Monday 27 June 2022

California-based BioQuest Corp. (OTC: BQST) has executed a letter of intent to acquire all of the issued and outstanding shares of US-based green technology company Progressus Clean Technologies Inc., incorporated in Delaware, the company said.

PowerTap Hydrogen Capital Corp. is a 49% owner of Progressus.

Terms of the transaction were not disclosed.

The LOI sets forth certain understandings between BioQuest, a Nevada corporation and Progressus, a Delaware corporation.

BioQuest will acquire all of the issued and outstanding shares of Progressus and in exchange, the Progressus shareholders shall receive shares of BioQuest.

Progressus is focussed on the development of novel hydrogen generation and separation technologies.

Progressus owns the exclusive rights and intellectual property pertaining to the Advanced Electrolyzer System for the production of hydrogen from dilute syngas.

BioQuest Corp. sells primarily into the retail business-to-business market and internet-based business to consumer.

Progressus Clean Technologies is a venture stage green company focussed on the development of novel hydrogen generation and separation technologies.

PowerTap Hydrogen Capital Corp., through its wholly owned subsidiary, PowerTap Hydrogen Fueling Corp., is focussed on installing hydrogen production and dispensing fueling infrastructure in the United States.