SPQS News Yesterday was not picked up because it was released through OTC Disclosure and news Service
SPQS divests Planet Eco Products
Oct 01, 2012
OTC Disclosure & News Service
Orlando, FL -
SPQS divests Planet Eco Products
Orlando, FL Oct. 1, 2012 (OTC MARKETS NEWSWIRE) -- SportsQuest, Inc. (SPQS), a publicly-traded holding company, disclosed today the divestment of Planet Eco Product as of September 29th, 2012.
SportsQuest, Inc (SPQS) identified the non-core Planet Eco Products in June 2012. The entity was non performing
and the largest hurdle in current debt on the balance sheet. The company started negotiating with the primary debt holder to divest Planet Eco so SPQS could focus on its primary subsidiary Zabo Foods. Both entities operated under a Memorandum of Understanding restricting the release of public disclosure until execution of the Divestiture Agreement.
The subsidiary divested had a minority ownership in company that had yet to yield profits and whose assets
had significantly declined in the last few years.
SPQS was able to remove $1,549,874.00 in current liabilities.
SPQS will now focus on its primary subsidiary Zabo Foods which had shown incredible potential in 2011 but was crippled with the need for financing and significant current debt held by SPQS. Zabo Foods has three main staples of products, Zabo chips, sauces, and distribution of Stevia.
Commenting on the divestment, CEO of SPQS Jeffery Burns said: “We identified our problems in June and have worked as fast as possible to right the ship. I personally surrendered 1,800,000,000 shares
to facilitate the transaction and provide the best solution for our shareholders. I am committed to SPQS and believe we are a lot better off than we were four months ago. This divestment is an example of our commitment to focus on realizing value to our shareholders. We are now in a better position to go full speed ahead with Zabo Foods.”
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains "forward-looking statements" as defined under the U.S. federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will," and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to materially differ from the company’s historical experience
and its present expectations or projections indicated in any forward-looking statement. These risks include, but are not limited to, changes in economic and political conditions, regulatory and legal changes, technology
, industry risk, valuation risk, non-diversification risk, interest rate risk, tax risk, and other risks discussed in the company’s filings. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The company undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the company’s objectives will be attained.
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
SPQS News Yesterday was not picked up because it was
Top 10 Most Recent News Articles
Epic Political Thriller Explores Humanity's Future
Adams' Provocative Debut Asks Timeless Questions Sometimes life throws a philosophical curveball, and that's exactly what John C. Adams has done with his debut novel, The Third Phase. This isn't your average political yarn—it's an intricate tapestry intertwining political intrigue, deep spiritual inquiry, and hearty doses of classic philosophy. A Whirlwind Journey...
Continue Reading
Cure Blindness Project's 770K Screenings for World Sight Day
Visionary Steps Toward a Brighter Future No two words could describe the task that Cure Blindness Project is tackling this year: vision and action. Marking World Sight Day on October 8, they plan to usher in 770,000 eye screenings across Asia, Africa, and the Caribbean. These initiatives aren't just numbers—they're a colossal step toward lifting the veil of avoidable...
Continue Reading
Navigating Holiday Sweets: Healthy Balancing Acts
In the middle of the sweet madness that is the holiday season, Crispy Green and Dr. Nicole Avena are playing guide to families drowning in sugar. This isn't just a once-a-year Halloween headache; we're starting that sugar spiral early and letting it ride until the New Year approaches. It's an all-hands-on-deck situation if families want to dodge that sugar overload. Why...
Continue Reading
Charter Next Generation Unveils Gen 2 MDO-PE Films
Peering Into CNG's Latest Innovation Charter Next Generation (CNG) just threw down a hefty gauntlet with its launch of next-gen machine-direction-oriented polyethylene (MDO-PE) solutions. They're pushing the envelope on what recycle-ready packaging can do, folks. Let's not mince words—other players in the field better have their game faces on. This ain't just another...
Continue Reading
Truss Financial Tackles Home Equity Closing Delays
Truss Financial Group's Bold Move Against Closing Delays In real estate, time is money. Even the most casual market observer could tell you delays can slice through a deal like a hot knife through butter. That's the headache home equity borrowers face, blindsided by closing delays that sneak up on them without warning. An Industry Bottleneck Finally Addressed Enter Truss...
