Petroteq Announces Revocation of Cease Trade Order

SHERMAN OAKS, CA / ACCESSWIRE / August 30, 2021 / Petroteq Energy Inc. ("Petroteq" or the "Company") ‎‎(TSXV:PQE)(OTC PINK:PQEFF)(FSE:PQCF), an oil ‎company focused on the development and implementation of its proprietary oil-‎extraction and remediation technologies, announced today that the cease trade order (the "CTO") issued by the Ontario Securities Commission (the "OSC") has been revoked effective August 24, 2021.

The CTO was issued by the OSC on August 6, 2021, as a result of its failure to file its quarterly report on Form 10-Q (and related certifications) for the period ended May 31, 2021 ("2021 Q3 Filings") on or before July 30, 2021, as required under Canadian National Instrument 51-102 - Continuous Disclosure Obligations, as previously disclosed.

The Company filed the 2021 Q3 Filings on SEDAR and with the United States Securities and Exchange Commission (the "SEC") on August 19, 2021. In addition, on August 19, 2021, the Company's amended financial statements and management's discussion and analysis ‎for the eight quarters from May 31, 2019 to February 28, 2021 were filed on SEDAR and with the SEC, as contained in the Company's amended annual reports on Form 10-K/A for the financial years ended August 31, 2019 and August 31, 2020, and in the Company's amended quarterly reports on Form 10-Q/A for the periods ended May 31, 2019, November 30, 2019, February 29, 2020, May 31, 2020, November 30, 2020 and February 28, 2021. The Company's amended financial statements and management discussion and analysis for the period ended February 28, 2019 was filed on SEDAR on August 23, 2021, and with the SEC on August 25, 2021, as exhibits to the Company's current report on Form 8-K.

The Company continues to work with the TSX Venture Exchange (the "Exchange") on a reinstatement of trading and will update the market as things progress.

The Company continues to operate normally and is working diligently to answers questions from the Exchange.

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.