QuestCap Closes Transaction to Acquire 100% Interest in Collection Sites, LLC, Grants Options and Extends Promissory Note
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
TORONTO, Aug. 25, 2020 (GLOBE NEWSWIRE) — Social-impact investment company QuestCap Inc. (“QuestCap” or the “Company”) (CSE:QSC; FRA:34C1) announced today that it has closed the transaction to acquire 100% of Collection Sites, LLC (“Collection Sites”), first announced on August 11, 2020. Please see the Company’s press releases dated August 11, 2020 and August 17, 2020 for additional information.QuestCap issued a total of 20 million QuestCap common shares, with an ascribed value of C$0.15 per common share, to shareholders, agents and beneficial owners of Collection Sites, in exchange for a 100% interest in Collection Sites. No finder fees were paid in connection with, and no change of control of QuestCap resulted from, the transaction.Collection Sites has launched COVID-19 testing services in conjunction with Alcala Testing and Analysis Services, a CLIA registered high complexity laboratory based in San Diego, California. Alcala is a recognized expert leader in rapid COVID-19 laboratory testing.Stock Option Grant
The Company has granted a total of 1,500,000 stock options to Doug Sommerville, President and CEO of the Company pursuant to the Company’s stock option plan. The options vest 50% in three months and 50% after six months and may be exercised at a price of $0.19 per option for a period of five years from the date of grant. The grant of options also remains subject to the approval of the Canadian Securities Exchange.About QuestCap Inc.
QuestCap Inc. (CSE:QSC; FRA:34C1) is a social-impact investment company. It seeks, secures and funds recognized sciences, technologies, and solutions that impact our global community.The QuestCap executive team is complemented by a panel of global advisors that provide expertise across industries and geographies. This panel includes prominent immunologist Dr. Lawrence Steinman and Dr. Glenn Copeland, who has 45 years of experience in orthopedic treatment, foot and ankle care, and sports medicine.For additional information, please contact:
Doug Sommerville, CEO
+1-416-301-5418For US media inquiries please contact:
+1-508-643-8000Cautionary Note Regarding Forward-looking InformationThis 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 the closing of the Collection Sites acquisition; the grant of options; the pursuit by QuestCap of investment opportunities; and the merits or potential returns of any such investments. 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.