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To: Tom Allinder who wrote (21317)	5/26/1998 7:52:00 AM
From: loafy loaf	Respond to of 34592

Viking Resource Down due to false rumors is near the end of making its biggest acquisition. This acquisition is expected to add over $200.0 million in annual revenues to Viking with estimated earnings in the first 12 months of between $.25 to $.30 per share. The division includes multiple owned facilities and operating contracts in Germany, France, Norway, Sweden, Japan and the U.S. This came out last Friday after the market closed at 4:01 pm: Viking Resources Sets the Record Straight Business Wire - May 22, 1998 12:22 TAMPA, Fla.--(BUSINESS WIRE)--May 22, 1998--In response to speculation regarding the current status of the company, Viking Resources International Inc. (OTC BB:VIKG) Chairman/CEO Gerald L. Kuhr and Dan O. Erickson, Viking's president/CFO by this release confirm the following facts: -- Pending Acquisition of International Environmental Division -- Based on the terms of the signed definitive agreement between Viking and this European company, the release of the name of the acquisition will occur following the upcoming meeting to finalize the transition and allow for an orderly changeover in ownership. All financial aspects of this transaction are on schedule including the confirmation of payments totaling $25 million and the securing of a required $100 million performance bond. The remaining cash payment of $6 million is due upon the commencement of the transition period. -- Board Authorized Share Repurchase Program -- Starting today, shares of Viking's common stock have been purchased in the open market. Viking's current stock price is not reflective of the value of the company and represents an excellent buy opportunity. The company intends to maintain a buy back program for up to 1 million shares as previously announced. -- Broad Cove Colony/The Hamptons -- The company is currently reviewing a recent qualified offer of $31 million (net of $30 million after fees) for this prime real estate package. The company recently announced that its position in the Broad Cove deal was increased from 56% to 80% on this property valued at $35 million. -- Connecticut ACLF-Zoned Property -- The company continues in its negotiations regarding the development of this parcel valued at $3.5 million with estimated build out and sale profits of $20 million or $6 million per year in revenue on a managed rental basis following development. -- Epi Systems -- Involved in international waste-to-energy products with contracts to recycle over one million tons of municipal solid waste. The company maintains an office in Munich to oversee the European operations. -- Waste Tire Recycling Company -- In November of 1997, Viking announced a Letter of Intent to acquire T&R Recovery Systems Inc., a St. Petersburg, Fla. based company. During the due diligence process, the discovery of improper permitting on the part of T&R Recovery resulted in the cancellation of the LOI. Another Florida based tire recycler obtained the contracts and operations that made T&R a possible acquisition candidate for Viking. Viking has had preliminary conversations with this new company and any future developments in the area of tire recycling will be announced as they occur. -- Juleon Inc. -- Acquired by Viking in 1997, this Florida company currently has operations in the long haul trucking industry while research, development and setup, continue in anticipation of the production of fiberglass products, including proprietary interlocking roof tile panels and double walled in-ground tanks. Additionally, Juleon's principals have identified two specialty companies for acquisition and are currently looking at office and warehouse space in the Pinellas County area of Florida. Viking expects to move into larger corporate offices in Tampa, while maintaining a private office in the New York area for the chairman's use and to facilitate current business transactions. Viking Resources International Inc. is a holding company with a strategy of expansion through development and acquisition with its primary focus in the environmental and recycling industry in the US and internationally. Except for the historical information presented, the matters discussed in this release are forward looking statements and are subject to risks and uncertainties that could cause actual results to differ materially. CONTACT: Investor Relations 800/777-0264 or 800/913-9767