QuestCap Inc. (“QuestCap” or the “Company”) (CSE: QSC; OTCMKTS: COPRF; FRA: 34C1) is pleased to announce its new investment strategy for the Company and the appointment of a new CEO to drive the strategy forward. The Company has outlined three new strategic directions for its investment strategy: MedQuest, ClimateQuest, and TechQuest. These divisions will focus on investments in public health, mitigating climate change and innovative technologies, respectively. Together they aim to improve the world and humankind through highly targeted social-impact investing.
QuestCap Appoints Neil Said as Chief Executive Officer
Neil Said is a businessman and corporate securities lawyer who has worked as an officer and legal consultant to numerous Canadian listed companies in the technology, cannabis, mining, oil & gas and healthcare industries. Mr. Said began his career as a securities lawyer at Osler, Hoskin & Harcourt LLP, where he worked on a variety of corporate and commercial transactions. Neil is also currently the head of legal for the Forbes & Manhattan group of companies. Mr. Said obtained a Juris Doctor from the Faculty of Law at the University of Toronto and he received a Bachelor of Business Administration (Honours) with a minor in Economics from Wilfrid Laurier University.
The appointment of Mr. Said follows the resignation of Mr. Stan Bharti as Chief Executive Officer of QuestCap. Mr. Bharti will continue as a director and, along with Scott Moore, will act as Co-Chairman of the Company.
New Investment Strategy
MedQuest The Covid-19 pandemic is threatening societies across the world. This virus has created serious challenges but also new opportunities to bring life-saving technology and therapies to market. MedQuest is pursuing numerous investments in health sciences to help advance and develop products used to detect, treat, and overcome COVID-19. MedQuest is looking to invest in opportunities that will: improve testing around the world, source effective therapies, and develop a lasting cure.
ClimateQuest Anthropogenic climate change is threatening to drastically alter the environments we inhabit and the way we live. In order to prevent further degradation of our planet, it is imperative that mankind adopt new technologies and systems that limit, eliminate, or removed greenhouse gas emissions. The crisis is understood and numerous organizations and entrepreneurs have produced powerful innovations but lack the resources to commercialize them. Enter ClimateQuest. Our experienced team will source, review and identify meaningful investment opportunities in sustainable initiatives that have the potential to produce tangible environmental impacts.
TechQuest Disruptive innovation changed transportation from horseback to cars, communication from landlines to cellphones, and entertainment from cable to streaming video. TechQuest aims to continue human evolution by sourcing and financing groundbreaking technology, procedures, and platforms. We will work with innovators and developers to fund their passions and help turn them into reality. Partnering with visionaries at the seed-stage has the potential to create exceptional value for TechQuest investors.
Eco Capital Acquisition
Finally, further to the Company’s press release dated March 23, 2020, QuestCap announces the signing of the definitive agreement with respect to, and the completion of, the acquisition (the “Acquisition”) of all of the issued and outstanding common shares in the capital of Eco Capital Growth Corp., a British Colombia company (“Eco Capital”). In consideration for the Acquisition, QuestCap issued 8,000,000 common shares of the Company at a deemed price of $0.07 per share in exchange for all of the common shares in the capital of Eco Capital, resulting in the shareholders of Eco Capital owning 12.6% of the Company on an undiluted basis.
Engagement of Native Ads and Hybrid Financial
Additionally, the Company has entered into a 12-month programmatic digital advertising campaign with Native Ads for a total cost of US$700,000, comprised of $525,000 for digital advertising, paid distribution, and media buying over the campaign period and, $175,000 for content creation, consulting, managed services and management fees over the course of the campaign period. Native Ads is a full-service ad agency, that owns and operates a proprietary ad exchange with over 80 integrated SSPs (supply-side platforms) resulting in access to 3-7 billion daily North American ad impressions. Neither Native Ads nor any of its directors and officers own any securities of the Company.
Hybrid Financial has been engaged by QuestCap for a period of six-months starting April 1, 2020 which term may be renewed for successive three-month periods thereafter upon the mutual agreement of QuestCap and Hybrid. Hybrid will be paid a monthly fee of $66,666.67, plus applicable taxes, during the initial six-month term. Hybrid is a sales and distribution company that actively connects issuers to the investment community across North America. Using a data driven approach, Hybrid provides its clients with comprehensive coverage of both American and Canadian markets. Hybrid Financial has offices in Toronto and Montreal.
About Eco Capital
Eco Capital is a uniquely positioned early stage investor, developer and incubator of sustainably focused high growth opportunities with a focus on financial return, lasting positive environmental impact and benefiting society.
About QuestCap
QuestCap 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.
For additional information, please contact:
Scott Moore Co-Chairman smoore@forbesmanhattan.com 1-416-861-5903
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 launch of the three new strategic divisions; disclosure related to Eco Capital; the engagement of Native Ads and Hybrid Financial; and potential investments to be made by the Company. 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.
NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.
Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.
“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”
Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.
Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.
Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.
Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.
In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.
The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.
And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
