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 issued a supplement to its Nov. 6, 2021, Directors’ Circular. The company’s board of directors issued the supplement, which unanimously recommends accepting the offer made by 2869889 Ontario Inc., an indirect, wholly owned subsidiary of Viston United Swiss AG; the offer includes the acquisition of all issued and outstanding PQEFF common shares of the company. The board made the recommendation after consulting with the company’s financial advisor, Haywood Securities Inc. According to the announcement, the recommendation was made for several reasons, including the following: the premium over market price, the unlikelihood of a superior offer, common shares remaining relatively illiquid, the certainty of the outcome, the possible decline in market price, the reduction of inherent business risk, the significant growth funding required and the ability to respond to superior proposals. “After intense due diligence, the directors have recommended the tender action,” said Petroteq Energy CEO and chair Dr. Gerald Bailey in the press release. “We are particularly pleased with the recognition this shows of our technology which we have taken from inception to commercial viability as a one of its kind in oil sands eco-friendly, green extraction. We had always forecast a great future. However, we respect the value of this offer to shareholders, and if it can be achieved, it will reward our many dedicated supporters.”
To view the full press release, visit https://ibn.fm/awV4j
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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