- As a result of significant due diligence, Progressus board and management determined that the proposed sale to BioQuest Corp would not provide a satisfactory outcome for Progressus shareholders
- Parties have discontinued negotiations pursuant to the LOI previously announced on June 23, 2022. No definitive agreement had been entered into between the parties.
Toronto, Canada – September 27, 2022 – Progressus Clean Technologies Inc. (“Progressus” or the “Company”) provides notice that it has discontinued negotiations with BioQuest Corp. (OTC:BQST) (“BioQuest”) pursuant to the LOI executed and announced June 23, 2022 whereby BioQuest would acquire all of the issued and outstanding shares of Progressus.
On June 23, 2022, Progressus executed a Letter of Intent (“LOI”) with BioQuest Corp (OTC:BQST) by which BioQuest would acquire up to 100% of the issued and outstanding shares of Progressus. The LOI set forth certain understandings between BioQuest, a Nevada corporation, and Progressus with respect to a proposed acquisition or other restructuring transaction between the parties. BioQuest and Progressus intended that, subject to the negotiation, execution and delivery of a definitive agreement, satisfactory in all respects to both parties, and approval of the transaction by all corporate actions required by the parties concerned, Bioquest would acquire up to 100% of the issued and outstanding shares of Progressus and, in return, Progressus shareholders would then receive shares of BioQuest.
Following a significant due diligence review, Progressus board and management determined that the proposed sale to BioQuest Corp would not provide a satisfactory outcome for Progressus shareholders. As a result, parties have discontinued all ongoing negotiations. No definitive agreement had been entered into between the parties.
ABOUT Progressus Clean Technologies
Progressus Clean Technologies (formerly AES-100 Inc.) is a venture stage green technology company focused on the development of novel hydrogen generation and separation technologies. Progressus Clean Technologies owns the exclusive rights and intellectual property pertaining to the Advanced Electrolyzer System for the production of hydrogen from dilute syngas.
Forward Looking Statement
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding Progressus Clean Technologies; the transaction with Bioquest; the termination of the LOI; the Advanced Electrolyzer System technology; the home power unit, the Company’s future plans, the green energy market, the potential for the Company to capitalize on market opportunities and costs and revenue forecasts. 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 to be materially different from those expressed or implied by such forward-looking information, including risks inherent in the hydrogen industry. 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.
ABOUT BioQuest Corp.
BioQuest Corp. sells primarily into the retail business-to-business market and internet-based business to consumer, BioQuest is Headquartered in Newport Beach, CA. Additional information on BQST is available at www.bioquestcorp.com