Petroteq Receives Confirmation of Proof of Funds From Bidder

Rhea-AI Summary

Petroteq Energy Inc. has received proof of funds amounting to €120,000,000 from an undisclosed bidder, facilitated indirectly through their legal counsel, Gowling WLG (Canada) LLP. This confirmation is a prerequisite for negotiating a non-disclosure agreement, enabling discussions on a potential transaction. The announcement does not guarantee a completed transaction and is subject to regulatory, shareholder, and director approvals. Petroteq specializes in environmentally safe oil extraction technologies.

Positive

• Received proof of funds of €120,000,000 from an undisclosed bidder, indicating potential for transaction.

Negative

• No assurance that the potential transaction will be completed, subject to various approvals.

SHERMAN OAKS, CA / ACCESSWIRE / August 31, 2021 / Petroteq Energy Inc. ("Petroteq" or the "Company") ‎‎(TSXV:PQE; ‎OTC PINK:PQEFF; FSE:PQCF), an oil ‎company focused on the development and implementation of its proprietary oil-‎extraction and remediation technologies, announced today that the Company has received proof of funds from the undisclosed bidder who was previously disclosed as being a client of Uppgard Konsult AB. The confirmation was provided by the bidder indirectly through their Canadian legal counsel, Gowling WLG (Canada) LLP.

The confirmation consisted of a swift message from The Royal Bank of Scotland, containing a swift confirmation in the amount of €120.000.000. The Company had requested confirmation of proof of funds as a condition to negotiating and executing a non-disclosure agreement with the bidder so the bidders identity could be disclosed to the Company and the parties could discuss a potential transaction.

Neither Uppgard Konsult AB nor the offerer has made any filings in relation to the offer under the ‎Securities Exchange Act of 1934, as amended, or under applicable Canadian securities legislation.‎

Shareholders are encouraged to do their own due diligence prior to taking any action.‎

There can be no assurance that any transaction with the bidder will be completed as proposed or at all. Completion of any transaction will be ‎subject to applicable director, shareholder and regulatory approvals.‎

About Petroteq Energy Inc.

Petroteq (https://www.petroteq.com/) 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 which 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 that can be sold or returned to the environment, without the use of tailings ponds or further remediation.

For more information, visit www.Petroteq.energy.

Forward-Looking Statements

Certain statements contained in this press release contain forward-looking statements within the meaning of the U.S. and Canadian securities laws. Words such as "may," "would," "could," "should," "potential," "will," "seek," "intend," "plan," "anticipate," "believe," "estimate," "expect" and similar expressions as ‎they relate to the Company are intended to identify forward-looking information, including statements with respect to a transaction with the bidder. ‎Readers are cautioned that there is no certainty that it will be commercially viable to produce any portion ‎of the resources. All statements other than statements of historical fact may be forward-looking ‎information. Such statements reflect the Company's current views and intentions with respect to future ‎events, based on information available to the Company, and are subject to certain risks, uncertainties and ‎assumptions, including, without limitation, negotiation and execution of definitive agreements with the bidder and all closing conditions being satisfied or waived. While forward-looking statements are based on data, assumptions and analyses that the Company believes are reasonable under the circumstances, whether actual results, performance or developments will meet the Company's expectations and predictions depends on a number of risks and uncertainties that could cause the actual results, performance and financial condition of the Company to differ materially from its expectations. Certain of the "risk factors" that could cause ‎actual results to differ materially from the Company's forward-looking statements in this press release ‎include, without limitation: the Company failing to receive the necessary approvals for any transaction with the bidder; uncertainties inherent in the estimation of resources, including whether any reserves will ever be attributed to the Company's properties; since the Company's extraction technology is proprietary, is not widely used in the industry, and has not been used in consistent commercial production, the Company's bitumen resources are classified as a contingent resource because they are not currently considered to be commercially recoverable; full scale commercial production may engender public opposition; the Company cannot be certain that its bitumen resources will be economically producible and thus cannot be classified as proved or probable reserves in accordance with applicable securities laws; changes in laws or regulations; the ability to implement business strategies or to pursue business opportunities, whether for economic or other reasons; status of the world oil markets, oil prices and price volatility; oil pricing; state of capital markets and the ability of the Company to raise capital; litigation; the commercial and economic viability of the Company's oil sands hydrocarbon extraction technology, and other proprietary technologies developed or licensed by the Company or its subsidiaries, which currently are of an experimental nature and have not been used at full capacity for an extended period of time; reliance on suppliers, contractors, consultants and key personnel; the ability of the Company to maintain its mineral lease holdings; potential failure of the Company's business plans or model; the nature of oil and gas production and oil sands mining, extraction and production; uncertainties in exploration and drilling for oil, gas and other hydrocarbon-bearing substances; unanticipated costs and expenses, availability of financing and other capital; potential damage to or destruction of property, loss of life and environmental damage; risks associated with compliance with environmental protection laws and regulations; uninsurable or uninsured risks; potential conflicts of interest of officers and directors; risks related to COVID-19 including various recommendations, orders and measures of ‎‎governmental authorities to try to limit the pandemic, including travel restrictions, border closures, ‎‎non-essential business closures, quarantines, self-isolations, shelters-in-place and social ‎distancing, ‎disruptions to markets, economic activity, financing, supply chains and sales channels, ‎and a ‎deterioration of general economic conditions including a possible national or global ‎recession; and other general economic, market and business conditions and factors, including the risk factors discussed or referred to in the Company's disclosure documents, filed with United States Securities and Exchange Commission and available at ‎www.sec.gov (including, without limitation, its most recent annual report on Form 10-K ‎under the Securities Exchange Act of 1934, as amended), and with the securities ‎regulatory authorities in certain provinces of Canada and available at www.sedar.com.‎

Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward- looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release, and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.

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.
R.G. Bailey
Chief Executive Officer
Tel: (800) 979-1897

SOURCE: Petroteq Energy Inc.

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FAQ

What is the significance of the €120,000,000 proof of funds received by Petroteq (PQEFF)?

The proof of funds signifies a potential transaction and is a positive development for Petroteq Energy Inc.

Is there a guarantee that the transaction with the undisclosed bidder will be completed?

No, there is no assurance that the transaction will be completed as it is subject to various approvals.

Who confirmed the proof of funds for Petroteq Energy Inc.?

The confirmation was provided indirectly through the bidder's legal counsel, Gowling WLG (Canada) LLP.

What technology does Petroteq Energy Inc. focus on?

Petroteq focuses on environmentally safe and sustainable oil extraction and remediation technologies.