Petroteq Energy, an oil company focused on the development and implementation of its proprietary oil sands extraction and remediation technologies, provides an update with respect to the extension of the all-cash takeover-offer of Viston Swiss United AG, which announced that the time for acceptance of the Offer has now been extended until 5:00 p.m. (Toronto time) on June 17, 2022.

The Offer is being extended in order to allow additional time for the Offeror to obtain clearance under U.S. national security regulations, which is a condition to the Offer. Except for the extension of the Offer, all other terms and conditions of the Offer continue to remain in effect and unchanged.

Petroteq's CEO and CTO, Vladimir Podlipsky Ph.D. stated,
"Pursuant to our announcement on February 25, 2022, in which we indicated our willingness to assist Viston with the CFIUS filings and following discussions between representatives of the Offeror and Petroteq, the Offeror's U.S. counsel engaged with representatives of Petroteq in order to jointly prepare the Notice. On April 6, 2022, the Offeror and Petroteq pre-filed the Notice with CFIUS. We will continue to assist Viston with its CFIUS filings.

The Board still believes that the ‎immediate cash value offered to Shareholders under the Viston Offer is more favorable to Shareholders ‎than the potential value that might otherwise result from other alternatives reasonably available to ‎Petroteq. The Petroteq Board of Directors unanimously recommended acceptance of Viston Offer on January 04, 2022 and voted unanimously on January 26, 2022 to tender its shares also."

Subsequent to Viston's press release several major Petroteq shareholders contacted us to express their continued support for the tender offer. Cantone Asset Management, LLC and its affiliates, which hold and have tendered approximately 120,000,000 shares of the Company's common stock have also indicated that they continue to view the Offer as the best near-term alternative and support the Offer.

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