BioQuest Corp. and Progressus Clean Technologies Inc. have executed a letter of intent (LOI) whereby BioQuest shall acquire all of the issued and outstanding shares of Progressus.
PowerTap is a 49% owner of Progressus. Progressus owns the exclusive rights and intellectual property pertaining to the Advanced Electrolyzer System for producing hydrogen from dilute syngas.
The LOI sets forth certain understandings between BioQuest, a Nevada corporation and Progressus, a Delaware corporation, concerning a proposed acquisition transaction or other reorganization transaction between the parties.
BioQuest and Progressus presently intend that 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 provide additional details of the transaction following the execution of definitive agreements.
Progressus Clean Technologies’ proprietary technology offers highly selective H2 separation using advanced electrochemical membranes and nano-materials. It provides superior performance at a lower cost with significantly reduced emissions.