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, is updating shareholders, investors and the public on the pending offer by Viston United Swiss AG. Viston, acting through 2869889 Ontario Inc., its subsidiary, is offering to purchase all outstanding common shares of Petroteq. The update also includes a response to conditions to the offer set forth by Viston in the Fourth Notice of Variation and Extension, filed with the Securities and Exchange Commission on June 17, 2022. The company is reiterating an earlier recommendation by its board of directors to accept the offer and agreement to tender common shares in response to the offer. In addition, the company noted that it has no objections to the new conditions and wishes to reiterate and confirm that it has no plans or intentions to cause or permit any change in the capitalization of Petroteq or any of its subsidiaries as publicly disclosed in recent filings. The company also plans to involve Viston in the CEO Search and agrees that no matters shall be placed on the agenda of matters to be approved or adopted by shareholders at its upcoming annual and special shareholders meeting scheduled for July 21, 2022, other than matters included in the Notice of Meeting. In addition, Petroteq has submitted the 2022 Equity Incentive Plan for approval at the meeting, being consistent with sound business practice and a necessary move in order for Petroteq to attract and retain corporate leadership. In addition, Petroteq has attempted, through settlement and compromise, to resolve all outstanding issues with the Securities and Exchange Commission. “We look forward to continuing the supportive and cooperative relationship that has developed between Viston and Petroteq and will continue to keep our shareholders updated as developments warrant,” the company stated in the press release.
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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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