Petroteq Announces Filing and Mailing of Directors' Circular in Response to the Unsolicited Takeover Bid by Viston United Swiss AG

SHERMAN OAKS, CA / ACCESSWIRE / November 8, 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, announces that it has today filed a Directors' Circular in response to the offer (the "Viston Offer") and take-over bid circular of 2869889 Ontario Inc., an indirect, wholly-owned subsidiary of Viston United Swiss AG (together, "Viston") for all of the issued and outstanding common shares in the capital of the Company ("Common Shares").

As stated in the Directors' Circular, the Board of Directors of Petroteq (the "Board"), in consultation with its independent financial and legal advisors, is considering whether or not the Viston Offer is adequate and in the best interests of Petroteq and its shareholders ("Petroteq Shareholders"). Accordingly, the Board is considering whether to make a recommendation to accept or reject the Viston Offer and has determined not to make a recommendation to Petroteq Shareholders until such time as the Company has an opportunity to complete its Strategic Review (as defined below) and receives input on valuation from its financial advisor, Haywood Securities Inc. ("Haywood").

The Board therefore advises that Petroteq Shareholders DO NOT TENDER their Common Shares until further communication is received from the Board. The Viston Offer is open for acceptance until February 7, 2022, unless extended, accelerated or withdrawn in accordance with its terms. The Board notes that tendering to the Viston Offer before the Company has had an opportunity to fully explore all available alternatives may preclude the possibility of a financially superior transaction emerging. Any Petroteq Shareholder who has already tendered his, her or its Common Shares to the Viston Offer should withdraw those Common Shares until such further communication from the Board is received. For further information, please see the section entitled "How to Withdraw your Deposited Common Shares" in the Directors' Circular.

Petroteq cautions its shareholders and potential investors that there can be no certainty that the Viston Offer will be supported by the Board or that any other strategic transaction with any other person will be pursued by Petroteq or ultimately completed. Consistent with its fiduciary duties, the Board will evaluate the Viston Offer and Petroteq's options, including continuing to operate the business to drive shareholder value and potentially exploring possible alternative transactions. The Board continues to believe Petroteq is well positioned to be an industry leader with its one of a kind oil sands extraction technology.