TSX Venture: QPT
EDMONTON, AB, June 6, 2023
/CNW/ - Quest PharmaTech Inc. (TSXV: QPT) ("Quest" or the
"Company"), at the request of the TSX Venture Exchange, is
providing additional information to clarify certain information
contained in the Company's news release dated June 2, 2023 announcing the entry into of a
non-binding agreement in principle ("Agreement in
Principle") with OQP Bio Inc. of Korea ("OQP Bio") for
the potential monetization of bonds held by Quest in OQP Bio (the
"OQP Bio Bonds").
As previously disclosed, the Agreement in Principle is
non-binding and subject to the execution of a definitive agreement
among the parties and a definitive agreement has not been signed to
date. The terms and conditions contained in the Agreement in
Principle are indicative and subject to change and there can be no
assurance that a definitive agreement will be signed on the
indicative terms or at all. In addition, even if a definitive
agreement is signed, the Company will be subject to performance
risk of all counterparties and liquidity risk and price volatility
for any marketable securities received. The Agreement in
Principle contemplates that buyers for one-half of the Company's
OQP Bio Bonds payable in cash will be arranged by OQP Bio. The
Company is not aware at this time of any third party purchasers
that have been arranged or committed to purchase the Company's OQP
Bio Bonds and there is a risk that OQP Bio will not be successful
in arranging for such purchasers. The Agreement in Principle
also contemplates a merger between Canaria Bio Co, Ltd.
("CAB") and Canaria Bio M Co. Ltd. ("CABM") and the
receipt by the Company of shares of CAB in exchange for shares of
CABM. The CABM shares would be received by the Company upon the
conversion of convertible debentures of CABM received from OQP Bio
in exchange for the other half of the Company's OQP Bio Bonds.
The proposed merger will be subject to a number of conditions,
including regulatory and other approvals, and there can be no
assurance that the proposed merger will be completed as proposed or
at all. Further, there can be no assurance that any of the proposed
monetization transactions contemplated by the Agreement in
Principle will be completed as proposed or at all.
The Company is continuing to work on the signing of a binding
definitive. If the Company enters into a binding definitive
agreement in respect of the transactions contemplated by the
Agreement in Principle, a further press release will be issued at
that time by the Company providing full details.
About Quest PharmaTech
Inc.
Quest PharmaTech Inc is a publicly traded, Canadian based
biopharmaceutical company (QPT: TSXV) developing products to
improve the quality of life. The Company has a 42.5% ownership
interest in OncoQuest Inc. which sold its immunotherapy technology
assets to Korea-based Dual Industrial Co, Ltd. in April 2020. Quest also has a 23% ownership
interest in OncoVent, a Chinese joint venture developing
antibody-based immunotherapeutic products for cancer for the
Greater China territory. Quest is
also developing proprietary MAb AR 9.6 targeting truncated MUC16 as
theranostic agents for cancer. AR 9.6 was licensed from
University of Nebraska and currently is
in late preclinical stage. To learn more, visit
www.questpharmatech.com
Forward Looking
Statements
This news release contains "forward-looking information" within
the meaning of applicable securities laws. All statements contained
herein that are not historical in nature contain forward-looking
information. Forward-looking information can be identified by words
or phrases such as "may", "expect", "likely", "should", "would",
"plan", "anticipate", "intend", "potential", "proposed",
"estimate", "believe" or the negative of these terms, or other
similar words, expressions and grammatical variations thereof, or
statements that certain events or conditions "may" or "will"
happen. The forward-looking information contained herein,
including, without limitation, statements related to the Company's
proposed transactions with OQP Bio Inc., is made as of the date of
this press release and is based on assumptions management believed
to be reasonable at the time such statements were made, including
the Company's ability to enter into a definitive agreement with OQP
Bio Inc. in a timely manner, if at all, and its ability to obtain
all required regulatory approvals, as well as the assumptions and
risks that are described from time to time in the Company's public
securities filings, as well as other considerations that are
believed to be appropriate in the circumstances. While we consider
these assumptions to be reasonable based on information currently
available to management, there is no assurance that such
expectations will prove to be correct. By its nature,
forward-looking information is subject to inherent risks and
uncertainties that may be general or specific and which give rise
to the possibility that expectations, forecasts, predictions,
projections or conclusions will not prove to be accurate, that
assumptions may not be correct and that objectives, strategic goals
and priorities will not be achieved. A variety of factors,
including known and unknown risks, many of which are beyond our
control, could cause actual results to differ materially from the
forward-looking information in this press release. Such factors
include, without limitation: the inability of the Company to sign a
definitive agreement with OQP Bio Inc. in a timely manner, if at
all; that any definitive agreement will contain terms that are
consistent with the agreement in principle between the parties; and
that the benefits of the transaction as proposed will be received,
and additional risk factors that can be found in the Company's
securities law filings which have been filed under the Company's
SEDAR profile at www.sedar.com. Readers are cautioned not to put
undue reliance on forward-looking information. The Company
undertakes no obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, except as required by applicable law. Forward-looking
statements contained in this news release are expressly qualified
by this cautionary statement.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Quest PharmaTech Inc.