TORONTO, June 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 30% of Glenco Medical Corp. (“Glenco Medical”), first announced on June 15, 2020.
QuestCap issued a total of 12 million QuestCap common shares to 2451013 Ontario Inc., Dr. Glenn Copeland’s holding company, in exchange for a 30% interest in Glenco Medical. No finder fees were paid connection with, and no change of control of QuestCap resulted from, the transaction. QuestCap is entitled to nominate one director to Glenco Medical’s board of directors. Dr. Copeland has been appointed Chairman of MedQuest Medical’s Advisory Committee and will receive consulting fees for this role. The MedQuest division is focused on investments in the medical industry.
QuestCap and the lender of the USD$7.7 million secured promissory note have agreed to a 60-day extension of the loan first announced on April 23, 2020.
About QuestCap Inc.
QuestCap Inc. (CSE:QSC; FRA:34C1) is a social-impact investment company. Through QuestCap’s three divisions, MedQuest, TechQuest and ClimateQuest, it seeks, secures and funds recognised sciences, technologies, and solutions that impact our global community today.
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 orthopaedic treatment, foot and ankle care, and sports medicine.
Recent MedQuest investments include: $1M into Sunnybrook Hospital’s Research Group for Emerging and Respiratory Viruses (such amount payable in equal $250,000 installments), $0.5M into Sinai Health Foundation’s research in COVID-19 diagnostic testing (such amount payable in equal $125,000 installments), and the purchase of 1M COVID-19 antibody testing kits for distribution in the Americas.
QuestCap provides financing for a diverse range of entities in exchange for pre-determined royalties or distributions, or acquires all or part of one or more businesses, portfolios or other assets.
About Glenco Medical Corp.
Glenco Medical Corp. is a medical treatment company that specializes in extended clinical care, home treatment and innovative performance technologies using wearable, unrestricted and individual therapies to accelerate orthopaedic injury healing and training recovery. Glenco Medical shares a common interest and commitment with QuestCap in the state and well-being of public health, our communities and a safe return to normal activities for all.
For additional information, please contact:
Doug Sommerville, CEO
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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 the nomination of directors to Glenco Medical’s board of directors; 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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.