Completed Acquisition Sports Quest, Inc. OTC:SPQS Merger Progress Report and Plan of Action
Sports Quest, Inc. (SPQS) has completed its acquisition of Magnum Innovations on November 29, 2021, without affecting its share structure or incurring debt. The deal positions SPQS to optimize revenues from various energy-saving solutions, including a significant pending deal with a large hotel chain. SPQS has been recognized as an OTC Current issuer as of December 7, 2021, and is focusing on expanding its solar carport projects, a market projected to reach 803.2 million USD by 2026. Further updates will follow through press releases and corporate filings.
- Acquisition of Magnum Innovations completed without affecting share structure or incurring debt.
- Potential for multi-million dollar revenue from pending deals with major clients.
- OTC Current issuer status enhances credibility in the market.
- Engaging in high-growth market with solar carports, projected to reach 803.2 million USD by 2026.
- None.
WEST PALM BEACH, FL / ACCESSWIRE / December 10, 2021 / Sports Quest, Inc. (SPQS) https://sports-quest.co Jeff Burns the Company CEO said "We are pleased to report that we closed on the long-anticipated Magnum Innovations deal on Nov. 29, 2021, Magnum Innovations (magnum-innovations.com). We did this deal without disturbing the SPQS share structure nor encumbering SPQS with any sort of debt. The deal was completed through a complicated purchase order and receivables assignment with a very cooperative and existing creditor of Magnum. We immediately sprang into operations. We have several pending purchase orders that are starting to be filled. Moreover, the Company launched a product-only Twitter account @Magnum1stSPQS.
Magnum is a well-known and one of the largest distributors within the EnOcean product lines. Magnum adds value to the product and supplies the intelligence portion of the energy-saving solutions. Our revenues are derived from various sources such as App, billing, control, analytics, financing, and providing the sale of excess energy back to the power company. As we reviewed ex-management affairs and pending deals a couple of pending deals stood out for us. A deal of this nature has the potential of being in the several million dollars. One of the first mandates we set for ourselves was to immediately revisit this Magnum Innovations pending deal with a large hotel chain to supply units around the USA and a certain solar carport charging station. There are many moving parts within our organization and industry space. As these deals and or orders crystalize and materialize further, our plans are to release further details in concert with our cooperating partners via separate press releases and through additional corporate filings"
In other Company news and events, The Company was denoted as an OTC Current issuer by OTC Markets on about Dec 7, 2021. Whilst there was a delay in obtaining the "current" status by several weeks this was all worked out with various multiple filings. On that note, additionally, the Company filed a "management discussion" filing with OTC on Nov 26 2021 https://www.otcmarkets.com/otcapi/company/financial-report/313427/content Additional new filings with OTC will expand on these projects including a certain Solar Carport joint venture project SPQS forged with the manufacturer source. The source intends to use SPQS' Magnum First parts. SPQS' management sees the extreme potential in this alliance since the market of solar carports is of a high value with outstanding projections for coming years. The global Solar Carport market is valued at 790.8 million USD. In 2022 it is expected to reach 803.2 million USD by the end of 2026, growing at a CAGR of
The management welcomes its followers' queries via email Email: corporate@sports-quest.co or Nationwide Toll-Free: 1 888 833 7471. As well follow us on Twitter @SpqsOtc .
More updates and filings will be released on a timely basis including the SPQS corporate website. https://sports-quest.co
About Sports Quest, Inc.:
SPQS operates smart wireless devices sales & distribution from its New York location. SPQS resides at the center of the convergence of connected and smart building technologies. Our intelligent sensor technologies perform advanced computing functions at the edge level and yet can also integrate to larger, data analyzing platforms. Our customers benefit from having a scalable, flexible wireless solution that spans both HVAC and lighting and our OEM partners benefit from our wireless expertise and rapid design and development services The Company also operates a finance division from the Florida location and is exploring the opportunities in sports and entertainment sector.
Disclosure:
Information in this news release may contain statements about future expectations, plans, prospects, or performance of SPQS that constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be", "expects", "may affect", "believed", "estimate", "project", and similar words and phrases are intended to identify such forward-looking statements. SPQS cautions you that any forward-looking information provided by or on behalf of SPQS is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind SPQS's actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond SPQS's control. In addition to those discussed in SPQS's press releases, public filings, and statements by SPQS's management, including, but not limited to, SPQS's estimate of the sufficiency of its existing capital resources, SPQS's ability to raise additional capital to fund future operations, SPQS's ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match SPQS's capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. SPQS does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events
Contact:
Twitter @SpqsOtc
Phone: (888) 833 7471
Email: ir@sports-quest.co
Web: https://sports-quest.co
SOURCE: SportsQuest, Inc.
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https://www.accesswire.com/676940/Completed-Acquisition-Sports-Quest-Inc-OTCSPQS-Merger-Progress-Report-and-Plan-of-Action
FAQ
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