QuestCap Appoints New CEO and Executive Chairman and Closes Financing for Purchase of COVID-19 Antibody Testing Kits
TORONTO, April 29, 2020 (GLOBE NEWSWIRE) -- QuestCap Inc. (“QuestCap” or the “Company”) (CSE:QSC; FRA:34C1) is pleased to announce the appointment of
Doug Sommerville to the role of Chief Executive Officer and as a director for the Company, effective immediately.
As a veteran leader in the North American medical, pharmaceutical and technology industries, Mr. Sommerville will bring a wealth of experience to QuestCap and enhance its vision of bringing together industry experts to lead its mission of socially conscious investing.
Mr. Sommerville’s former roles include Head of Country for Canada for Teva Canada, a subsidiary of Teva Pharmaceutical Industries Ltd. (“Teva”), the world’s leading provider of generic medicines. In this role, Mr. Sommerville was responsible for Teva’s third largest global subsidiary, with sales in excess of $1.3 billion. Douglas led all aspects of the company’s commercial, distribution, demand planning and customer operations - aligning and coordinating all company functions, production, supply chain, regulatory and global support functions. Mr. Sommerville was also the Chairman of the Canadian Generic Pharmaceutical Association up until his retirement from Teva Canada in 2018.
Previous to his tenure at Teva Canada, Mr. Sommerville was Global Vice President, Infusion Systems with Baxter Healthcare International (“Baxter”), one of the world’s largest medical, pharmaceutical and technology companies. In his role, Douglas was responsible for the company’s infusion pumping devices and intravenous administration sets worldwide, as well as pain management and ambulatory infusion devices, working with Baxter’s product development, regional sales and marketing teams globally.
“I am pleased to assume the responsibility of leading QuestCap as we open up new markets and strike new partnerships,” said Mr. Sommerville. “QuestCap has assembled an experienced supervisory team that has secured distribution rights for rapid antibody test kits and is working to restart soccer in Colombia. I am excited to build on this great work and thank Mr. Said for his contribution.”
The appointment of Mr. Sommerville follows the resignation of Mr. Neil Said as the Chief Executive Officer of the Company. Mr. Said will continue to provide legal consulting services to the Company. To make room for Mr. Sommerville on the board, Mr. Stan Bharti resigned as a director of the Company and Mr. Scott Moore has been appointed as the Executive Chairman of the Company.
Mr. Moore is a business executive with over 25 years of experience in the resource and durable goods sectors. Mr. Moore has helped raise over $1 billion in equity over the last fourteen years in different roles with various public companies. He is the former President and CEO of Dacha Strategic Metals and Executive Vice President of Sulliden Mining Capital Inc. Mr. Moore holds a Bachelor of Arts degree from the University of Toronto and an MBA from the Kellogg School of Management.
QuestCap also reports that it has closed its previously announced financing (the “Financing”), pursuant to which the Company received US$7,700,000 from, and issued a promissory note in the same principal amount to, an arm’s length third party lender. The Company intends to use the proceeds of the Financing to finance the purchase of 1 million COVID-19 antibody testing kits from a South Korean diagnostic testing company (the “Kits”), to be distributed in the North and South American markets, and for general corporate purposes. Please see the Company’s press release dated April 23, 2020 for more information about the Financing and the Kits, which are available under the Company’s profile on SEDAR at www.sedar.com and at www.TheCSE.com.
About QuestCap Inc.
QuestCap Inc. (CSE:QSC; FRA:34C1) is a social-impact investment company. Through QuestCap’s three divisions, MedQuest, TechQuest and ClimateQuest, it seeks, secures and funds recognised sciences, technologies, and solutions that impact our global community today. The QuestCap executive team is complemented by a panel of global advisors that provide expertise across industries and geographies. This panel includes prominent immunologist Dr. Lawrence Steinman, and Dr. Glenn Copeland, team physician to the CFL’s Ottawa Redbacks and MLB’s Toronto Blue Jays and consultant to MLB’s Atlanta Braves.
Recent MedQuest investments include: $1M into Sunnybrook Hospital’s Research Group for Emerging and Respiratory Viruses, $0.5M into Sinai Health Foundation’s research in COVID-19 diagnostic testing, Amino Therapeutics’s research in COVID-19 treatments, the purchase of 1M COVID-19 antibody testing kits for distribution in the Americas, and the development of the Standard for Safe Sport, a new standard for the mitigation of COVID-19 in professional sports, initially launching with the Colombian Professional Soccer League.
QuestCap is an investment company that seeks to enhance shareholder value over the long term by opportunistically making investments in equity, debt or other securities of publicly traded or private companies or other entities, financing in exchange for royalties or distributions and the acquisition of all or part of businesses, portfolios or other assets.
For additional information, please contact:
G Scott Moore, Chairman
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Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Financing, including the use of proceeds, the distribution of the Kits and the appointment and departure of directors and management of the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", “will”, "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties, supply failures, lack of availability of or increases in cost of raw materials or transportation, and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. 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.
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