Petroteq responds to unsolicited takeover bid from Viston United Swiss AG
Petroteq remains committed to maximizing value for all stakeholders and is exploring potential opportunities to create value for all shareholders
SHERMAN OAKS, CA / ACCESSWIRE / October 27, 2021 / Petroteq Energy Inc. (“Petroteq“or the”Society“) (TSXV: PQE) (OTC PINK: PQEFF) (FSE: PQCF), an oil company focused on the development and implementation of its proprietary oil extraction and remediation technologies, confirmed today that 2869889 Ontario Inc., a subsidiary company of Viston United Swiss AG (together, the “Offering“) has launched a conditional and unsolicited takeover bid (the”Offer“) to acquire all of the issued and outstanding ordinary shares of the Company. Shareholders of Petroteq are invited to not to act in respect of the Offer until the Board of Directors of Petroteq (the “Plank“) made a formal recommendation to the shareholders.
Petroteq cautions its shareholders and potential investors that there can be no certainty that the Offer will be supported by the Board or that any other strategic transaction with another person will be continued by Petroteq or ultimately concluded. The Board reviews the Offer and will make its formal recommendation in response to the Offer, as required by applicable securities laws.
In accordance with its fiduciary duties, the board will assess the offer and options of Petroteq, including the continued operation of the business to generate shareholder value and possibly the exploration of possible alternative transactions.
The board continues to believe that Petroteq is well positioned to be an industry leader with its unique oil sands mining technology.
About Petroteq Énergie Inc.
Petroteq is a clean technology company focused on the development, implementation and licensing of patented, environmentally friendly and sustainable technology for the extraction and recovery of heavy oil and bitumen from tar sands and of exploitable oil deposits. The versatile technology can be applied to both water wet deposition and oil wet deposition – producing high quality oil and clean sand.
Petroteq believes its technology can produce relatively mild heavy crude oil from tar sands deposits at Asphalt Ridge without requiring the use of water, and therefore without generating wastewater that would otherwise require the use of other facilities. treatment or disposal that 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 other remediation measures.
For more information, visit www.Petroteq.energy.
Notice to readers
Certain statements in this press release contain forward-looking statements within the meaning of United States and Canadian securities laws. Words such as “may”, “would”, “could”, “should”, “possible”, “can”, “seek”, “intend to”, “plan”, “anticipate”, “believe” “,” Estimate, “” “the continued execution of the Company’s stand-alone strategy will provide shareholders with the opportunity to benefit from significant value creation. Readers are cautioned that there is no certainty that the Company’s business will be commercially viable to produce a portion of the Resources. All statements other than statements of historical fact may be forward-looking information. These statements reflect the current views and intentions of the Company with respect to future events, based on the information available to the Company, and are subject to certain risks. ues, uncertainties and assumptions. Important factors or assumptions have been applied to provide forward-looking information. Although forward-looking statements are based on data, assumptions and analyzes that the Company believes to be reasonable under the circumstances, whether actual results, performance or developments will meet the Company’s expectations and predictions depends on a certain number of risks and uncertainties that could cause the results, performance and financial position of the Company to differ materially from its expectations. Some of the “risk factors” that could cause actual results to differ materially from the Company’s forward-looking statements in this press release include, but are not limited to: uncertainties regarding the Offer and the determination of the Board; uncertainties inherent in estimating resources, including whether reserves will ever be attributed to Company properties; Since the Company’s mining technology is proprietary, not widely used in industry, and has not been used in constant commercial production, the Company’s bitumen resources are classified as a contingent resource. because they are not currently considered commercially recoverable; large-scale commercial production may arouse public opposition; the Company cannot be certain that its bitumen resources will be economically exploitable and therefore cannot be classified as proven or probable reserves in accordance with applicable securities laws; changes in laws or regulations; the ability to implement business strategies or seek business opportunities, whether for economic or other reasons; state of world oil markets, oil prices and price volatility; oil price; the state of the capital markets and the Company’s ability to raise capital (which would be necessary for the Company to build a larger plant, including a plant capable of producing up to 5,000 bpd; litigation; the commercial and economic viability of the Company’s oil sands hydrocarbons extraction technology and other proprietary technologies developed or licensed by the Company or its subsidiaries, which are currently experimental in nature and have not been fully utilized for an extended period; dependence on suppliers, contractors, consultants and key personnel; the Company’s ability to maintain its mining concessions; the potential failure of the Company’s plans or business model; the nature of production of oil and gas and the extraction, extraction and production of oil sands; uncertainties in the exploration and drilling of oil, gas and other hydrocarbons – containing substances; unforeseen costs and expenses, availability of financing and other capital; potential or destructive damage to property, loss of life and environmental damage; risks associated with complying 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 actions by government authorities to try to limit the pandemic, including travel restrictions, border closures, non-essential business closures, quarantines, autos -isolations, shelter-in-place and social distancing, disruptions in markets, economic activity, financing, supply chains and sales channels, and a deterioration in general economic conditions, including a possible recession national or global; and other general economic, business and business conditions and factors, including risk factors discussed or mentioned in the Company’s disclosure documents, filed with the 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 to the securities regulatory authorities of certain provinces Canada and available at www.sedar.com.
If any factor unexpectedly affects the Company, or if the assumptions underlying the forward-looking information prove to be incorrect, actual results or events may differ materially from expected results or events. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement.
In addition, the Company assumes no responsibility for the accuracy or completeness of this forward-looking information. Forward-looking information included in this press release is made as of the date of this press release, and the Company assumes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
Unless otherwise indicated, all dollar amounts in this press release are expressed in US dollars.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Énergie Petroteq inc.
Phone. : (800) 979-1897
THE SOURCE: Petroteq Energy Inc
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