SOURCE: Quantum Energy, Inc.

October 14, 2014 07:30 ET

Quantum Energy Issues Shareholder Update: Audit Completed, Ready to Seek Fully Reporting Status

TEMPE, AZ--(Marketwired - Oct 14, 2014) - Quantum Energy, Inc. (PINKSHEETS: QEGY), with offices in Williston, North Dakota, issued the following shareholder update:

The independent audit of the fiscal year-end for both 2013 and 2014 including the May 31, 2014 quarterly period was issued by the PCAOB auditor on September 30, 2014. In addition to the financial credibility that an audit provides, Quantum is now eligible to seek fully reporting status under the 1933 Securities Act and 1934 Exchange Act. "We are reviewing all options including the filing of a Form 10, S-1 registration and/or an S-4 filing. Regardless, Quantum is going to the next reporting status level at the earliest practical moment," said President and General Counsel, Stan Wilson. 

In anticipation of completing the audit, Quantum has continued its discussions with landowners in the Billings, Montana and Stanley and Berthold, North Dakota areas and expects to have news of a definitive agreement soon to add to the already existing Option Agreements in place on refinery sites in the Baker and Fairview, Montana locations.

Progress continues to be made in firming up relationships with strategic alliance partners, refinery design teams, engineering firms, major diesel off-take sources and potential funding sources as well as crude supply candidates with recent meetings in Bismarck, ND and Oklahoma City. 

On September 26, 2014, Quantum submitted its comments via to the PIPELINE AND HAZARDOUS MATERIALS SAFETY ADMINISTRATION U.S. DEPARTMENT OF TRANSPORTATION (PHMSA) regarding the Notice of Proposed Rulemaking (NPRM) Hazardous Materials: Enhanced Tank Car Standards and Operational Controls for High-Hazard Flammable Trains PHMSA-2012-0082 (HM-251) Published: 79 Fed. Reg. 45,016 (Aug. 1, 2014). Quantum has testified previously before a House energy sub-committee and in its comments to PMSA took the position that because the NPRM squarely raises the overarching issue of whether offerors should be encouraged to process crude oil prior to shipping to reduce its volatility, Quantum urged PHMSA to encourage such pre-shipment processing, both to increase the safety of rail transport of crude oil and to reduce the number of new/retrofitted tank cars required for compliance with the proposed rule. Quantum's comment urged that any new tank car requirements give due regard to the hazards posed by the materials to be transported. Quantum continues to work to encourage processing on the hub and spoke concept of its Energy Centers rather than at the wellhead. 

About Quantum Energy, Inc.

QUANTUM ENERGY, INC. is a development stage, publicly traded, diversified holding company with offices in Williston, North Dakota. Quantum places an emphasis in refinery development, land holdings, oil and gas exploration, drilling, well completion and fuel distribution and has recently entered into a Strategic Alliance with Bilfinger Westcon to develop multiple Energy Centers that include a 20,000 barrel per day diesel refinery throughout the Bakken

Safe Harbor Forward-Looking Statements

To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, further milestones, plans, intentions, goals, future financial conditions, future collaboration agreements, the success of the Company's development, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made.

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