Continue ReadingROKFORM’s Signal Card: A Wallet Tracker for All
The Gadget You Didn't Know You Needed Ever feel that momentary panic when your wallet seems to have vanished into thin air? ROKFORM's fresh offering, the Signal Card, tackles that heart-stopping moment head-on. They've taken the mundane act of misplacing your wallet and transformed it with their sleek, credit-card-sized tracker. This baby pairs seamlessly with Apple Find...
Continue Reading
Community Banks Missing $106B Lending Opportunity?
A Missed Opportunity for Community Banks It's a classic tale: community banks sleepwalking while big players snatch up low-hanging fruit right in their own backyards. According to the latest report by Cornerstone Advisors, commissioned by Teslar Software, these banks are essentially leaving $106 billion on the table when it comes to consumer lending. That's not just chump...
Continue Reading
Skandia's Soundproofing Kit Expands to Brazil's Skies
Soundproofing Takes Off in Brazil Skandia has just pulled off a neat trick, earning the nod from Brazil's National Civil Aviation Agency (ANAC) for their King Air soundproofing kit. That means quieter skies ahead for operators of the King Air 200 and 300 series in Brazil. This is no small feat, folks; it's like finally getting that coveted backstage pass after years of...
Continue Reading
Pushing for National Liver Cancer Awareness in 2026
The Urgency of Liver Cancer Awareness Death doesn’t wait, does it? When liver cancer is the villain in question, every moment becomes precious because this beast doesn’t roar until it’s too late. Here we are in 2026, staring at nearly 31,000 annual deaths in the U.S. alone. But hope flickers with a new congressional resolution aiming to slap a bright spotlight on...
Continue Reading
IWP and VYRE Unveil 'The Plug' for VBNGtv Content
Bringing Capital and Content Under One Roof There's something in the air as Itibari-Waynne & Partners (IWP) team up with the VYRE Network to crank out a fresh slate of content for VYRE Business News Global (VBNGtv). This partnership ain't just another splash in the buzzy world of digital media; it's like merging Wall Street with Hollywood. IWP, prepping to go full...
Continue ReadingTop 5 Most Recently Viewed Articles
MVP Lithium Achieves Major Milestone with Battery-Grade Lithium
MVP Lithium Achieves Milestone in Battery-Grade Lithium Production MVP Lithium has successfully produced 99.9% pure battery-grade lithium hydroxide from brine at its DLE pilot plant. This significant achievement highlights the company's innovative approach and commitment to environmentally friendly lithium extraction techniques. The Growing Demand for Lithium in Electric...
Continue Reading
Optical Sorter Market Expected to Reach USD 5.33 Billion
Overview of the Optical Sorter Market The Optical Sorter Market is experiencing significant growth, with projections indicating an increase from USD 2.61 billion in 2023 to approximately USD 5.33 billion by 2032. This represents a compound annual growth rate (CAGR) of 8.33% during the forecast period from 2024 to 2032. Factors Driving Market Growth Several key factors are...
Continue Reading
Revolutionizing AI Development: Runloop's Repository Connect Launch
Runloop Introduces Repository Connect for AI Development New API automatically detects dependencies and provisions development environments from GitHub repositories in seconds. Runloop, an enterprise-grade infrastructure platform enabling the development and deployment of AI coding agents, has launched a groundbreaking feature called Repository Connect. This innovative...
Continue Reading
Enhancing Urban Transit Safety with Foresight's 3D Technology
Improving Safety in Urban Transit Systems The collaboration between Foresight Autonomous Holdings Ltd. and a leading global Tier-One automotive supplier aims to enhance safety in urban public transportation. This partnership focuses on developing a proof of concept (POC) project aimed at implementing an advanced curb detection system to bolster the safety of city bus...
Continue Reading
GoldMining's 2026 Mid-Year Moves Show Strategic Depth
GoldMining's Strategic Dance in 2026 GoldMining Inc. has been playing the market like a well-tuned fiddle in 2026, orchestrating a financial symphony that any investor with a pulse should be tapping their foot to. With no debt hanging like a noose, substantial cash reserves, and publicly traded securities holding strong at about US$185 million, they're strutting into the...
Continue Reading