InvestorWire NewsRoom

InvestorNewsBreak

InvestorNewsBreaks – Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF) Releases Update on Financial Statements
August 20, 2021

InvestorNewsBreaks – Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF) Releases Update on Financial Statements

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 filed its amended and restated financial statements and management’s discussion and analysis on Edgar and SEDAR; the statements cover ‎the eight quarters from May 31, 2019, to Feb. 28, 2021. The company also filed its quarterly report and related certifications on Form 10-Q for the period ended May 31, 2021. Last month, Petroteq reported the reason for the restatements and also announced that it had retained legal counsel to review the settlement agreement, the note and the security agreement to determine whether they are enforceable. As a result, Petroteq has determined that the liability represented by the note should be classified as a contingent liability; the company also announced that, other than the disclosure of a contingent liability of $6 million, no additional impact was made on the financial statements. Petroteq management is working with the Ontario Securities Commission and TSX Venture Exchange to resume trading. The company noted that no operational constraints have been experienced during this restatement period and all operational activity has proceeded without affect. “As promised, our CFO and auditors, Hay & Watson, have worked tirelessly to complete the necessary work,” said Petroteq CEO  Dr. R.G. Bailey in the press release. “Shareholders should be assured that conditions have normalized.”

To view the full press release, visit https://ibn.fm/T1FKh 

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.

NOTE TO INVESTORS: The latest news and updates relating to PQEFF are available in the company’s newsroom at http://ibn.fm/PQEFF

About InvestorWire

InvestorWire is the wire service that gives you more. From regional releases to global announcements presented in multiple languages, we offer the wire-grade dissemination products you’ll need to ensure that your next press release grabs the attention of your target audience and doesn’t let go. While our competitors look to nickel and dime you with hidden fees and restrictive word limits, InvestorWire keeps things transparent. We offer UNLIMITED Words on all domestic releases. While other wire services may provide a basic review of your release, InvestorWire helps you put your best foot forward with complimentary Press Release Enhancement.

With our competitors, the work is done the second your release crosses the wire. Not with InvestorWire. We include follow-up coverage of every release by leveraging the ever-expanding audiences of the 50+ brands that make up the InvestorBrandNetwork.

Get more out of your next press release with InvestorWire. It’s unlike anything you’ve seen before.

For more information, please visit https://www.investorwire.com

Please see full terms of use and disclaimers on the InvestorBrandNetwork website applicable to all content provided by IBN, wherever published or re-published: http://ibn.fm/Disclaimer

InvestorWire (IW)
8033 Sunset Blvd Suite 1037-IW
Los Angeles, CA 90046
310.299.1717 Office
www.investorwire.com
[email protected]

InvestorWire is part of the InvestorBrandNetwork.

Recent NewsBreaks

NewsBreaks Categories

Get Started with InvestorWire

To distribute a release in the next 24 hours. Contact our client services team.

(310) 299-1717

Distribute a press release. Submit your release to get started.

Submit Press Release

Set up a Live demonstration. Schedule a date and time that works for you.

Schedule a LIVE Demo

Press Distribution

Explore Press Distribution Solutions

All releases include an unlimited word count* with full wire-grade syndication, our press release enhancement service, and a follow-up InvestorNewsBreak article distributed to thousands of editorial syndication partners.

Discover Add-on Solutions

Increase the impact of your achievements by adding these exclusive solutions from InvestorWire, delivered in conjunction with the InvestorBrandNetwork (IBN).