Los Angeles, CA -- December 20, 2017 -- InvestorsHub NewsWire
-- Petroteq Energy Inc. (the
“Company”) (TSXV:PQE; OTCQX:
PQEFF; Frankfurt:A2DYWC), a company focused on the development
and implementation of proprietary technologies, today
announces that its subsidiary, PetroBLOQ, has become the
latest member to join Hyperledger, an open source collaboration to
advance cross-industry blockchain technologies. PetroBLOQ’s novel
blockchain-based oil and gas supply chain management platform is
being co-developed with First Bitcoin Capital Corp. (OTC:
BITCF).
Hyperledger is a global consortium including leaders in finance,
banking, IoT, supply chain, manufacturing and technology. Over 180
diverse organizations support this open source collaboration,
hosted by the Linux Foundation.
“We are excited to be part of the Hyperledger community of
industry leaders and technology experts,” said Alex Blyumkin, CEO
of Petroteq Energy. “As pioneers in the development of blockchain
applications for the oil and gas energy, PetroBLOQ is excited to
contribute to the Hyperledger collaboration.”
“We are pleased to welcome PetroBLOQ to the Hyperledger family,”
said Brian Behlendorf, Executive Director of Hyperledger. “We are
constantly seeking diverse industry and thought leaders to join our
efforts to advance enterprise grade, open source distributed ledger
frameworks to support an increasing variety of critical
applications.”
About PetroBLOQ
PetroBLOQ is a collaboration formed by Petroteq Energy, Inc. and
First Bitcoin Capital Corp. to develop the first supply chain
management platform based on advanced blockchain technology for the
global transaction needs of the oil and gas industry.
About Petroteq Energy, Inc.
Petroteq Energy 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. Petroteq is also
developing technologies to optimize petrochemical industry workflow
processes. For more information,
visit www.PetroteqEnergy.com.
About First Bitcoin Capital Corp.
First Bitcoin Capital is engaged in developing digital
currencies, proprietary blockchain technologies, and the digital
currency exchange -- www.CoinQX.com (in beta). We see
this step as a tremendous opportunity to create further shareholder
value by leveraging management's experience in developing and
managing complex blockchain technologies and in developing new
types of digital assets. Being the first publicly-traded
cryptocurrency and blockchain-centered company, we want to provide
our shareholders with diversified exposure to digital
cryptocurrencies and blockchain technologies. For more information
visit www.BitcoinCapitalCorp.com.
About Hyperledger
Hyperledger is an open source collaborative effort created to
advance cross-industry blockchain technologies. It is a global
collaboration including leaders in finance, banking, Internet of
Things, supply chains, manufacturing and Technology. The Linux
Foundation hosts Hyperledger under the foundation. To learn more,
visit: https://www.hyperledger.org/.
Forward-Looking Statements
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, including TSX Venture
Exchange approval of the issuance of shares, 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. 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 depend 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 TSX Venture
Exchange not approving the issuance of shares; 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; and 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, 2016, 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.
The securities referred to in this news release have not been,
nor will they be, registered under the United States Securities Act
of 1933, as amended, and may not be offered or sold within the
United States or to, or for the account or benefit of, U.S. persons
absent U.S. registration or an applicable exemption from the U.S.
registration requirements. This news release does not constitute an
offer for sale of securities, nor a solicitation for offers to buy
any securities. Any public offering of securities in the United
States must be made by means of a prospectus containing detailed
information about the company and management, as well as financial
statements.
Contact: Petroteq Energy Inc. Alex Blyumkin Chief Executive Officer 800.979.1897
Petroteq Energy (CE) (USOTC:PQEFF)
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