Petroteq Provides Update on Reinstatement of Trading on TSX.V

SHERMAN OAKS, CA / ACCESSWIRE / May 3, 2022 / 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 sands extraction and remediation technologies, provides an update on reinstatement of trading of its common shares (the "Common Shares") on TSX Venture Exchange (the "Exchange").

On August 9, 2021, the Ontario Securities Commission ("OSC") issued a cease trade order ("CTO") due to the Company's failure to file its quarterly report on Form 10-Q (and related certifications) for the period ended May 31, 2021 on or before July 30, 2021, as required under Canadian National Instrument 51-102 - Continuous Disclosure Obligations, as previously disclosed as a result of Petroteq's late quarterly filing of May 21, 2021.

Please refer to Company's press release issued on October 6, 2021:

https://ir.petroteq.com/news-presentations/press-releases/detail/400/p ...

As a result of the CTO, trading of Petroteq's common shares was suspended on the TSX.V. The continued halt of the Company's common shares by the Exchange was a result of unapproved issuances of common shares priced below what the Exchange ‎generally approves for convertible securities.‎ The OSC revoked its cease trade order effective August 24, 2021.

Over the course of the ensuing months from August 2021 to the current date in May 2022, the Company has been in regular dialogue with TSX.V, while providing corrective actions in this regard, including the resignation of certain senior officers and board members, implementing stringent policies and procedures to insure a consistent supervision and compliance with various rules and regulations. All these actions were done with sincere intent by the Company to protect the interests of the many shareholders and to resume trading on TSX.V.

Vladimir Podlipskiy, Petroteq's CEO stated, "Although we have not yet received the approval from TSX.V to resume trading, we are diligently working to implement the necessary compliance framework that would be satisfactory to TSX.V and allow the shares of Petroteq to resume trading. We believe that we have resolved most of the issues including mechanisms and controls that assure that prior incidents of non-compliance are fully addressed, while mitigating future risks of recurrence of such events. A draft proposal is now in place, but not yet approved by the parties."