Preparations for Next AGM Advance with Significant Progress in Audits

STEINHAUSEN, SWITZERLAND - EQS Newswire - 19 August 2022 - Terraoil Swiss AG, an energy company with a strong focus on the Mediterranean is pleased to announce that the Company is making significant progress toward holding its Annual Shareholders' Meetings for the fiscal years 2020 and 2021.

The main milestone for the circulation of the invitation for the meeting is the completion of the audits for both years which are presently being conducted in Albania and Switzerland by a&o kreston audit ag. The audit of the 2020 statutory financial statements in Switzerland has been substantially completed and the 2021 audit is set to commence immediately upon completion of the 2020 audit. Correspondingly, the audits of the statutory financial statements in Albania are also nearing completion. The consolidated financial statements for the group will be audited as soon as the individual component audits are completed. The invitation for the AGM will be sent to shareholders as soon as the statutory audits are completed in Switzerland.

Chief Executive Officer, Peter Krempin commented:

"The audits are progressing extremely well in both Switzerland and Albania, particularly in consideration of the fact that they are taking place during the summer months and are dependent on staff availability. We are looking forward to circulating the invitation for the Annual General Meetings for 2020 and 2021 in the coming weeks. The AGM will be our first opportunity for a face-to-face meeting with our shareholders since the crisis triggered by the pandemic and we look forward to meeting with our shareholders to provide the financial statements and an update on our accomplishments and future outlook."

If you are an Terraoil shareholder and would like additional information, contact Peter Krempin either via email investors@terraoil.swiss or by telephone at +41 71 544 01 20.


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About Terraoil Swiss AG

Terraoil is an international energy company with a focus to identify and rapidly advance business opportunities in the upstream oil and gas and renewable energy sectors in the Mediterranean region.
https://terraoil.swiss

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This media release serves informational purposes and constitutes neither an offer to sell nor a solicitation or an advertisement to buy any shares of Terraoil Swiss AG in any jurisdiction. This media release does not constitute a prospectus within the meaning of Article 35 et seqq. of the Swiss Federal Act on Financial Services. In addition, investors should seek advice from their bank or their financial adviser. This media release and the information contained therein are not being issued for the purpose of selling shares in the United States of America, Australia, Canada, Japan, the United Kingdom, or the European Economic Area and must not be distributed within or to such countries or via publications with a general circulation in such countries.

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