Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF), an oil company focused on the development and implementation of its proprietary oil-extraction technologies and remediation technologies, has confirmed a conditional, unsolicited takeover bid. The company announced that an indirect, wholly owned subsidiary of Viston United Swiss AG, 2869889 Ontario Inc., had begun the process of acquiring all issued and outstanding PQEFF common shares. According to the announcement, the company advised its shareholders to take no action until Petroteq’s board of directors had made a formal recommendation. The company noted that it is considering potential opportunities and is dedicated to maximizing value for all stakeholders. “There can be no certainty that the offer will be supported by the board or that any other strategic transaction with any other person will be pursued by Petroteq or ultimately completed,” the company stated in the press release. “The board is reviewing the offer and will make its formal recommendation in response to the offer as required by applicable securities laws. . . . The board continues to believe Petroteq is well positioned to be an industry leader with its one-of-a-kind oil sands extraction technology.”
To view the full press release, visit https://ibn.fm/IlnHd
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 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.
NOTE TO INVESTORS: The latest news and updates relating to PQEFF are available in the company’s newsroom at http://ibn.fm/PQEFF
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