Los Angeles, CA (GLOBE NEWSWIRE) - Petroteq Energy Inc. (“Petroteq” or the “Company”) (TSXV: PQE; OTCQX: PQEFF; Frankfurt: PQCF), a company focused on the development and implementation of proprietary technologies for the energy industry, announced today that the State of Utah has approved the Company to serve as an official government contractor for the planning, designing and procurement of its infrastructure projects. Petroteq recently completed the required steps to obtain approval, which is expected to enable Petroteq to participate in the local and government infrastructure project activities by providing bitumen for the roadway projects.
Petroteq’s subsidiary, PetroBLOQ, LLC (“PetroBLOQ”), is developing the first supply chain management platform for the oil and gas industry based on advanced blockchain distributed ledger technology. The Company aims to create the first extraction and processing facility in the country in which all industrial processes will be powered by its proprietary blockchain-based management system.
The American Society of Civil Engineers estimates that the country’s dated, decaying infrastructure will cost up to $3.6 trillion to address. The inherent decentralization of blockchain technology is designed to minimize the risks and enhance the security of the increasingly advanced platform applications that will replace the old infrastructure.
“Given the timing of President Trump’s State of the Union address, which emphasized infrastructure spending, specifically on roads and bridges, we feel this is a fortuitous timing for us to be able to participate in this anticipated growth opportunity,” said Petroteq CEO, Alex Blyumkin. Historically, Utah's economic performance has been among the strongest in the nation with the construction sector having posted the highest job growth in 2016 at 6.8%, fueled by both robust residential and commercial activity. Becoming a contractor for the State of Utah is a significant milestone for our Company, and we expect that the project initiatives will generate significant benefits to our shareholders.”
The global bitumen market size, mainly driven by increasing government spending towards road construction, maintenance and repair, is expected to exceed $110 billion by 2024, according to a research report by Global Market Insights, Inc. This growth is primarily due to increasing use of bitumen in various applications including roadways, waterproofing, insulation, and adhesives. The asphalt bitumen binder is an essential element in various roadways applications on account of its higher strength, durability, and resilience. Concrete contains a small percentage of asphalt (bitumen,) which is acting as a binder to enhance its resistance characteristics, which is expected to boost demand over the forecast period.
U.S. News & World Report ranks Utah as the leading state in the country for employment, considering factors of job growth, labor force participation and low unemployment rate. “Becoming a contractor for the State of Utah is a significant milestone for our Company,” continued Blyumkin, “and we anticipate that the project initiatives will generate significant benefits to our shareholders.”
About Petroteq Energy Inc.
Petroteq is a fully integrated oil and gas company focused on the development and implementation of a new proprietary technology for oil extraction. The Company has an environmentally safe and sustainable technology for the extraction of heavy oils from oil sands, oil shale deposits and shallow oil deposits. Petroteq is engaged in the development and implementation of its patented 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. In addition, the Company, through its wholly owned subsidiary PetroBLOQ, LLC, is seeking to develop the first blockchain based platform created exclusively for the supply chain needs of the oil & gas sector. For more information, visit www.Petroteq.energy and PetroBLOQ.com.
Certain statements contained in this press release contain forward-looking statements within the meaning of the U.S. and Canadian securities laws. Words such as “may,” “would,” “could,” “should,” “potential,” “will,” “seek,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect” and similar expressions as they relate to the Company, and the Company participating in local and government infrastructure projects, generating significant benefits to shareholders through project initiatives and the expected growth of the global bitumen market, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company’s current views and intentions with respect to future events, based on information available to the Company, and are subject to certain risks, uncertainties and assumptions. Material factors or assumptions were applied in providing forward-looking information, including: the ability of President Donald Trump to enact an infrastructure spending program. While forward-looking statements are based on data, assumptions and analyses that the Company believes are reasonable under the circumstances, whether actual results, performance or developments will meet the Company’s expectations and predictions depends on a number of risks and uncertainties that could cause the actual results, performance and financial condition of the Company to differ materially from its expectations.
Certain of the “risk factors” that could cause actual results to differ materially from the Company’s forward-looking statements in this press release include, without limitation: the; changes in laws or regulations; the ability to implement business strategies or to pursue business opportunities, whether for economic or other reasons; status of the world oil markets, oil prices and price volatility; oil pricing; state of capital markets and ability by the Company to raise capital; litigation; the commercial and economic viability of the Company’s oil sands hydrocarbon extraction technology, the SWEPT technology, the S-BRPT technology, and other proprietary technologies developed or licensed by the Company or by Accord, which are of experimental nature and have not been used at full capacity for an extended period of time; reliance on suppliers, contractors, consultants and key personnel; the ability of the Company and Accord to maintain their respective mineral lease holdings; potential failure of the Company’s business plans or model; the nature of oil and gas production and oil sands mining, extraction and production; uncertainties in exploration and drilling for oil, gas and other hydrocarbon-bearing substances; unanticipated costs and expenses, availability of financing and other capital; potential damage to or destruction of property, loss of life and environmental damage; risks associated with compliance with environmental protection laws and regulations; uninsurable or uninsured risks; potential conflicts of interest of officers and directors; and other general economic, market and business conditions and factors, including the risk factors discussed or referred to in the Company’s annual Management’s Discussion and Analysis for the year ending August 31, 2017, filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com.
Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release, and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE: Petroteq Energy Inc.