Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF), an oil company focused on the development and implementation of its proprietary oil sands extraction and remediation technologies, has been in discussions with Viston United Swiss AG, the parent company of 2869889 Ontario Inc., regarding the purchase of all issued and outstanding PQEFF common shares. The two companies have been discussing Petroteq’s upcoming meeting of shareholders, the trading reinstatement of Petroteq’s common shares on the TSX Venture Exchange, the search for a new CEO and the $2.5 million private placement that was just completed earlier this week. During discussions, Petroteq has noted its support of the Viston offer and confirmed that the company doesn’t plan on any defensive tactics against the offer. The company also noted its plans to consult with Viston regarding its upcoming July 21, 2022, shareholder meeting as well as any movement on the CEO appointment. The company also noted that moving forward it will work with Vista first if funding for operational matters is needed. The announcement also noted that Viston will vary one of the conditions contained in its offer as well as extend the expiry date for 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, Utah, without requiring the use of water and, therefore, without generating wastewater that would otherwise require the use of other treatment or disposal facilities, which could be harmful to the environment. Petroteq’s process is intended to be a more environmentally friendly extraction technology that leaves clean residual sand, which 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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