Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF) founder and former CEO Alex Blyumkin has announced his intention to donate one-half of his potential proceeds from a tender offer received by the company to humanitarian aid to Ukraine. Petroteq, an oil company focused on the development and implementation of its proprietary oil-extraction technologies and remediation technologies, has received a tendor offer to purchase all of its issued and outstanding common shares; the offer came from 869889 Ontario Inc., an indirect, wholly owned subsidiary of Viston United Swiss AG. Petroteq’s board of directors has unanimously recommended that shareholders tender their shares and has announced that each of the directors intends to tender their own shares to the offer. “As the founder and former CEO of Petroteq, I have decided to donate to donate half of my profits from the proposed tender offer by Viston to the humanitarian needs of the Ukrainian people,” said Petroteq founder and former CEO Alex Blyumkin in the press release. “Being a native of Ukraine, born in Odessa, and now a U.S. citizen, I have a sincere desire to help the people of Ukraine in this hour of sadness and sorrow as they experience the horrors of war. I have spoken to so many friends and family within the country, and I can attest personally to the suffering and hardships they are dealing with. . . . The situation in Ukraine has affected me deeply, and my heart breaks every time I see the images of children who are the most innocent and at the same time the most affected victims of this completely senseless war. It is a human tragedy that is unfolding before all our eyes.”
To view the full press release, visit https://ibn.fm/d0iOn
About Petroteq Energy Inc.
Petroteq is a clean-technology company focused on the development, implementation and licensing of a patented, environmentally safe and sustainable technology for the extraction and reclamation of heavy oil and bitumen from oil sands and mineable oil deposits. The versatile technology can be applied to both water-wet deposits and oil-wet deposits, outputting high-quality oil and clean sand. Petroteq believes that its technology can produce a relatively sweet heavy crude oil from deposits of oil sands at Asphalt Ridge without requiring the use of water and, therefore, without generating wastewater that would otherwise require the use of other treatment or disposal facilities, which could be harmful to the environment. Petroteq’s process is intended to be a more environmentally friendly extraction technology that leaves clean residual sand, which can be sold or returned to the environment without the use of tailings ponds or further remediation. For more information about the company, visit www.Petroteq.energy.
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