Petroteq Energy, Inc. and First Bitcoin Capital Corp. Announce Blockchain-based Initiative to Optimize Oil & Gas Supply Chain Management

STUDIO CITY, CA--(Marketwired - Nov 6, 2017) - Petroteq Energy, Inc. (TSX VENTURE: PQE) (OTCQX: PQEFF) (FRANKFURT: MW4A) today announces a co-development agreement with First Bitcoin Capital Corp. (OTC: BITCF) in which the companies will develop a new supply chain management platform based on advanced blockchain technology to be used in the global oil and gas industry.

Per the agreement, Petroteq and First Bitcoin Capital will share industry experience and financial and technological resources with the intent to develop and operate an enterprise-grade, blockchain-based platform that will enable oil and gas companies globally to conduct transactions.

"Oil and gas companies could benefit from blockchain technology for a range of applications, from optimizing efficiency to transparency in business transactions to securely storing inventory data on the blockchain. In the last few years, the industry has struggled with price volatility and production levels, which has led to cost-cutting efforts, reduced outputs and layoffs. These challenges have prompted many companies to rethink how they operate and to identify new ways to optimize supply chain management and transaction processing. As such, blockchain is gaining traction and broader acceptance by oil and gas industry for its potential to fundamentally change the way certain transactions are conducted," says Greg Rubin, CEO of First Bitcoin Capital.

The oil and gas industry is involved in an extensive global supply-chain that includes domestic and international transportation, ordering and inventory management and control, materials handling, import/export facilitation and information technology. A recent Deloitte industry report, titled, "Blockchain: Overview of the Potential Applications for the Oil and Gas Markets and the Related Taxation," notes that transaction verification for product trades and transfers can be instantly verified across a network without reliance on a central authority, potentially reducing operating costs, more securely storing and managing data, and improving the speed of transaction processing on the blockchain.

"As a company focused on the development and implementation of proprietary technologies for the environmentally safe extraction of heavy oils, we understand the importance of developing new technologies, especially blockchain-based innovations, to help companies in our industry to get competitive advantage and cost efficiency," says Petroteq CEO Alex Blyumkin.