TORONTO, April 21, 2020 (GLOBE NEWSWIRE) -- QuestCap Inc. (CSE:QSC)(FRA: 34C1) (“QuestCap” or the “Company”) announced today that further to its press release of April 16, 2020, it has closed the transaction to acquire 49 percent of the issued and outstanding shares of Athletics and Health Solutions Inc. (“A&H”). Pursuant to the agreement entered into by the Company, A&H and all of A&H’s shareholders (the “Shareholders”), QuestCap issued an aggregate of 6,000,000 of its common shares to the Shareholders in exchange for common shares of A&H totaling 49% of A&H’s issued and outstanding shares (the “Transaction”). For more information on A&H and the Transaction, please see the Company’s press release dated April 16, 2020, which is available under the Company’s profile on SEDAR at www.sedar.com and at www.TheCSE.com.
About Athletics and Health Solutions Inc.
A&H is an emerging health and wellness company working to create a comprehensive program to detect, manage, and minimize the spread of viruses in large gatherings of people, specializing in the sports & entertainment industries.
A&H entered into a non-binding letter of intent (the “LOI”) on April 14, 2020, with the Division Mayor del Futbol Colombiano (“DIMAYOR”), the organization responsible for operating professional football leagues and tournaments in Colombia, to restart football activities in Colombia.
Under the terms of the LOI, A&H is to:
- provide DIMAYOR with a team of interdisciplinary health professionals at all venues where professional football matches are to be played in Colombia;
- provide and perform the serology tests weekly on the football players, technical personnel and people who live with them in the team camps;
- 24 hours before each football game, administer an early diagnostic antigens/antibody test to all personnel required for the games as well as the televised transmission (players, coaching staff, referees, ball boys, law enforcement, maintenance staff, delegates, etc.). The tests shall be approved by INVIMA (the Colombian equivalent to the FDA) and the President of DIMAYOR prior to their use;
- create a traceability application for each of the players and the coaching staff to monitor compliance with testing and quarantine measures, using a point-to-point control system, in stadiums and other locations where the Colombian football teams are confined; and
- together with DIMAYOR and the Colombian Football Federation, create security protocols/procedures as well as formulate a schedule of the football games to be played (along with practices and ancillary events). The scheduling of the football season will take into account the length and location of quarantines for the teams, safe and controlled transportation for the teams and the determination of safe venues/cities to host games
A&H and DIMAYOR are to work together, in good faith, to enter into a binding definitive agreement to govern the implementation of the Program in Colombia (the “Definitive Agreement”).
About QuestCap Inc.
QuestCap Inc. (CSE:QSC)(FRA: 34C1) (“QuestCap” or the “Company”) is an investment company that seeks to enhance shareholder value over the long term by opportunistically making various investments that may include, without limitation, the acquisition of equity, debt or other securities of publicly traded or private companies or other entities, financing in exchange for pre-determined royalties or distributions and the acquisition of all or part of one or more businesses, portfolios or other assets.
Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to A&H and the Transaction. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.