Regarding Petroteq Energy Inc. (‘Petroteq’ or the ‘Company’) (TSX-V:PQE) (OTC:PQEFF) (FSE:PQCF), Uppgard Konsult AB (‘Uppgard’ or the ‘Company’) announced that on July 7, 2021 the Client signed an engagement letter with a renowned international law firm based in Canada with proven experience in the field of mergers and acquisitions as well as in the energy sector in general and oil & gas in particular.

The scope of the work is to assist with regards to takeover bid / tender offer for shares in Petroteq Energy Inc. in Canada. We are looking into further strengthening the team and bringing in another consulting firm that has extensive experience and knowledge in the North American markets.

To further earn shareholder confidence, the Client provided Uppgard Consult AB with a hard proof of fund for 120 million Euro to demonstrate the financial resources necessary to support the proposed acquisition and the future development of the technology and expansion of the business.

Uppgard Konsult AB has permission to disclose the proof of funds to shareholders interested in the takeover offer. Uppgard Konsult AB has made an official offer to purchase up to 200 million shares of Petroteq Energy Inc. at 0.50 Euro per share cash from it’s shareholders, subject to Uppgard Konsult AB’s terms and conditions. It’s expected and anticipated to complete his offer by September 30, 2021.