NetworkNewsBreaks – Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) Provides Update on Technology Licensing Agreement, Reports Changes to Executive Team
Mar 13, 2020
Petroteq Energy (TSX.V: PQE) (OTC: PQEFF), an integrated oil company focused on the development and implementation of its proprietary oil-extraction and remediation technologies, on Thursday provided an update regarding progress on the licensing of its proprietary oil-sands extraction technology. In July 2019, the company entered into a non-exclusive technology licensing agreement with Valkor LLC granting Valkor the right to use Petroteq’s proprietary patented technology to engineer, construct, operate and finance oil sands extraction plants. Per the agreement, Valkor would pay the company a non-refundable license fee of US$2 million per plant in two equal payments, the first of which being payable upon start of construction of a plant and the remainder payable upon first production of such plant. Valkor also agreed to pay Petroteq a 5% royalty based on annual gross sales, excluding solvent and or water, for so long as licensed technology is covered by a valid claim in the country in which it is used. Valkor has advised Petroteq that it has entered a non-binding memorandum of understanding with Hydrocarbon Dynamics Limited (“HCD”), under which Valkor will need to engineer, install and operate a plant. Valkor has also reported that it has entered into another non-binding memorandum of understanding with TomCo Energy plc, also resulting in Valkor engineering, constructing and operating a plant. If these ventures successfully proceed, Petroteq will be entitled to initial non-dilutive capital, as well as a potential long-term revenue stream through a royalty.
In addition, Petroteq announced that Dr. Gerald Bailey has retired from his position as president of the company. He will remain a non-executive director of the company. Travis Schneider and David Sealock have resigned as directors of the company, and Sealock has also provided notice of his resignation as CEO effective March 31, 2020. Alex Blyumkin, chairman of Petroteq, will assume the role of Interim CEO upon Sealock’s departure. “I am extremely excited at the prospect of expanding our relationship with Valkor into new projects,” Petroteq Chairman Alex Blyumkin stated in the news release. “The potential of having multiple facilities in Utah making similar oils and all using Petroteq technology has the potential to open up many opportunities to gain economies of scale both in our production costs, as well as on the distribution of our unique oil products.”
To view the full press release, visit http://nnw.fm/1NIoh
About Petroteq Energy Inc.
Petroteq is a fully integrated clean technology company focused on the development and implementation of a new proprietary technology for oil extraction. The Company has an environmentally safe and sustainable technology for the extraction and reclamation of heavy and bitumen from oil sands, oil shale deposits and shallow oil deposits. Petroteq is engaged in the development and implementation of its patented environmentally friendly heavy oil processing and extraction technologies. Petroteq is currently focused on developing its oil sands resources and expanding production capacity at its Asphalt Ridge soil remediation and heavy oil extraction processing facility located near Vernal, Utah. For more information, visit www.Petroteq.energy.
NOTE TO INVESTORS: The latest news and updates relating to PQEFF are available in the company’s newsroom at http://nnw.fm/PQEFF
About NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
To receive SMS text alerts from NetworkNewsWire, text “STOCKS” to 77948 (U.S. Mobile Phones Only)
For more information please visit https://www.NetworkNewsWire.com
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
NetworkNewsWire (NNW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
[email protected]
NetworkNewsWire is part of the InvestorBrandNetwork.
More News
Adventures with no age limit: 12 incredible holidays for 2027
From sailing to the remote islands of French Polynesia and exploring Japan’s ancient Zen traditions to riding a historic steam train through Colorado’s Wild West, some adventures are simply too good to miss, whatever your age. For travellers in their 50s, 60s, 70s and beyond, 2027 offers plenty of opportunities to discover somewhere new, revisit places that hold special memories or finally embark on a long-dreamed-of journey. Whether it’s retracing the footsteps of Elvis Presley in Memphis 50 years after his death, discovering the wild landscapes of Florida’s Everglades or taking the scenic route to the French Alps aboard a sleeper train, these 12 unforgettable holidays prove that a sense of adventure never gets old.
