a fully developed, patented ready-for-market proprietary Medical & Bio-Hazard Waste Treatment system using Ozone Technology; and
- Patent-pending ready-for-market proprietary Open Conductor Detection systems.
Voting Results
The formal results of the vote at Camber’s special meeting will be included in a Current Report on Form 8-K to be filed by Camber with the Securities and Exchange Commission, and the formal results of the vote at Viking’s special meeting will be included in a Current Report on Form 8-K to be filed by Viking with the Securities and Exchange Commission.
