Petroteq Energy (TSX.V: PQE) (OTC: PQEFF), an integrated
oil company focused on the development and implementation of its proprietary
oil-extraction and remediation technologies, on Thursday provided an update
regarding progress on the licensing of its proprietary oil-sands extraction
technology. In July 2019, the company entered into a non-exclusive technology
licensing agreement with Valkor LLC granting Valkor the right to use Petroteq’s
proprietary patented technology to engineer, construct, operate and finance oil
sands extraction plants. Per the agreement, Valkor would pay the company a
non-refundable license fee of US$2 million per plant in two equal payments, the
first of which being payable upon start of construction of a plant and the
remainder payable upon first production of such plant. Valkor also agreed to
pay Petroteq a 5% royalty based on annual gross sales, excluding solvent and or
water, for so long as licensed technology is covered by a valid claim in the
country in which it is used. Valkor has advised Petroteq that it has entered a
non-binding memorandum of understanding with Hydrocarbon Dynamics Limited
(“HCD”), under which Valkor will need to engineer, install and operate a plant.
Valkor has also reported that it has entered into another non-binding
memorandum of understanding with TomCo Energy plc, also resulting in Valkor
engineering, constructing and operating a plant. If these ventures successfully
proceed, Petroteq will be entitled to initial non-dilutive capital, as well as
a potential long-term revenue stream through a royalty.
In addition, Petroteq announced that Dr. Gerald Bailey has
retired from his position as president of the company. He will remain a
non-executive director of the company. Travis Schneider and David Sealock have
resigned as directors of the company, and Sealock has also provided notice of
his resignation as CEO effective March 31, 2020. Alex Blyumkin, chairman of
Petroteq, will assume the role of Interim CEO upon Sealock’s departure. “I am
extremely excited at the prospect of expanding our relationship with Valkor
into new projects,” Petroteq Chairman Alex Blyumkin stated in the news
release. “The potential of having multiple facilities in Utah making similar
oils and all using Petroteq technology has the potential to open up many
opportunities to gain economies of scale both in our production costs, as well
as on the distribution of our unique oil products.”
To view the full press release, visit http://ibn.fm/qcfGi
About Petroteq Energy Inc.
Petroteq is a fully integrated clean technology company
focused on the development and implementation of a new proprietary technology
for oil extraction. The Company has an environmentally safe and sustainable
technology for the extraction and reclamation of heavy and bitumen from oil
sands, oil shale deposits and shallow oil deposits. Petroteq is engaged in the
development and implementation of its patented environmentally friendly heavy
oil processing and extraction technologies. Petroteq is currently focused on
developing its oil sands resources and expanding production capacity at its
Asphalt Ridge soil remediation and heavy oil extraction processing facility
located near Vernal, Utah. For more information, 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 QualityStocksNewsBreaks
QualityStocksNewsBreaks provide
a rapid summary of corporate news that catch the attention of QualityStocks.
QualityStocksBreaks are designed to keep investors up to date on important and
breaking news in the small-cap and micro-cap markets. Spanning all industries,
including energy, entertainment, telecommunications, healthcare, retail and
more, these news breaks deliver opportunities the investment community may have
missed. Whether it is earnings results, mergers and acquisitions, or any other
market-moving news, our news breaks keep you in the know. QualityStocks is
committed to connecting subscribers with companies that have huge potential to
succeed in the short and long-term future. It is part of our mission statement
to help the investment community discover emerging companies that offer
excellent growth potential.
QualityStocks (QS)
Scottsdale, Arizona
www.QualityStocks.com
480.374.1336 Office
Editor@QualityStocks.com
Scottsdale, Arizona
www.QualityStocks.com
480.374.1336 Office
Editor@QualityStocks.com
Please see full terms of use and disclaimers on the
QualityStocks website applicable to all content provided by QS, wherever published
or re-republished: http://www.qualitystocks.net/disclaimer.php
No comments:
Post a Comment