Petroteq Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF), a company focused on the development and implementation of environmentally friendly heavy oil processing and extraction technologies, this morning announced that its founder and CEO, Alex Blyumkin, has provided an interest-free unsecured non-convertible loan of up to $2 million aimed at funding Petroteq’s operations and expansion plans. Per the update, $200,000 of this total has already been advanced. “My personal investment demonstrates the confidence that I have in the future of the Company,” Blyumkin stated in the news release. “We restructured our operations and balance sheet to facilitate the growth of our business and we are executing accordingly. With the increase in capital, we will have the ability to accelerate our production capacity to create future revenues for our business once the plant is put into production.” This larger facility serves as a key portion of Petroteq’s growth strategy and is expected to expand the company’s production capacity from 250 to 1,000 barrels per day. Petroteq anticipates that the plant will reach full production by February 1, 2018, with revenues from its operation being reported for the second quarter ending on February 28, 2018.
To view the full press release, visit http://nnw.fm/YN0p1
About Petroteq Energy Inc.
The Company is engaged in the development and implementation of its proprietary environmentally friendly heavy oil processing and extraction technologies. Our proprietary process produces zero greenhouse gas, zero waste and requires no high temperatures. Petroteq is currently focused on developing its oil sands resources and expanding production capacity at its Asphalt Ridge heavy oil extraction facility located near Vernal, Utah. The company also owns a minority stake in an exploration and production play located in southwest Texas held by Accord GR Energy Inc. Under a joint venture agreement with Recruiter.com and Oilprice.com, we anticipate that the website offering employment opportunities in the Energy sector will be launched in the month of November 2017. Petroteq is also developing technologies to optimize petrochemical industry workflow processes and will bring a team of professionals to expedite the process. For more information, visit www.PetroteqEnergy.com
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