PETROTEQ ENERGY INC - PQEFF STOCK NEWS

Petroteq Energy Inc. (OTC PINK:PQEFF) has reaffirmed its support for the Viston United Swiss AG offer to purchase all outstanding common shares. As per the recent announcement, Petroteq's board continues to recommend acceptance of the Viston Offer, which aims for completion amid recent conditions set by Viston. The Company stated it has no plans for defensive tactics or changes in capitalization that could impede the offer, and it seeks Viston's involvement in its CEO search. The joint CFIUS review is expected to conclude by July 7, 2022.

Viston United Swiss AG, through its subsidiary, has announced an extension of its all-cash offer to acquire Petroteq Energy Inc. (TSX-V: PQE; OTC: PQEFF) until July 22, 2022. This extension is due to recent developments, including a cease-and-desist order from the SEC against Petroteq, which requires the company to pay $1 million in penalties and engage an independent consultant. The offer includes conditions related to a shareholder meeting and the hiring of a new CEO. The offer price of C$0.74 per share represents a significant premium of 279% over Petroteq's last trading price before a cease trade order was issued.

Petroteq Energy Inc. (OTC PINK: PQEFF) announced the successful compliance of all transactions reviewed by its Regulatory Oversight Advisory Committee (ROC) in May 2022, confirming that filings with the TSX Venture Exchange are compliant. The company has established a board subcommittee to oversee the search for a new CEO, involving independent members and consultants. Petroteq focuses on sustainable oil extraction and remediation technologies aimed at producing heavy crude oil without harmful wastewater, contributing to environmentally friendly practices.

Petroteq Energy Inc. (OTC PINK: PQEFF) announced a settlement with the U.S. Securities and Exchange Commission (SEC) resolving an investigation into violations involving the company and former officer Alex Blyumkin. The settlement includes a civil penalty of US$1 million to be paid over 12 months and mandates the remediation of disclosure controls and financial reporting issues within 90 days. An independent consultant will assess these changes, and Blyumkin is liable for a US$450,000 penalty. The company aims to ensure compliance and enhance its financial practices.

Viston United Swiss AG updates its cash offer to acquire all common shares of Petroteq Energy Inc. at C$0.74 each, representing a 279% premium compared to previous trading prices. Petroteq leadership supports the offer and has no plans to engage in tactics that could hinder the acquisition. The offer is open until June 17, 2022, with the possibility of extension. Viston also intends to vary offer conditions to accommodate a private placement necessary for Petroteq's operations.

Petroteq Energy Inc. has provided an update on its discussions with Viston United Swiss AG, which has made an offer to acquire all common shares of the company. Petroteq supports this Viston Offer and recommends shareholders tender their shares. Management has confirmed that their shares are tendered, and there are no defensive tactics planned against the offer. Additionally, Petroteq announced a private placement for up to $2.5 million to address cash needs. Viston intends to adjust conditions of its offer, including extending the expiry date and increasing capital thresholds.

Petroteq Energy Inc. has announced an amendment to the terms concerning US$538,971 of debt as requested by the TSX Venture Exchange. The conversion price has been adjusted from US$0.119 to US$0.175, resulting in the issuance of 3,079,833 common shares instead of 4,529,166. This transaction is subject to approval from the company's directors and the Exchange. The shares are considered restricted securities under U.S. law and will have a Canadian hold period. The company focuses on environmentally sustainable oil extraction technology.

Petroteq Energy Inc. has launched an equity offering of up to 12,195,121 units at US$0.205 per unit, with expected gross proceeds of US$2.5 million. Each unit includes one common share and a warrant exercisable at US$0.27 for 24 months. Proceeds will support working capital and corporate activities, pending necessary approvals. The offering is restricted to a single investor associated with the placement agent, Cantone Research, Inc.. The units have not been registered under U.S. securities laws and are subject to a four-month hold period in Canada.

Viston United Swiss AG and its subsidiary have initiated a 45-day notice review with CFIUS regarding an all-cash acquisition offer for Petroteq Energy Inc. Shareholders would receive C$0.74 per common share, representing a significant premium of approximately 279% over the last trading price prior to a cease trade order. The Offer is contingent on regulatory approvals and at least 50% of shares being validly deposited. The Offer's acceptance period is until June 17, 2022. Viston aims to enhance its operations in renewable energies through this acquisition.