SportsQuest, Inc. (SPQS) Releases Full China AI Disclosure Filing & Updated Business Plan

Rhea-AI Summary

SportsQuest, Inc. (SPQS) files a comprehensive 58-page business report with OTC Markets, revealing plans to acquire a significant number of cinemas in China. The company aims to manage 1,000 franchised cinemas by 2025-2026, becoming a leading cinema chain brand in China.

(Updated V2 58-page business report filed with OTC. Company conducting GAAP accounting to capture of 240 million Chinese Yuan (equivalent to $34 million USD) in previous years to acquire the cinema portfolio).

West Palm Beach, Florida--(Newsfile Corp. - April 11, 2024) - The Company, SportsQuest, Inc. (OTC Pink: SPQS) www.sports-quest.co (Company), is providing the following V2 update on the targeted China-based AI cinema chain https://huayicinemas.net/ (AIC) https://www.otcmarkets.com/otcapi/company/financial-report/397304/content.

The updated Business Plan for our cinema company, including financial data, has been posted on OTC Markets as Business Plan Disclosure. This is a comprehensive 60 plus page disclosure document which supersedes the V1 version with additional details and disclosures.

Key Takeaways

1. The company has currently acquired 12 movie theaters and 3 more under acquisition, located in major cities in China.
2. The company employs a total of 139 employees at the headquarters and various theaters.
3. The company is planning to acquire 50 cinemas by the end of 2024; and expand to 150 in 2025; and reach 500 in 2028. At the same time, through independent research and development of AI technology.
4. The company is expected to manage 1,000 franchised cinemas in 2025-2026, becoming China's leading cinema chain brand.
5. The company's goal is to achieve 70% market share.

Kindly note the following:

1) To undergo auditing in compliance with GAAP standards, we plan to engage a Chinese accounting consulting firm to review and adjust these data accordingly. This process mirrors the requirements for companies seeking listing on NASDAQ.

2) An investment of 240 million Chinese yuan (equivalent to $34 million USD) was made in previous years to acquire cinemas. These cinemas were initially owned by Huayi when Huayi Excellent Cinemas Ltd was established in 2023. We need to accurately reflect this ownership transfer in the 2023 financial reports.

We will continue to update the business plan and the filings for our shareholders and followers as new material becomes available.

More details will follow on a timely basis.

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.

More news updates will follow shortly.

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.

SPQS Management

Contact info:
Irina Veselinovic
Twitter @SpqsOtc
Phone: +1 561 631 9221
Email: ir@sports-quest.co
Web: https://sports-quest.co

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/205066

FAQ

How many movie theaters has SportsQuest, Inc. currently acquired?

SportsQuest, Inc. has acquired 12 movie theaters and is in the process of acquiring 3 more, all located in major cities in China.

What is the company's plan for expanding its cinema portfolio?

SportsQuest, Inc. plans to acquire 50 cinemas by the end of 2024, expand to 150 in 2025, and reach 500 by 2028, while developing AI technology.

What is the company's goal in terms of market share?

SportsQuest, Inc. aims to achieve a 70% market share in the cinema industry.

What was the investment amount made by SportsQuest, Inc. to acquire cinemas?

SportsQuest, Inc. invested 240 million Chinese yuan (equivalent to $34 million USD) in previous years to acquire cinemas.

What is the company's strategy regarding auditing and compliance?

SportsQuest, Inc. plans to engage a Chinese accounting consulting firm to review and adjust data in compliance with GAAP standards, similar to requirements for NASDAQ listing.