Record Exports of US Oil and Petroleum Reached, Despite Majors Holding Off Production Growth - Seite 2

Through the use of a patented solvent, Petroteq washes the sand of oil, recycling almost 100% for continued use with no negative environmental impact. The cleaned sand can then be utilized economically for the broad range in residential and commercial use.

Back in February, Petroteq shared a third-party cash flow analysis prepared by Broadlands, focused on the markets available for the sale of the three categories of by-product sands.

Broadlands noted that an extraction plant producing 5,000 bpd could (as estimated by Petroteq) be capable of yielding 6,000 tons of sand per day or 1,860,000 tons per year (based on 310 operating days per year and operating 24 hours per day), and that silica flour is postulated to be 15% of the saleable product, fracking quality sand 55%, and bulk sand 30%.

The analysis returned a base case NPV of $1.285 billion, $602 million, and $341 million, based on a pre-income tax basis, at discount rates of 0.0, 7.5 and 15%, respectively.

Now Petroteq is in the midst of a potential takeover by ESG-focused equity firm Viston United Swiss AG, which has a current deadline of acceptance by all shareholders of June 17^th, 2022. So far the offer has been favorably received by the entire Petroteq team, with unanimous intention to tender shares from the Board of Directors, the company's Founder, Former Chairman and CEO Alex Blyumkin, and one of the company's largest shareholders, Cantone Asset Management, LLC.

"Our intentions are to continue evolving toward future expansion and revenue growth, regardless of the on-going takeover-bid from Viston United Swiss AG," said Podlipsky. "Management of Petroteq continues to manage the business of Petroteq, while making utmost effort to maximize shareholder value."

Viston's offer involved a premium price valuation of approximately 279% over the closing price of the Common Shares on the TSX Venture Exchange on August 6, 2021, and a 1,032% premium to the 52-week volume weighted average trading price on the TSX-V prior to the offer originally made in April 2021, before the Canadian shares were halted. The offer itself is valued at a considerable premium over the market price, with a 100% all-cash consideration of ‎C$0.74 ‎per common share.