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QuestCap Enters Binding Agreement to Acquire 28% Interest in Colombian Full-Service Medical Clinic

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TORONTO, July 09, 2020 (GLOBE NEWSWIRE) -- Social-impact investment company QuestCap Inc. (“QuestCap” or the “Company”) (CSE:QSC; FRA:34C1) announced today that it has entered into an arm’s length binding letter agreement (the “Agreement”) with Latin-Canada Pharma Inc. (Canada) to acquire a 28% indirect equity interest in Sanaty IPS S.A.S. (“Sanaty”), a full-service medical clinic in Colombia.  

Sanaty IPS S.A.S.

Sanaty has been designated as an “Institucion Prestadors de Servicios de Salud” (IPS) (a health providing institution) by the Colombian Ministry of Health which allows Sanaty to provide medical consultation and diagnostic services in Colombia. Sanaty’s medical team, comprised of physicians, surgeons, psychologists, nurses and medical technicians, can provide a full-service experience to patients. Sanaty’s inaugural clinic and headquarters are in Cucuta, Santander, Colombia. 

Sanaty is authorized by the Ministry of Health to provide its services via telemedicine, allowing for long-distance patient and clinician contact, care, advice, reminders, education, intervention, monitoring and remote admissions. During the COVID-19 pandemic and due to the strict Colombian quarantine, Sanaty has been seeing patients virtually and prescribing both real-time reverse transcription polymerase chain reaction (rRT-PCR) and antibody tests for COVID-19.

Sanaty’s telemedicine business is growing quickly as the only entities authorized in Colombia to prescribe and administer diagnostic tests for COVID-19 are clinical laboratories and IPS (hospitals and clinics) and people are avoiding visiting hospitals and clinics and are using telemedicine more every day. Further, the economic impacts of COVID-19 have caused many Colombians to reallocate their healthcare expenditures from private insurance/hospitals, which are very costly, to private medical clinics, like Sanaty’s, that provide personalized, prompt care.

Sanaty is creating a COVID-19 program that would be the only voluntary and prepaid annual diagnostic program in Colombia, that includes taking one antibody test and 24 viral tests every 15 days, for one year. Currently, no private prepaid health plan in Colombia offers anything similar. Sanaty is also looking to expand to other major cities in Colombia, including opening up four additional clinics in the next 12 months to reach additional patients.