Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF), an oil company focused on the development and implementation of its proprietary oil sands extraction and remediation technologies, and its former officer and director, Alex Blyumkin, have resolved a U.S. Securities and Exchange Commission (“SEC”) investigation. The investigation was looking into certain violations by the company and Blyumkin. The settlement with the SEC outlines terms where neither Petroteq nor Blyumkin admit or deny the findings outlined in the SEC order, which is dated June 13, 2022. The order instituted cease-and-desist proceedings pursuant to SEC guidelines. The announcement also outlined other settlement terms, including the company’s agreement to remediate and correct several issues within 90 days, including any material weaknesses in its disclosure controls and procedures and its internal control over financial reporting, and any material misstatements and omissions in prior SEC forms and filings. The company also agreed to pay a civic penalty of $1 million. Blyumkin has also agreed to pay a civil penalty of $450,000; both payments will be paid to the SEC in four equal installments over a 12-month period. “We are pleased to put this investigation behind us and fully intend to comply with its terms as expeditiously as possible,” said Petroteq interim CEO Vladimir Podlipskiy in the press release. “We are confident that we will continue to have sufficient financial resources to pay Petroteq’s civil penalty instalments on a timely basis. Petroteq remains committed to doing the right thing on behalf of our employees, investors and customers, and we are pleased to have reached a resolution to this matter. We look forward to developing our technology and securing our energy future.”
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About Petroteq Energy Inc.
Petroteq is a clean-technology company focused on the development, implementation and licensing of a patented, environmentally safe and sustainable technology for the extraction and reclamation of heavy oil and bitumen from oil sands and mineable oil deposits. The versatile technology can be applied to both water-wet deposits and oil-wet deposits, outputting high-quality oil and clean sand. Petroteq believes that its technology can produce a relatively sweet heavy crude oil from deposits of oil sands at Asphalt Ridge, Utah, without requiring the use of water and, therefore, without generating wastewater that would otherwise require the use of other treatment or disposal facilities, which could be harmful to the environment. Petroteq’s process is intended to be a more environmentally friendly extraction technology that leaves clean residual sand, which can be sold or returned to the environment without the use of tailings ponds or further remediation. For more information about the company, visit www.Petroteq.energy.
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