Petroteq Announces Results Of Shareholders' Meeting

Rhea-AI Summary

Petroteq Energy Inc. (TSXV:PQE; OTC PINK:PQEFF) held its annual meeting on July 21, 2022, where shareholders voted in favor of all proposed matters, including a potential share consolidation, pending director and TSX Venture Exchange approval. Shareholders are advised to await further instructions regarding share certificates. Additionally, Viston United Swiss AG extended its offer to purchase all outstanding common shares of Petroteq until September 9, 2022. Detailed voting matters are available in the management information circular dated June 3, 2022.

Positive

• Shareholders approved all matters at the annual meeting.
• Potential for share consolidation may optimize capital structure.
• Viston United Swiss AG extended its offer, indicating continued interest in acquiring Petroteq.

Negative

• None.

SHERMAN OAKS, CA / ACCESSWIRE / July 25, 2022 / Petroteq Energy Inc. ("Petroteq" or the "Company") ‎‎‎(TSXV:PQE; OTC PINK:PQEFF; FSE:PQCF), ‎an ‎ an oil company focused on the development and implementation of its proprietary oil sands extraction and remediation technologies, is pleased to announce that its shareholders (the "Shareholders") have voted at the annual and special meeting of Shareholders on July 21, 2022 (the "Meeting") in favor of all matters put to Shareholders at the Meeting.

All matters that were put before Shareholders at the Meeting were approved, including, a potential share consolidation (the "Consolidation"). Any potential Consolidation, as a result of the shareholder approval at the Meeting, including a consolidation ratio, is subject to director and TSX Venture Exchange approval. Shareholders are advised not to mail in the certificate(s) representing their common shares until they receive a letter of transmittal and confirmation from the Company by way of News Release that the directors of the Company have decided to implement the Consolidation.

For more information on the matters voted on at the Meeting, please see the Company's management informationcircular dated June 3, 2022, which has been filed on the Company's profile on SEDAR at www.sedar.com andat https://petroteq.energy/2022agm.

In addition, Petroteq announces that one of the amendments to the offer by Viston United Swiss AG ("Viston"), acting through 2869889 Ontario Inc., its subsidiary (the "Offeror") to purchase all of the outstanding common shares of Petroteq as set out in the "Fifth Notice of Variation and Extension" as announced by Viston in Schedule TO/A (Amendment No. 13) filed by the Offeror with the Securities and Exchange Commission on July 22, 2022 and in a News Release issued on July 22, 2022, is that offer has been extended until September 9, 2022.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX ‎Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.‎

CONTACT INFORMATION:

Petroteq Energy Inc.‎
Vladimir Podlipskiy
Interim Chief Executive Officer
Tel: (800) 979-1897‎

SOURCE: Petroteq Energy Inc.‎

View source version on accesswire.com:
https://www.accesswire.com/709646/Petroteq-Announces-Results-Of-Shareholders-Meeting

FAQ

What were the results of Petroteq Energy's July 2022 shareholders meeting?

All proposed matters, including a potential share consolidation, were approved by shareholders at the meeting held on July 21, 2022.

What is the new deadline for Viston's offer to purchase Petroteq Energy shares?

Viston United Swiss AG extended its offer until September 9, 2022.

What is the significance of the share consolidation approved by Petroteq's shareholders?

The share consolidation may optimize the company's capital structure, pending further approvals.

Where can I find more information about the matters voted on at Petroteq's shareholders meeting?

Further details are available in the management information circular dated June 3, 2022, filed on the company's profile on SEDAR.