Petroteq Energy Inc V.PQE.H

PQE puts pressure on VISTON to close the deal....

[deepoil0808]

News Release:

SHERMAN OAKS, CA / ACCESSWIRE / July 27, 2022 / Petroteq Energy Inc. ("Petroteq" or the "Company") ‎‎‎(TSXV:PQE; OTC PINK:PQEFF; FSE:PQCF), ‎an ‎ an oil company focused on the development and implementation of its proprietary oil sands extraction and remediation technologies, announces that it and the optionees of all of the issued and outstanding stock options of the Company have agreed to cancel an aggregate of 4,250,000 stock options, all of which had exercise prices between C$1.00 and C$2.27. Subject to compliance with the policies of the TSX Venture Exchange, the optionees will be eligible to receive awards under the Company's new 2022 Equity Incentive Plan approved by shareholders on July 21, 2022. Accordingly, the Company now has no outstanding stock options.

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It is obvious that the relationship between PQE management and VISTON is HOSTILE.

- Viston laid down the law with LOI on conditions PQE must respect
  (a) No hiring of CEO
  (b) No reverse stock split 1 for 15
  (c) No shares to employees or awards
  (d) No parachute clauses
  (e) SEC satisfaction
  (f) CFIUS approval

- in turn PQE is now putting pressure on VISTON to close the deal with
  (a) threat of 1 for 15 reverse split
  (b) hiring of CEO
  (c) awards and bonuses to management

This latest press release confirms that PQE is respecting Viston conditions by cancelling some options, which management must be bitter of.

In turn PQE is sending a message to VISTON, "better close the deal soon or we will award management as no one works for free".

This is one of the ugliest buyouts ever, it is what a HOSTILE BUYOUT looks like.

VISTION will not walk away as patents and IP are too valuable for them.   

I agree with PQE that VISTON should close the deal as it has been one (1) year, an extremely long time to close up a buyout for such a small company.

My personal opinion,