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.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in the base metal sector, while U.S. stock markets were also higher.
The S&P/TSX composite index was 143.00 points at 24,048.88.
In New York, the Dow Jones industrial average was up 174.22 points at 42,088.97. The S&P 500 index was up 10.23 points at 5,732.49, while the Nasdaq composite was up 30.02 points at 18,112.23.
The Canadian dollar traded for 74.23 cents US compared with 74.28 cents US on Wednesday.
The November crude oil contract was down US$1.68 at US$68.01 per barrel and the November natural gas contract was down six cents at US$2.75 per mmBTU.
The December gold contract was up US$4.40 at US$2,689.10 an ounce and the December copper contract was up 13 cents at US$4.62 a pound.
This report by The Canadian Press was first published Sept. 26, 2024.
Switching to an online-only bank more than a decade ago was just another way Jessica Morgan was trying to save money at the time as a new grad.
“Saving money was the main motivator,” Morgan, now a financial educator and founder of Canadianbudget.ca, recalled.
“After graduating, you no longer qualify for student rates where you might get free banking and I didn’t want to go back to paying fees for giving the bank my money to hold.”
Digital lenders have grown in popularity in recent years, with more players popping up in the sector and traditional banks beefing up their online offerings. But some Canadians may still be hesitant to bank with a financial firm that doesn’t have physical branches where you can talk to an employee face-to-face.
Natasha Macmillan, director of everyday banking at Ratehub.ca, says some of that hesitancy to switch to an online lender is loyalty.
“There’s a large portion of Canadians who have had the same bank account for many years … they’re just hesitant to switch because it’s what they know.”
Tedious paperwork to switch banks can also discourage many Canadians from making the move despite the ease of opening online-only bank accounts, Macmillan added.
“There’s that aspect of you still need to sit down, do your research and then pick that online-only bank,” she said.
Data security concerns have also sowed seeds of doubt among many who are contemplating the switch, and prefer to continue to work with traditional banks with long-established reputations, Macmillan said.
Morgan said she often hears concerns from her clients — “What if I need help? Is this bank safe to use?” or more logistical questions, such as having access to an ATM or getting certified cheques.
One of the only major snags she personally recalls running into with her online lender was when she was purchasing a home.
“I needed to get a certified cheque, like, right away if I was going to put in an offer,” Morgan said. “You can get a certified cheque but it takes three days or so. They courier it to you.” She ended up going to her husband’s traditional bank to get day-of service.
Most online-only banks tend to offer banking products, such as savings accounts, with higher interest rates compared with traditional banks. Many also offer access to cash through any bank ATM without charge.
“Digital banks have generally a lower cost structure than a traditional bank and those savings will be passed on to the customer,” said Mahima Poddar, group head of personal banking at EQ Bank. For example, EQ offers a high-interest chequing account with no fees on everyday banking and unlimited transactions.
But customers should be aware they can’t deposit cash into their account and they can only withdraw bills, not coins.
“We don’t offer depositing of cash, but all of our research has shown that the use of cash is really diminishing,” Poddar said. “There are very few reasons why you need to urgently deposit.”
Customers also have to get used to doing all their banking by phone or through the company’s website or app.
Poddar added she thinks Canadians are more open to change, especially after the COVID-19 pandemic, which accelerated the need for better online banking services.
While trust in traditional institutions plays a strong role in choosing a bank, Poddar said EQ has the same level of protection and is governed by the same regulators as the big six banks in the country.
Lisa Brandt, 61, switched to online-only Manulife Bank more than five years ago. She says she has benefited from the move and has saved a lot of money over time on various banking fees.
“It puts me in the driver’s seat,” she said.
However, she did run into an issue once with depositing a cheque after she sold her home.
“If you’re going to deposit a couple hundred thousand dollars from a house sale, you’ll have to courier (the cheque) to them,” she said.
“It’s not quite as simple as walking into a branch and saying, ‘Give me my money.'”
While many online-only banks have been growing their consumer banking product offerings, traditional banks tend to have more financial product options, not only for individuals but also for small businesses.
“What we have heard from some Canadians is while they might be moving their chequing, savings and GIC accounts to those (online-only) spaces, they’re still maintaining a mortgage with the big players,” Macmillan said.
It’s not about moving all assets to one bank but weighing options on an individual basis, such as picking a bank with the lowest fee on a chequing account but moving investments to another bank for a better return, she explained.
“We’re starting to see that flexibility where people are shopping around for the best opportunity that can give them the most bang for their buck,” Macmillan said.
She added it is important for people to identify why they’re thinking of switching and find an online-only bank that aligns with their goals.
“It’s finding that happy medium where you do feel trust and security, that lower cost and fees and also the convenience and accessibility,” Macmillan said.
This report by The Canadian Press was first published Sept. 26, 2024.
TORONTO – Strength in the energy and base metal stocks lifted Canada’s main stock index higher in late-morning trading, while U.S. stock markets also climbed higher.
The S&P/TSX composite index was up 78.80 points at 23,973.51.
In New York, the Dow Jones industrial average was up 89.81 points at 42,214.46. The S&P 500 index was up 2.55 points at 5,721.12, while the Nasdaq composite was up 21.24 points at 17,995.51.
The Canadian dollar traded for 74.24 cents US compared with 74.02 cents US on Monday.
The November crude oil contract was up US$1.06 at US$71.43 per barrel and the November natural gas contract was down two cents at US$2.83 per mmBTU.
The December gold contract was up US$18.10 at US$2,670.60 an ounce and the December copper contract was up 15 cents at US$4.49 a pound.
This report by The Canadian Press was first published Sept. 24, 2024.