SportsQuest, Inc. (OTC:SPQS) Strategic Expansion China Cinema Chain

Rhea-AI Summary

SportsQuest (SPQS) is formalizing a Special Purpose Vehicle (SPV) to comply with China SAFE laws for a targeted merger with a China-based AI cinema chain. The transaction will involve cash and preferred shares only, with no additional common shares issued. This strategic move aims to capitalize on the booming AI cinema market in China, enhancing revenue access and shareholder value.

Incoming AI China Co Formalizing Special Purpose Vehicle (SPV ) in concert with SPQS To Comply With China SAFE Laws

WEST PALM BEACH, FL / ACCESSWIRE / March 21, 2024 / The Company SPORTS QUEST (SPQS) www.sports-quest.co (Company) is providing the following update on the targeted China based AI cinema chain https://huayicinemas.net/ (AIC). The transaction is being formalized on all cash & preferred shares bases only with no additional SPQS common shares being issued in the transaction. A detailed OTC Markets Adequate Disclosure and or SEC 8k will follow for the Company followers.

In the rapidly evolving world of technology, SportsQuest is more than thrilled to formally announce its anticipation for a Belize Special Purpose Vehicle's (SPV) formation. This SPV formation is required to comply with operating Mainland China based corporate entities. The SPV serves multiple purposes A special purpose vehicle (SPV) is a legal entity created to fulfill a specific, (merger) and non-dilution objective. An SPV is typically used to isolate an individual or corporate investor from risk. It can be owned by one or more individuals or companies. On 20 May 2011, SAFE issued a new set of operating procedures for handling SPV-related foreign exchange registration matters, aimed at fortifying potential growth pathways.

The structural advancement foreshadows capitalization on promising opportunities such as SPQS while enhancing Huay Cinemas China-based AI cinema market strongholds. At Huay we are committed to spearheading innovation and delivering market-demand-driven products and services. SPQR interim management acknowledges the vast potential within Artificial Intelligence's burgeoning landscape. Accordingly, SPQS excitedly presents its impending merger with a premier AI cinema theater company such as Huay Cinema. Both SPQS and Huay Cinema share the opinion that this consequential collaboration, is set to reinvent the cinema experience using progressive AI technologies for English language films globally.

This momentous consolidation grants SPQS not only an invaluable position in the AI movie cinema sector but also facilitates substantial revenue access. The prospective partner's impressive financial achievement promises robust global marketplace performance positioning us to offer unparalleled experiences thereby augmenting shareholder value.

"We eagerly look forward to this novel venture marking a pivotal milestone in our journey." Affirmed Huay Cinemas CEO Mr. Mr. Cao Yiyuan. "This merger synchronizes strategically aligns with our objectives as well as exemplifies our dedication towards leveraging advanced technologies to cater proficiently and innovatively fulfill evolving customer needs."

Huay Cinemas (SPQS targeted merger candidate) is a respected industry leader specializing in innovative solutions that revolutionize how individuals utilize technology facilitating remarkable customer engagement processes-fostering numerous unprecedented technological progression sectors from sensational cinematic experiences incorporating artificial intelligence.

While awaiting SPV adoption finalizing strategic integration particulars, the management of Huay Cinemas affirm resolute adherence ensuring smooth transitions pertaining to all involved parties. Capitalizing on entrenched expertise and corresponding resource positions we are advantageously maximized by this critical opportunity; while escalating market prominence and solidity proving ourselves the AI industrial trendsetters."

More details will follow shortly.

About SportsQuest, Inc.:

Sports and entertainment hospitality company. In the USA the Company developed and maintains a franchise portal for both front and back-office end users. The Company is in the process of amalgamation with a Mainland China-based theater (cinema) operator with a chain of corporately owned and franchised locations. China-based targeted Business: Shenzhen Huayi Excellent Cinemas Co., Ltd. (Huayi) Huayi is a cultural and high-tech enterprise that leads the operation of cinema chains, with advanced AI system technology at the core. We accurately manage the resources and data traffic of chain cinemas through the self-developed mega-model in many mainland China Cities and Cinemas. We shape a uniquely influential cinema chain brand, integrating advanced AI technology and Big Data intelligence, extending from the industry chain cinema business to the intelligent management of cinema data traffic, comprehensively covering the film industry chain, bringing unique innovation and transformative power to the industry.

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 caution you that any forward-looking information provided by or on behalf of SPQS are 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 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 control. In addition to those discussed in SPQS press releases, public filings, and statements by SPQS management, including, but not limited to, SPQS' estimate of the sufficiency of its existing capital resources, SPQS ability to raise additional capital to fund future operations, SPQS ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match SPQS 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 info:

SPQS Management
Twitter @SpqsOtc
Phone: +1 561 631 9221
Email: ir@sports-quest.co
Web: https://sports-quest.co

SOURCE: SportsQuest, Inc.

View the original press release on accesswire.com

FAQ

What is SportsQuest (SPQS) formalizing to comply with China SAFE laws?

SportsQuest (SPQS) is formalizing a Special Purpose Vehicle (SPV) to comply with China SAFE laws for a targeted merger with a China-based AI cinema chain.

What type of shares will be involved in the transaction?

The transaction will involve cash and preferred shares only, with no additional common shares being issued.

What is the purpose of the SPV formation?

The SPV formation is required to comply with operating Mainland China based corporate entities and serves multiple purposes such as non-dilution objectives.

What potential benefits does the merger with the AI cinema chain offer to SportsQuest (SPQS)?

The merger with the AI cinema chain offers SportsQuest (SPQS) substantial revenue access and an invaluable position in the AI movie cinema sector, enhancing shareholder value.

Who is the targeted merger candidate for SportsQuest (SPQS)?

The targeted merger candidate for SportsQuest (SPQS) is Huay Cinemas, a respected industry leader specializing in innovative solutions in the AI cinema sector.