Terms for the acquisition were not disclosed
Ziyen Energy has announced they have acquired their latest acquisition in exchange for ZiyenCoin, this time acquiring a royalty interest in an energy project in Texas. Terms for the acquisition were not disclosed.
Alastair Caithness, CEO, stated:
“Economic turmoil associated with the coronavirus pandemic has wide-ranging and severe impacts upon financial markets, including stock, bond and the commodity markets. In addition, the Russia–Saudi Arabia oil price war resulted in a collapse of crude oil prices. Domestically it has been a catastrophe for small independent US producers, with WTI for the first time in history trading at negative $37.63 per barrel.
“Even with a resurgence after an OPEC cut, demand for oil has been badly hit as travel restrictions remain in place in many countries and people are advised to stay at home. Both air and vehicle travel have essentially come to a virtual standstill.
“Markets across all asset classes continue to experience a period where old assumptions are out the window. Risk has taken on a new dimension as the world continues to face a global pandemic. The stock market crash of 1987, the tech bubble around the turn of the century, and the 2008 global financial crisis all pale in comparison to the current environment.
“Warren Buffett famously stated, ‘Be fearful when others are greedy and be greedy when others are fearful’.
“Ziyen Energy’s latest acquisition in ZiyenCoins is the first of many in the coming months, and we are now taking an agnostic approach to energy with our first acquisition in a renewable energy project to be announced shortly.”
Source: Company Press Release