Progressus Clean Technologies and BioQuest Corp. Drop Negotiations for Potential Acquisition, The Canadian Business Journal

• After significant due diligence, the Progressus board and management have determined that the proposed sale to BioQuest will not result in a satisfactory outcome for Progressus shareholders.
• The parties have ceased negotiations pursuant to the previously announced LOI on June 23, 2022. No final agreement has been entered into between the parties.

TORONTO, Sept. 27, 2022 (GLOBE NEWSWIRE) — Sept. 27, 2022 – Progressus Clean Technologies Inc. (“Progressus” or the “Company”) has ceased negotiations with BioQuest Corp. (OTC:BQST) (“Pursuant to an LOI executed and announced on June 23, 2022, BioQuest will acquire all issued and outstanding shares of Progressus.

Background
On June 23, 2022, Progressus entered into a letter of intent (“LOI”) with BioQuest Corp. (OTC:BQST). As a result, BioQuest will acquire up to 100% of the issued and outstanding shares of Progressus. The LOI demonstrates certain understandings between Nevada companies BioQuest and Progressus with respect to the proposed acquisition or other restructuring transaction between the parties. BioQuest and Progressus agree that, subject to the negotiation, execution and delivery of a final agreement satisfactory in all respects to both parties, and approval of the transaction by all business conduct required by the parties, BioQuest will agree to an agreement of up to 100%. It was intended to acquire a 100% stake. Outstanding shares of Progressus and, in return, Progressus shareholders receive shares in his BioQuest.

After a significant due diligence review, Progressus’ board and management have determined that the proposed sale to BioQuest Corp. will not result in a satisfactory outcome for Progressus’ shareholders. As a result, the parties have suspended all ongoing negotiations. No final agreement was signed between the parties.

About Progressus Clean Technologies

Progressus Clean Technologies (formerly AES-100 Inc.) is a venture stage green technology company focused on developing novel hydrogen generation and separation technologies. Progressus Clean Technologies owns exclusive rights and intellectual property for advanced electrolyser systems for hydrogen production from diluted syngas.

forward-looking statements

This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, statements regarding Progressus Clean Technologies. BioQuest deal; termination of LOI; advanced electrolysis system technology; Home power supply units, our future plans, the green energy market, our potential to take advantage of market opportunities, cost and revenue projections. Forward-looking information involves known and unknown risks, uncertainties and our actual results, level of activity, performance or achievements that may differ materially from those expressed or implied by such forward-looking information. Subject to other factors that may be contributing factors. Risks inherent in the hydrogen industry. Although we have attempted to identify important factors that could cause our actual results to differ materially from those contained in the forward-looking information, we do not believe that results were anticipated, estimated or intended. There may be other factors that cause different. 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. You should not place undue reliance on any forward-looking information. We do not undertake to update forward-looking information, except in accordance with applicable securities laws.

About Bioquest

BioQuest Corp. sells primarily to the B2B retail market and the internet-based B2C market, BioQuest is headquartered in Newport Beach, California. Additional information about BQST is available at www.bioquestcorp.com.

[email protected]

CBJ Newsmaker