Petroteq Announces Results of AGM and Expands Board of Directors

SHERMAN OAKS, Calif., Dec. 17, 2019 (GLOBE NEWSWIRE) -- Petroteq Energy Inc. (“Petroteq” or the “Company”) ‎‎(TSXV:PQE; OTC:PQEFF; FSE:PQCF), an oil sands mining and production company having a proprietary ‎technology that extracts hydrocarbons from oil sands without the use of water, is ‎pleased to announce that its shareholders (the “Shareholders”) have voted at the annual and ‎special meeting of Shareholders (the “Meeting”) in favor of all matters put to Shareholders at the ‎Meeting.

All annual matters that were put before Shareholders at the Meeting were approved, including the election of Ms. Anya Goldin as a new director, a potential share consolidation and the adoption of an advance notice by-law ‎‎(the “Advance Notice By-law”) regarding director elections.

Ms. Goldin has a wide range of experience in corporate and legal matters, with an expertise in cross border transactions. She is currently a lecturer at the USC Gould School of Law, Counsel at Nolan Heimann LLP, and provides consulting services to public and private companies as well as investment managers. During the period of 2009-2017 Ms. Goldin was Vice Chair of Redline Capital, a US$350 million investment fund, where she was also a member of the investment committee. From 2007 to 2014, Ms. Goldin also held the position of Vice President and General Counsel at SISTEMA, a London Stock Exchange listed holding company with US$40 billion in assets under management. Ms. Goldin was previously an equity partner at Latham & Watkins where she provided a wide range of services including M&A advisory, capital formation and governance advisory.

Alex Blyumkin, Chairman of Petroteq, stated, “We are excited that Ms. Goldin is joining us at this critical juncture for Petroteq. Her skill set and relationships will be invaluable as we look at new opportunities to grow the company.”

The purpose of the Advance Notice By-law is to provide a clear process for the shareholders, directors ‎and management to follow when nominating directors of the Company. Such a by-law will ensure that ‎shareholders receive adequate notice of director nominations and sufficient information regarding all ‎director nominees and to allow shareholders to register an informed vote after having been afforded ‎reasonable time for appropriate deliberation. The Advance Notice By-law, among other things, includes ‎a provision that requires advance notice to the Company in certain circumstances where nominations of ‎persons for election to the board of directors are made by shareholders of the Company. This Advance ‎Notice By-law also sets a deadline by which director nominations must be submitted to the Company ‎prior to any annual general or special meeting of the shareholders and also sets out the required ‎information that must be included in the notice to the Company. No person will be eligible for election ‎as a director of the Company unless nominated in accordance with the Advance Notice By-law.‎ In the case of an annual meeting of the shareholders, notice to the Company must be made not less ‎than 30 days and not more than 65 days prior to the date of the annual general meeting. If the annual ‎meeting is being held on a date that is less than 40 days following the date on which the first public ‎announcement of the meeting was made, notice may be made not later than the close of business on ‎the 10th day following such public announcement.‎ In the case of a special meeting of shareholders (which is not also an annual meeting) called for the ‎purpose of electing directors, notice to the Company must be made not later than the close of business ‎on the 15th day following the day on which the first public announcement of the date of the special ‎meeting was made. Notwithstanding the foregoing, the board of directors may, in its sole discretion, ‎waive any requirement of the Advance Notice By-law.‎