SHERMAN OAKS, CA / ACCESSWIRE / August 9, 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 petroleum extraction and remediation technologies, announced today that instead of management the cease trade order that the Company had requested, it received a cease trade order (“Technical director“) by the Ontario Securities Commission by reason of its failure to file its quarterly report on Form 10-Q (and related certifications) for the period ended May 31, 2021 by July 30, 2021, as required by National Instrument 51-102 – Continuous information obligations, as indicated previously.

Reference is made to the company’s press release dated July 16, 2021 and its current report on Form 8-K filed with the United States Securities and Exchange Commission on July 16, 2021. We currently believe that the liability represented by the guaranteed note issued to Redline Capital Management SA on December 27, 2018, with a principal amount of USD 6,000,000, should be classified as a contingent liability based on legal counsel’s preliminary assessment that note no. ‘is not valid and is inapplicable. We have asked legal counsel to prepare a formal legal opinion on which to base our final decision in this regard.

The Company intends to file restatements of its periodic financial statements (as defined in the Company’s press release and Form 8-K of July 16, 2021), and to modify and restate other information in the periodic reports concerned, if applicable. Once the periodic financial statements are filed and its quarterly report on Form 10-Q (and associated certifications) for the period ended May 31, 2021, the CTO should be automatically lifted. Investors who hold Restricted Securities of the Company are reminded that the safe harbor for resale under Rule 144 under the United States Securities Act of 1933, as amended, remains unavailable as long as Form 10 -Q remains in circulation.

The Company continues to operate normally and is working diligently with the auditors, Hay & Watson, to be able to file its Documents as soon as possible. As previously announced, the Company intends to file updated financial statements no later than August 13, 2021.

Dr RG Bailey, President and CEO, said: “I have worked for the company for many years and throughout my vast experience in the industry I have seen obstacles in the way of success with small enterprises. I believe our company will overcome this event and we will continuously strive to deploy our proprietary, environmentally friendly technology while doing everything possible to enhance our shareholder value. “

Notwithstanding the CTO, a beneficial holder of securities of the Company who is not, and was not at the date of the CTO, an insider or a controlling person of the Company, may sell securities of the Company acquired before the date of the CTO. date of the CTO if (i) the sale is made through a “foreign organized regulated market”, as defined in Article 1.1 of Universal Market Integrity Rules for Investment Sector RegulationOrganization of Canada (“RUIM“), and (ii) the sale is made through a registered investment dealer in a jurisdiction of Canada in accordance with applicable securities legislation. The OTC Pink Market is not considered an “organized foreign regulated market” under UMIR. Holders of Petroteq securities are urged to consult their own investment advisers or legal advisers regarding the implications of the OTC.

A copy of the CTA has been posted on the Canadian Securities Administrators website at cto-iov.csa-acvm.ca.

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.

Forward-looking statements

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”, “plan”, “anticipate”, “believe” , “Estimate,” “” and similar expressions as they relate to the Company are intended to identify forward-looking information, including statements regarding the timing of filing of documents. Readers are cautioned that there is no has 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. These statements reflect the current views and intentions of the Company with respect to future events , based on information available to the Company, and are subject to certain risks, 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, the question of whether actual results, performance or developments will meet the Company’s expectations and forecasts 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: failure of the Bourse or of the directors of the Company to provide the necessary approvals; all closing conditions being met or lifted; 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 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 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 financial 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; 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 environmental damage; 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, auto -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 national or global recession; and other general economic, market 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 the ‘addresswww.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.

CONTACT INFORMATION

Énergie Petroteq inc.

Mark Korb, Chief Financial Officer

Phone. : (800) 979-1897

THE SOURCE: Énergie Petroteq inc.

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