Petroteq announces update on offer in German publication
SHERMAN OAKS, CA / ACCESSWIRE / May 31, 2021 / Petroteq Energy Inc. (“Petroteq” or the “Company”) (TSXV: PQE,, OTC: PQEFF, Frankfurt: PQCF)), is focused on development and implementation of its proprietary oil production and remediation technologies, announces that Petroteq continues to receive inquiries from its European shareholders regarding the alleged offer to purchase their outstanding common shares of Petroteq described in the company’s news release dated May 24, 2021.
As already announced, the company’s management board has checked the announcement of the offer published in the Federal Gazette of the Federal Republic of Germany (https://www.bundesanzeiger.de/pub.) / De / searchresult? 17). No further information on the offer is available from Uppgard Konsult AB, Sweden, the party named in the Federal Gazette, or from the unidentified provider that Uppgard Konsult AB claims to represent.
The company reiterates that it is unable to comment on the legality of the offer and to confirm whether the offer complies with applicable law. However, the Board of Directors believes that the offer is undervaluing the company.
The notice in the German Federal Gazette indicates, among other things, that the offer is not aimed at shareholders in legal systems in which the offer would violate applicable law. Neither Uppgard Konsult AB nor the Bidder have filed in relation to the Offer under the Securities Exchange Act of 1934, as amended, or under applicable Canadian securities laws. Accordingly, the Bidder does not appear to have any intention of extending the Offer to the Company’s shareholders in the United States or Canada. All shareholders approached by Uppgard Konsult AB or any other party in relation to the Offer are encouraged to conduct their own due diligence prior to taking any action.
About Petroteq Energy Inc.
Petroteq is a fully integrated clean technology company focused on developing and implementing new proprietary oil recovery and remediation technologies. The company has an environmentally friendly and sustainable technology for the extraction and recovery 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 manufacturing capacity at its Asphalt Ridge soil remediation and heavy oil extraction processing facility near Vernal, Utah. More information is available at www.Petroteq.com.
Neither the TSX Venture Exchange nor its regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Petroteq Energy Inc.
Tel: (800) 979-1897
SOURCE: Petroteq Energy Inc
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