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Bioquest Corp. Announces Execution Of A Letter Of Intent To Acquire Progressus Clean Technologies, A 49% Subsidiary Of Powertap Hydrogen

Jun 23, 2022•over 3 years ago

Acquiring Company

BioQuest

Acquired Company

Progressus Clean Technologies

Data And AnalyticsSoftwareData And Analytics

Description

PowerTap Hydrogen Capital Corp (NEO: MOVE) (FWB: 2K6B) (OTC: MOTNF) (“PowerTap” or the “Company” or “MOVE”) is pleased to announce that BioQuest Corp. (“BioQuest”) (OTC:BQST) 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.

Company Information

Company

BioQuest

About

BioQuest Corp. sells primarily into the retail business-to-business market and internet-based business to consumer, BioQuest is Headquartered in Newport Beach, CA. Additional information on BQST is available at www.bioquestcorp.com.

M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed