SHERMAN OAKS, CA / ACCESSWIRE / April 12, 2022 / Petroteq Energy Inc. ("Petroteq" or the "Company") ‎‎(TSXV:PQE) (OTC PINK:PQEFF) (FSE:PQCF), ‎an oil company focused on the development and ‎implementation of its proprietary oil sands extraction and remediation technologies, announces that its founder and former CEO, Mr. Alex Blyumkin, has advised of his intention to donate half of his potential proceeds from the tender offer (the "Offer") by 869889 Ontario Inc. (the "Offeror"), an indirect wholly-owned subsidiary ‎of Viston United Swiss AG ("Viston")‎, to purchase all of the issued and outstanding common shares of ‎Petroteq‎, to humanitarian aid to Ukraine. Mr. Blyumkin had the following message for Petroteq shareholders:

"As the founder and former CEO of Petroteq, I have decided to donate to donate half of my profits from the proposed tender offer by Viston to the humanitarian needs of the Ukrainian people. Being a native of Ukraine, born in Odessa, and now a U.S. citizen, I have a sincere desire to help the people of Ukraine in this hour of sadness and sorrow as they experience the horrors of war. I have spoken to so many friends and family within the country, and I can attest personally to the suffering and hardships they are dealing with. Petroteq is currently awaiting the outcome of the proposed tender offer by Viston to purchase a majority of Petroteq. If this offer is successful, I will donate half of my profits from the sale of my shares to Ukraine's humanitarian causes.

As a father of five children, I naturally thought a lot about the future and I want to do my part to leave my children a world worth living in.

Over the past 10 years, I have put all my time, energy and fortune into developing an environmentally friendly technology for water-free and emission-free oil production. I was convinced that it is possible to produce oil without poisoning our precious water resources and without causing additional emissions. After years of research and development, we have achieved a breakthrough not only are we more environmentally friendly, but we can also produce high-quality oil more cost-effectively and efficiently. It is no coincidence that in this phase we received a takeover offer which, although I believe it is well below the potential value of the company, will provide certainty and immediate liquidity to the nearly 10,000 shareholders and open up new prospects for the company.

Now we are faced with a situation that threatens the lives of millions of people with whom I feel very connected. That's why I decided to do my part and use half of my proceeds from the potential takeover to help these people.

The situation in Ukraine has affected me deeply and my heart breaks every time I see the images of children who are the most innocent and at the same time the most affected victims of this completely senseless war. It is a human tragedy that is unfolding before all our eyes.

I hope that the President of Russia Vladimir Putin and the President of Ukraine Mr. Volodymyr Zelenskyy will find the courage to make peace. I thank all friends and shareholders for their support.

Alex Blyumkin"