Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF), an oil company focused on the development and implementation of its proprietary oil-extraction technologies and remediation technologies, has announced that it will not release its financial statements by Aug. 13, 2021, as previously announced. Although the company has started the process, the final report will not be available until Aug. 19, 2021. According to the company, the Cease Trade Order (“CTO”) issued earlier by the Ontario Securities Commission and the TSX Venture Exchange remains in effect. That CTO was issued because Petroteq did not file its quarterly report for the period ended May 31, 2021, by the required July 30, 2021, deadline. Processa anticipates that the CTO will be lifted when the restated financial statements and quarterly report are filed. “The diligent work of the CFO and our auditor is expected to rectify this matter to the benefit of the company and the shareholders,” said Petroteq CEO Dr. R.G. Bailey in the press release.
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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 that 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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