Company Reduces Outstanding Shares by 39% to 30,455,943 Common Shares
WASHINGTON and HENDERSON, Nev., Jan. 12, 2022 (GLOBE NEWSWIRE) -- Quantum Energy Inc. (OTC: QEGY) (“Quantum”) announces the return and retirement of 19,382,676 common shares, which reduces the Company’s outstanding common shares to 30,455,943 from 49,838,629 common shares.
The Company completed settlement agreements with four former officers and directors, and one former affiliate shareholder of the Company, resulting in the retirement of 19,382,676 of the Company’s common shares.
Harry Ewert, Chief Executive Officer, stated, “These confidential settlement agreements and common share retirements represent the significant and substantial work of our securities attorneys and the executive management of the Company. Special recognition to our CFO Mr. William Westbrook for all of his hard work on this subject matter over the last 8 months.”
The Company also announces the resignation of Jeffrey Mallmes from his position as Director from our Board of Directors effective January 3rd, 2022. A related 8-K filing will be completed today.
Additionally, the Company announces that it has filed an action in the United States District Court of the State of Nevada against defendants John Suprock and PSC Advisors, LLC, an entity controlled by John Suprock. The complaint alleges breach of implied covenant of good faith & fair dealing, unjust enrichment, and breach of contract. The Company is seeking the return of 3.4 million shares of its common stock, legal fees, and monetary damages. See: 2:21-cv-02184-JAD-BNW Quantum Energy Inc. v. PCS Advisors LLC et al.
Will Westbrook, Quantum CFO, stated, “the Company will continue to aggressively pursue the rights of the Company as well as to protect the value of our legitimate shareholders.”
About Quantum Energy Inc.
Quantum is an energy-focused company with a project emphasis on rare earth refining and property development in the United States and Canada. This includes the refining, processing and value-added manufacturing of rare earth elements and other raw materials to produce magnetic and associated energy-related products -www.qegy.energy.
Safe Harbor Forward-Looking Statements
This Press Release contains statements of a forward-looking nature. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “future” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operation, business strategy, financial results, and financial needs. We caution you not to place undue reliance on forward-looking statements. You should read these statements in conjunction with the risk factors disclosed in “Risk Factors” appearing elsewhere in this Annual Report. Those risks are not exhaustive. We operate in a rapidly evolving environment. New risk factors emerge from time to time, and it is impossible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking statement. We do not undertake any obligation to update or revise the forward-looking statements except as required under applicable law.
Quantum Energy Inc. Company Contact:
Douglas C. Bean
Investor Relations
Washington, DC
202-750-3822
investorrelations@qegy.energy
www.qegy.energy
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