SportsQuest, Inc. (OTC: SPQS) Provides FAQ Update on SEC Reporting Status, Strategic Developments, and Material Events
https://www.otcmarkets.com/otcapi/company/fin...60/content
West Palm Beach, FL, February 7, 2025 – SportsQuest, Inc. (OTC: SPQS) announces a key update regarding its transition to fully reporting status with the U.S. Securities and Exchange Commission (SEC), along with strategic developments and other material events.
The Company has successfully completed its required audit and is now in the final stages of filing the necessary documents with the SEC. These filings are expected to be submitted as early as next week, marking a significant step in SPQS’s return to fully reporting issuer status.
Termination of China-Based Cinema Agreement
As part of its transition, SPQS had previously entered into an agreement (April 2024) with a mainland China-based cinema company. However, the cinema company was unable or unwilling to complete its SEC audit and meet the financial disclosure requirements necessary for reporting issuers under U.S. regulations. As a result, the agreement has been officially terminated.
SPQS has received a mid-five-figure termination fee as a penalty “breakup” fee due to the China-based cinema company’s non-performance.
Strategic North American Expansion
With this development, SPQS is now fully focused on its North American growth initiatives, including:
The acquisition of a Canadian e-bike manufacturer
The establishment of a franchise fulfillment center
The continued development of its planned cryptocurrency token or Initial Coin Offering (ICO)
Further details on these initiatives can be found in the Q4 Adequate Disclosure filed with OTC Markets.
Commitment to Shareholder Value
SPQS remains committed to delivering long-term value to shareholders by pursuing high-growth opportunities in the sustainable mobility and blockchain technology sectors. The Company will provide additional updates regarding SEC filings, asset acquisitions, and its cryptocurrency token ICO through official press releases and regulatory filings with the SEC and OTC Markets.
More updates will follow in a timely manner.
https://www.otcmarkets.com/otcapi/company/fin...60/content
West Palm Beach, FL, February 7, 2025 – SportsQuest, Inc. (OTC: SPQS) announces a key update regarding its transition to fully reporting status with the U.S. Securities and Exchange Commission (SEC), along with strategic developments and other material events.
The Company has successfully completed its required audit and is now in the final stages of filing the necessary documents with the SEC. These filings are expected to be submitted as early as next week, marking a significant step in SPQS’s return to fully reporting issuer status.
Termination of China-Based Cinema Agreement
As part of its transition, SPQS had previously entered into an agreement (April 2024) with a mainland China-based cinema company. However, the cinema company was unable or unwilling to complete its SEC audit and meet the financial disclosure requirements necessary for reporting issuers under U.S. regulations. As a result, the agreement has been officially terminated.
SPQS has received a mid-five-figure termination fee as a penalty “breakup” fee due to the China-based cinema company’s non-performance.
Strategic North American Expansion
With this development, SPQS is now fully focused on its North American growth initiatives, including:
The acquisition of a Canadian e-bike manufacturer
The establishment of a franchise fulfillment center
The continued development of its planned cryptocurrency token or Initial Coin Offering (ICO)
Further details on these initiatives can be found in the Q4 Adequate Disclosure filed with OTC Markets.
Commitment to Shareholder Value
SPQS remains committed to delivering long-term value to shareholders by pursuing high-growth opportunities in the sustainable mobility and blockchain technology sectors. The Company will provide additional updates regarding SEC filings, asset acquisitions, and its cryptocurrency token ICO through official press releases and regulatory filings with the SEC and OTC Markets.
More updates will follow in a timely manner.
