PQCF), Uppgard Konsult AB publish update on the share purchase initiative

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Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) (FWB: PQCF) and Uppgard Konsult AB announced that they have signed a letter of commitment with a well-known Canadian-based international law firm specializing in mergers and acquisitions as well in the energy sector in general and oil and gas in particular. The agreement provides support for the takeover offer and the takeover offer by Uppgard Konsult AB for shares in Petroteq Energy in Canada. Uppgard Konsult AB has officially offered, subject to Uppgard Konsult AB’s terms and conditions, to acquire up to 200 million shares in Petroteq at EUR 0.50 per share. In the notification it was pointed out that Uppgard Konsult AB is entitled to disclose the proof of capital to shareholders who are interested in the takeover offer; the purchase offer is expected to be completed by September 30, 2021. “We are examining the further strengthening of the team and the involvement of another consulting company that has extensive experience and knowledge of the North American markets,” says the press release. “To further increase shareholder confidence, the customer Uppgard Consult AB has provided tough proof of funding of 120 million euros to demonstrate the financial resources required to support the proposed acquisition and future development of the technology and business expansion . “

To view the full press release, visit https://ibn.fm/FnyzJ

About Petroteq Energy Inc.

Petroteq is an integrated oil company focused on the development and implementation of a new proprietary technology for oil production and remediation. The company has an environmentally friendly and sustainable technology for the extraction and recovery of heavy 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 near Vernal, Utah. You can find more information about the company at www.Petroteq.energy.

NOTE TO INVESTORS: For the latest news and updates on PQEFF, visit the company’s newsroom at http://ibn.fm/PQEFF

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