Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF) is an oil company focused on the development and implementation of its proprietary oil-extraction and remediation technologies. The company today announced that its founder, former chairman and CEO Alex Blyumkin has tendered shares in respect to the tender offer by 869889 Ontario Inc., an indirect wholly-owned subsidiary of Viston United Swiss AG, to purchase all issued and outstanding common shares of Petroteq. The offer remains open for acceptance until 5:00 p.m. (Toronto time) on April 14, 2022, unless it is further extended, accelerated or withdrawn by the offeror in accordance with its terms. Recognizing that Blyumkin holds a significant number of shares, his tender will assist the offeror with acquiring the majority needed to complete the offer. The board of directors has recommended to shareholders to tender to the offer.
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About Petroteq Energy Inc.
Petroteq is a clean technology company focused on the development, implementation and licensing of a patented, environmentally safe and sustainable technology for the extraction and reclamation of heavy oil and bitumen from oil sands and mineable oil deposits. The versatile technology can be applied to both water-wet deposits and oil-wet deposits — outputting high-quality oil and clean sand. Petroteq believes that its technology can produce a relatively sweet heavy crude oil from deposits of oil sands at Asphalt Ridge without requiring the use of water and, therefore, without generating wastewater, which would otherwise require the use of other treatment or disposal facilities that could be harmful to the environment. Petroteq’s process is intended to be a more environmentally friendly extraction technology that leaves clean residual sand that can be sold or returned to the environment, without the use of tailings ponds or further remediation. For more information about the company, visit www.Petroteq.energy.
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