EQST News Quest Communications Cancels Agreement w

EQST News Quest Communications Cancels Agreement with Bridgeport Entertainment and Beach City Entertainment; Targets Near-term Revenue Growth from Current Oil Refining and Waste Energy Technologies

2012-07-30 08:00 ET - News Release

LEESBURG, Ga., July 30, 2012 /PRNewswire/ -- Energy Quest, Inc. ("EQI") (OTCQB: EQST) announces today that its wholly owned subsidiary, Quest Communications, has returned and canceled any and all agreements with Suncoast REI Holdings and Beach City Radio back to Bridgeport Entertainment and Beach City Entertainment as previously announced. This decision is due to contracts with the above mentioned parties not being in-line with Energy Quest's near-term financial targets. Management initially positioned the company to generate revenues from three diversified sources, these are: oil refining technologies, waste energy technologies and media.

Energy Quest will now focus on their original two divisions, oil refining and waste energy. Both divisions are in high-growth, high demand sectors.  The company plans on dissolving or spinning off Quest Communications at some time in the near future.

Based on current developments, neither Energy Quest, Inc nor Quest Communications will be relocating its offices to 2701 Gulf Boulevard, Indian Rocks Beach, Florida.

"We feel that it is in the best interest of our shareholders and the company to continue with its waste to energy and oil refining technologies." stated Ron Foster, President and CEO of Energy Quest, Inc. "Oil refining and waste energy have rapidly become an increasingly regulated industry by Federal Government. This tightening of regulations is forcing companies and municipalities to increase their reliance on oil refining and waste energy technologies. These increased regulations are anticipated to generate strong residual revenues for our company." further stated Mr. Foster.