BioQuest Executes LOI to Acquire Progressus Clean Technologies

Source: www.gulfoilandgas.com 6/23/2022, Location: North America

PowerTap Hydrogen Capital Corp is pleased to announce that BioQuest Corp. and Progressus Clean Technologies Inc. (“Progressus”) have executed a letter of intent (“LOI”) whereby BioQuest shall acquire all of the issued and outstanding shares of Progressus, a private company incorporated in Delaware. PowerTap is a 49% owner of Progressus.

Progressus is a venture stage green technology company focused 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.

The LOI sets forth certain understandings between BioQuest, a Nevada corporation and Progressus, a Delaware corporation, with respect to a proposed acquisition transaction or other reorganization transaction between the parties ("Transaction"). BioQuest and Progressus presently intend that, subject to the negotiation, execution and delivery of a definitive agreement, satisfactory in all respects to both parties, and to the approval of the Transaction by all corporate actions required by the respective parties, BioQuest will acquire all of the issued and outstanding shares of Progressus and in exchange, the Progressus shareholders shall receive shares of BioQuest. The parties will structure the Transaction in a manner such that each of the parties can comply with applicable legal, regulatory, tax and accounting requirements. The parties will provide additional details of the transaction following the execution of definitive agreements.

Highlights of Progressus and its technologies:
• Progressus Clean Technologies’ proprietary technology offers highly selective H2 separation using advanced electrochemical membranes and nano-materials
• Progressus Clean Technologies innovation provides superior performance at a lower cost with significantly reduced emissions
• Scalable, modular design enables Progressus Clean Technologies technology to meet the production needs of a diverse set of clients and industries


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