Company Retires 26,832,298 Common Shares, Reducing 49,838,629 Outstanding Shares to 23,006,331 Common Shares
WASHINGTON and HENDERSON, Nev., Jan. 20, 2022 (GLOBE NEWSWIRE) -- Quantum Energy Inc. (OTC: QEGY) (“Quantum”) announces the return and retirement of an additional 7,449,622 common shares, which reduces the Company’s outstanding common shares to 23,006,33, down from 49,838,629 common shares.
The Company completed settlement agreements with five former officers and directors and one former affiliate shareholder, resulting in the retirement of 26,832,298 of the Company’s common shares.
Harry Ewert, Chief Executive Officer, stated, “The Company continues to excel in these share retirements, representing significant and substantial work of our securities attorneys and the executive management of the Company over the last nine months.”
Will Westbrook, Quantum CFO, stated, “As stated in previous news releases, the Company will continue to pursue the rights of the Company aggressively as well as to protect the value of our legitimate shareholders. Operating as a good corporate citizen and ensuring that shares or any cash paid to an individual or entity in the past were legitimate, is of paramount importance to the Company.”
About Quantum Energy Inc.
Quantum Energy, Inc. (OTC: QEGY) 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
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/67c86069-c548-4366-a8c3-985f4af7d6d4
