Company reduces outstanding shares by 39% to 30,455,943 common shares
WASHINGTON and HENDERSON, Nevada, January 12, 2022 (GLOBE NEWSWIRE) – Quantum Energy Inc. (OTC: QEGY) (“Quantum”) announces the return and withdrawal of 19,382,676 common shares, reducing the outstanding common shares of the Company to 30,455,943 out of 49,838,629 ordinary shares.
The Company entered into settlement agreements with four former officers and directors and one former affiliate shareholder of the Company resulting in the withdrawal of 19,382,676 common shares of the Company.
Harry Ewert, Chief Executive Officer, said, “These confidential settlement agreements and common share withdrawals represent the important and substantive work of our securities lawyers and senior management of the Company. Special recognition to our CFO, Mr. William Westbrook, for all his hard work on this subject over the past 8 months.
The Company also announces the resignation of Jeffrey Mallmes from his position as a director of our Board of Directors effective January 3e, 2022. A 8-K deposit will be completed today.
In addition, the Company announces that it has filed a share in the United States District Court for the State of Nevada against the defendants John Suprock and PSC Advisors, LLC, an entity controlled by John Suprock. The complaint alleges a violation of the implied commitment of good faith and fair dealing, unjust enrichment and breach of contract. The Company is seeking the return of 3.4 million shares of its common stock, legal costs and pecuniary damages. See: 2: 21-cv-02184-JAD-BNW Quantum Energy Inc. v. PCS Advisors LLC et al.
Will Westbrook, Chief Financial Officer of Quantum, said, “The company will continue to actively defend the rights of the company as well as protect the value of our legitimate shareholders.”
About Quantum Energy Inc.
Quantum is an energy-focused company with a project focused on rare earth refining and real estate 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 energy related products –www.qegy.energy.
Safe Harbor Forward-Looking Statements
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. You may identify these forward-looking statements by words or phrases such as “may”, “will”, ” expect “,” anticipate “”, “aim”, “estimate”, “intend”, “plan”, “believe”, “is / are likely”, “future” or other expressions similar. We have based these forward-looking statements in large part on our current expectations and projections regarding future events and financial trends that we believe could affect our financial condition, results of operations, business strategy, financial results and needs. financial. 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 the “Risk Factors” section appearing elsewhere in this annual report. These risks are not exhaustive. We operate in a rapidly changing 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 a factor, or a combination of factors, may cause results to differ from those contained in any forward-looking statement. We assume no obligation to update or revise forward-looking statements, except as required by applicable law.
Contact of Quantum Energy Inc .:
Douglas fir C.
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