TOURISM IS GROWING - THE CHOICES MADE NOW WILL SHAPE ITS FUTURE
Global tourism is entering a new era of strategic choices. The industry is still generating economic growth, but geopolitical instability, climate pressures, investment challenges and technological disruption are testing its long-term competitiveness. The numbers reveal a paradox. According to the World Economic Forum’s Travel & Tourism Development Index 2026, 92% of the 110 economies assessed have improved their conditions for tourism development since 2024. The World Travel & Tourism Council (WTTC) forecasts a US$12 trillion contribution to the global economy in 2026, supporting around 376 million jobs.
Stand-up comedian Jordan Leung on moving to the US and Hong Kong show backlash
“I think about quitting all the time,” says Jordan Leung, known to his Instagram followers as @69ranch. As one of Hong Kong’s most prominent stand-up comedians to emerge in recent years, Leung’s pessimism is surprising. “I don’t wanna make social media content,” the 33-year-old admits. “Now I’m just fixated on likes and stuff … I don’t know how much longer I can do this.” Sitting directly across the table from him, it is not always easy to tell when Leung is being sincere or performing his...
32 Products That'll Fix Those Annoying Travel Headaches So You Can Actually Enjoy Your Vacation
There's no need to panic in a random gas station without TP when these handy portable wipes exist. View Entire Post ›
Visit Europe And We'll Guess Your Favorite European Food!
I loveeeee a British breakfast! View Entire Post ›
Scotland’s wild wellness boom, from Gleneagles to Loch Lomond
For a while, the blueprint for a serious wellness trip looked pretty much the same everywhere. A flight to somewhere warm, a resort with a view of jungle or terraced rice paddies, a treatment menu borrowing names from ancient traditions, and enough linen to last a lifetime. Scotland was never really part of that picture. It was the place people went for whisky, castles and rain, not the place they went to reset. Then this summer, Scotland’s men’s football team appeared at their first World Cup...
Do you have empty nest syndrome? 5 signs – and expert ways to cope
If you feel lost or overwhelmed now your children have left the nest, you are far from alone. Many parents experience empty nest syndrome at this time of the year. “Empty nest syndrome isn’t a mental health condition, but a set of feelings or symptoms that parents might feel when all their children have left home,” says Dr Elizabeth Wakeland, consultant, clinical and forensic psychologist at Cygnet Health Care in the UK. “It’s a period of significant life change where parents are trying to...
Torrential rains hit Orange County, send visitors scrambling for cover at Disneyland
A powerful, brief downpour sent Disneyland visitors scrambling for cover Friday night, closed rides and flooded parts of Frontierland as workers tried to clear backed-up drains.
I Don't Travel Without My Rescue Pup, So I Combed The Internet For These 9 Airline-Friendly Carriers
Make your travel plans with your pup a walk in the park. View Entire Post ›
Meet Tom Rhys Harries, star of DC’s body-horror Clayface
With Clayface, DC trades its usual cape-donning heroes for a chilling entry into body-horror cinema. Starring Tom Rhys Harries, the film follows Matt Hagen (played by Harries), a Hollywood star from Gotham whose run-in with a crime boss leaves his face severely disfigured. Desperate to restore himself, Hagen turns to Dr. Caitlyn Corr (Naomi Ackie), whose experimental treatment makes matters worse. So Hagen finds himself on a path from Hollywood’s charming leading man to a Gotham City...
Mt. Waterman ski resort near L.A. relisted for $3.3 million after deal falls through
The historic Mt. Waterman Ski Resort, one of Southern California's steepest ski resorts and only an hour from downtown Los Angeles, was relisted for sale on Wednesday at $3,275,000.
I Spent 5 Days In One Of America's Most Overlooked Places, And I Think I Found My New Favorite Place On Earth
If you know, you really know. View Entire Post ›
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.