QUESTCAP TO ACQUIRE 49 PERCENT OF ATHLETICS & HEALTH SOLUTIONS INC. - APRIL 16, 2020 - RICH TV LIVE - QuestCap Inc. (“QuestCap” or the “Company”) (CSE:QSC; FRA: 34C1) announced today that the Company has executed a share purchase agreement (the “A&H Agreement”) to acquire 49 percent of the issued and outstanding shares of Athletics and Health Solutions Inc. (“A&H”), a recently incorporated private Ontario corporation which has entered into a non-binding letter of intent (the “LOI”) on April 14, 2020 with the Division Mayor del Futbol Colombiano (“DIMAYOR”), the organization responsible for operating professional football leagues and tournaments in Colombia, to restart football activities in Colombia.
Under the terms of the A&H Agreement, QuestCap is to issue a total of 6 million common shares to four arm’s length vendors of the A&H common shares. Based on the April 15, 2020 closing price of $0.47 (CDN) of QuestCap’s common shares on the Canadian Securities Exchange, the common shares to be issued to the vendors of the A&H common shares are valued at $2,820,000 (CDN). In addition, A&H has covenanted that it will promote and preserve for QuestCap the goodwill of consultants, suppliers and others having business relations with A&H.
Under the terms of the LOI, A&H is to:
provide DIMAYOR with a team of interdisciplinary health professionals at all venues where professional football matches are to be played in Colombia;
provide and perform the serology tests weekly on the football players, technical personnel and people who live with them in the team camps;
24 hours before each football game, administer an early diagnostic antigens/antibody test to all personnel required for the games as well as the televised transmission (players, coaching staff, referees, ball boys, law enforcement, maintenance staff, delegates, etc.);
create a traceability application for each of the players and the coaching staff to monitor compliance with testing and quarantine measures, using a point-to-point control system, in stadiums and other locations where the Colombian football teams are confined; and
together with DIMAYOR and the Colombian Football Federation, create security protocols/procedures as well as formulate a schedule of the football games to be played (along with practices and ancillary events). The scheduling of the football season will take into account the length and location of quarantines for the teams, safe and controlled transportation for the teams and the determination of safe venues/cities to host games
(1 – 5 inclusive, the “Program”).
A&H and DIMAYOR are to work together, in good faith, to enter into a binding definitive agreement to govern the implementation of the Program in Colombia (the “Definitive Agreement”). Conditions to entering into the Definitive Agreement are that (a) DIMAYOR and the Colombian Football Federation be satisfied that the Program satisfies applicable domestic/international accreditations/approvals; (b) A&H and DIMAYOR obtain all necessary regulatory approvals to enter into the Definitive Agreement as well as comply with all applicable laws; and (c) DIMAYOR, or its representative, obtain approval from its General Assembly to enter into the Definitive Agreement.
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