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$PQEFF Announces Opening Of Petrobloq Blockchain Labs .....

STUDIO CITY, CA, March 09, 2018 (GLOBE NEWSWIRE) -- Petroteq Energy Inc. ("Petroteq" or the "Company") (TSXV: PQE; OTCQX: PQEFF; Frankfurt: A2DYWC), a company focused on the development and implementation of proprietary technologies for the energy industry, today announced the opening of its Petrobloq Blockchain Labs.


Petroteq Energy Inc.

The Company has leased and staffed a purpose built space solely for the development of the Petrobloq technologies. The labs will be staffed by several blockchain and smart contract developers and UX/UI designers, making Petrobloq part of a broader strategic investment around the digital transformation and innovation in oil and gas supply chain management. Strategic hires have been made over the past months but the team is now in a single location and development is accelerating.

"Technological innovation is a top priority for Petroteq— the Company intends to continue to strategically invest in technology to benefit our industry, where success or survival depends heavily on being innovative," stated Alex Blyumkin, CEO of Petroteq.

Petrobloq's blockchain initiative is being accepted by oil majors, like Pemex and Socar (Ukrainian branch) and the company is looking forward to adding additional energy producers to the roster of partners when its technology is developed.

According to a recent Deloitte survey, blockchain technology is emerging as a key business focus for US companies in many industries, with executives in the consumer products and manufacturing; and technology, media and telecommunications sectors planning to invest the most money.

The Petrobloq team will focus on developing robust blockchain capabilities beginning with proofs of concept that can be developed into functioning prototypes. The team intends on the platform having the ability to integrate with already existing solutions for the oil and gas supply chain.

While the Petrobloq labs team will be focused on working to make the supply chain more efficient in the oil and gas industry, it is expected to be working with other applications as well.

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.

https://www.nasdaq.com/press-release/petroteqs-petrobloq-blockchain-subsidiary-opens-development-facility-in-southern-california-20180309-00349

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