Petroteq Provides Update on Offer Appearing in German Publication

Rhea-AI Summary

Petroteq Energy Inc. (TSXV: PQE; OTC: PQEFF) updates shareholders on a recent offer to purchase its common shares, reported in a German publication. The offer, originating from Uppgard Konsult AB, has not been substantiated and lacks filings under the Securities Exchange Act or Canadian securities laws, suggesting it may not be legitimate. The Company's Board believes the offer undervalues Petroteq, and shareholders are advised to conduct due diligence before engaging with any third parties.

Positive

• The Company is focused on developing proprietary oil extraction and remediation technologies.
• Petroteq is expanding production capacity at its Asphalt Ridge facility.

Negative

• The legitimacy of the offer from Uppgard Konsult AB is uncertain.
• No filings related to the offer have been made under key securities regulations, raising concerns about compliance.

SHERMAN OAKS, CA / ACCESSWIRE / May 31, 2021 / Petroteq Energy Inc. ("Petroteq" or the "Company") ‎‎(TSXV: PQE; ‎OTC: PQEFF; Frankfurt: PQCF), focused on the development and implementation of its proprietary oil-‎extraction and remediation technologies, announces that Petroteq continues to receive queries from its European shareholders in relation to the purported offer to purchase their outstanding common shares of Petroteq that was outlined in the Company's news release of May 24, 2021.

As previously disclosed, the Company's Board of Directors has reviewed the notice of the offer published in Bundesanzeiger, an official publication of the Department of Justice and Consumer Protection, of the Federal Republic of Germany (https://www.bundesanzeiger.de/pub/en/search-result?17). No additional information concerning the offer has been forthcoming from Uppgard Konsult AB, Sweden, the party identified in Bundesanzeiger, or from the unidentified offeror that Uppgard Konsult AB purports to represent.

The Company reiterates that it is not able to comment on the legitimacy of the offer and to confirm whether the offer complies with applicable law. However, the Board of Directors believes that the offer undervalues the Company.

The notice in Bundesanzeiger, which is in the German language, indicates among other things, that the offer is not aimed at shareholders in any jurisdiction in which the offer would violate applicable law. Neither Uppgard Konsult AB nor the offeror has made any filings in relation to the offer under the Securities Exchange Act of 1934, as amended, or under applicable Canadian securities legislation. Accordingly, it does not appear that the offeror intends to extend the offer to the Company's shareholders in the United States or Canada. Any shareholders who are approached by Uppgard Konsult AB, or any other party in relation to the offer, are encouraged to do their own due diligence prior to taking any action.‎

About Petroteq Energy Inc.

Petroteq is a fully integrated clean technology company focused on the development and implementation of a new proprietary oil extraction and remediation technologies. The Company has an environmentally safe and sustainable technology for the extraction and reclamation of heavy oil and bitumen from oil sands, oil shale deposits and shallow oil deposits. Petroteq is engaged in the development and implementation of its patented environmentally friendly heavy oil processing and extraction technologies. Petroteq is currently focused on developing its oil sands resources and expanding production capacity at its Asphalt Ridge soil remediation and heavy oil extraction processing facility located near Vernal, Utah. For more information, visit www.Petroteq.com.

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.‎
Alex Blyumkin
Executive Chairman
Tel: (800) 979-1897‎

SOURCE: Petroteq Energy Inc

View source version on accesswire.com:
https://www.accesswire.com/649772/Petroteq-Provides-Update-on-Offer-Appearing-in-German-Publication

FAQ

What is the recent update from Petroteq Energy regarding the share purchase offer?

Petroteq announced it has received inquiries about an unverified offer from Uppgard Konsult AB to purchase shares, which the Company believes to be undervalued.

Is the offer to purchase Petroteq shares considered legitimate?

Petroteq has not confirmed the legitimacy of the offer, and no regulatory filings have been made, indicating potential compliance issues.

What should Petroteq shareholders do regarding the offer from Uppgard Konsult AB?

Shareholders are encouraged to conduct their own due diligence if approached regarding the offer.

What are Petroteq's recent business activities?

The Company is focused on developing its proprietary oil extraction technologies and expanding production capacity at its facility in Utah.