SportsQuest, Inc. (OTC: SPQS) Set to Redefine Digital Entertainment with Huaying Online Film Co., Ltd. Merger

4/12/20244 min read

SportsQuest, Inc. (OTC Pink: SPQS) is celebrating a significant stride forward as it finalizes its merger with Huaying Online Film Co., Ltd., a move that marks a pivotal moment in the company's strategic expansion efforts. This merger not only integrates Huaying Online Film Co., Ltd. into the SportsQuest family but also broadens the company's scope within the digital entertainment sector, enhancing its portfolio with innovative offerings.

The newly formed subsidiary, Huaying Online Film Co., Ltd., is poised to disrupt the online film industry with its forward-thinking approach and advanced technology. With the support of SportsQuest's resources and expertise, Huaying Online Film Co., Ltd. aims to deliver unparalleled entertainment experiences to audiences globally.

Outlined within the merger agreement are the key leadership roles within Huaying Online Film Co., Ltd.:

  • Jinbiao Wang has been appointed as President, bringing extensive industry experience and a proven track record of success to his role. With his leadership, Wang is expected to drive the company to new heights.

  • Lirong Lai assumes the position of Secretary, overseeing administrative functions and ensuring regulatory compliance. Lai's meticulous attention to detail and organizational prowess make her a valuable addition to the team.

  • Qianjin Qin takes on the role of Treasurer, tasked with managing the company's finances and ensuring fiscal responsibility. With a strategic approach to financial management, Qin will play a vital role in guiding the company's growth.

  • Yiyuan Cao, holding a majority ownership stake of 51%, serves as Director. Cao's position empowers them to shape the company's strategic direction and future vision.

A spokesperson from SportsQuest, Inc. expressed excitement about the merger, highlighting its potential to propel SportsQuest into the AI film industry and provide innovative entertainment solutions worldwide. With a strong leadership team in place, the company is optimistic about the success of Huaying Online Film Co., Ltd. under the SportsQuest umbrella.

The merger is subject to customary closing terms, with further updates on the integration of Huaying Online Film Co., Ltd. into SportsQuest's operations expected upon completion.

In addition to the merger, SportsQuest, Inc. has updated its Business Plan, including financial data, which has been made available on OTC Markets as Business Plan Disclosure. This comprehensive document, spanning over 60 pages, offers detailed insights and supersedes previous versions with additional disclosures.

Key points from the updated Business Plan include:

  • Acquisition of 12 movie theaters, with 3 more under acquisition, situated in major Chinese cities.

  • Employment of 139 staff across headquarters and various theaters.

  • Plans to acquire 50 cinemas by the end of 2024, expanding to 150 in 2025 and aiming for 500 by 2028, alongside independent AI technology research and development.

  • Projection to manage 1,000 franchised cinemas by 2025-2026, establishing the company as a leading cinema chain brand in China with a target market share of 70%.

To ensure compliance with GAAP standards, the company plans to engage a Chinese accounting consulting firm for auditing purposes. Additionally, an investment of 240 million Chinese yuan (equivalent to $34 million USD) was made in previous years to acquire cinemas, which will be accurately reflected in the 2023 financial reports.

SportsQuest, Inc. remains committed to providing updates for its shareholders and followers as new developments arise, reflecting its dedication to transparency and growth.

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