Petroteq Provides Company Update
SHERMAN OAKS, CA / ACCESSWIRE / September 17, 2021 / Petroteq Energy Inc. (“Petroteq“or the”Society“) (TSXV: PQE) (OTC PINK: PQEFF) (FRA: PQCF), an oil company focused on the development and implementation of its proprietary oil extraction and remediation technologies, provides the update next.
As previously announced, the Canadian cease trade order has been revoked by the Ontario Securities Commission, but Petroteq remains subject to a TSX Venture Exchange (the “To exchange“) Trading suspension. The Company and its management are working on the request to restore the stock market and will update the market as soon as possible. Unfortunately, the exact timing of this process is not known, but the Company is also working quickly as possible to conclude the Petroteq is up to date in its filings under section 13 (a) of the US Securities Exchange Act of 1934; its annual report for the year ended August 31, 2021 is not due until August 29, 2021. November 2021.
Dr RG Bailey, President and CEO, said: “We are working diligently on the reinstatement application process and I will do my best to ensure that all procedures are followed correctly and in a timely manner.”
About Petroteq Énergie Inc.
Petroteq (https://www.petroteq.com/) 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.
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”, “potential”, “will”, “seek”, “intend”, “plan”, “anticipate”, “believe” “,” estimate “,” expect “and similar expressions relating to the Company are intended to identify forward-looking information, including statements regarding a resumption of trading on the Exchange. Readers are cautioned that there is no certainty that it will be commercially viable to produce any part of the resource. All statements other than statements of historical fact may be forward-looking information. These 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 , the Bourse concluding its reinstatement review to ensure that the Company has complied satisfactorily with the requirements of the Bourse. Although forward-looking statements are based on data, assumptions and analyzes that the Company believes to be reasonable under the circumstances, that actual results, performance or developments meet the Company’s expectations and forecasts depend on a number of risks and uncertainties which could cause the actual 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: failure of the Bourse to be satisfied with demand for reinstatement of the Company; uncertainties inherent in estimating resources, including whether reserves will ever be attributed to Company properties; Since the Company’s mining technology is proprietary, is not widely used in 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 commercially recoverable; large-scale commercial production can generate 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 seize 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; 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 are currently experimental in nature and have not been used at full capacity for an extended period of time; dependence on suppliers, contractors, consultants and key personnel; the Company’s ability to maintain its mining concessions; the 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 the exploration and drilling of oil, gas and other substances containing hydrocarbons; unforeseen costs and expenses, availability of financing and other capital; potential damage or destruction of property, loss of life and damage to the environment; the risks associated with complying with environmental protection laws and regulations; uninsurable or uninsured risks; potential conflicts of interest of officers and directors; risks associated with 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 – isolation, shelter – on-site and social distancing, disruption of markets, economic activity, financing, supply chains and sales channels, and a deterioration in general economic conditions, including a possible national or global recession; 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 of 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 could 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.
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.
Chief Executive Officer
Phone. : (800) 979-1897
THE SOURCE: Énergie Petroteq inc.
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