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QuestCap Inc. ("QuestCap") (NEO:QSC; OTC:COPRF; FRA:34C1) is pleased to announce the completion of an agreement to supply state-of-the-art COVID-19 testing equipment and custom protocols to JSC Chukotka Mining and Geological Company ("CMGC"), a subsidiary of Kinross Gold (NYSE: KGC; TSX: K). The equipment supplied included COVID-19 RT-PCR tests and antibody tests and analyzers that are expected to help test employees at Kinross' Kupol and Dvoinoye mines in the Chukotka region, its Udinsk project in the Khabarovsk region and at its Russian offices in Magadan and Moscow. The total contract value for the tests and associated protocols is US$2.1 million.
"We are very excited to be able to partner with a global mining company like Kinross Gold and help them continue operating in a COVID-19 environment," commented Doug Sommerville, QuestCap CEO. "We know the importance of safety in the mining industry and are proud to help extend that culture of safety with state of the art protocols and QuestCap's high-quality testing solutions. We look forward to extending this to other businesses that require our complete COVID-19 testing solution."
Specifically, QuestCap supplied CMGC with 15 portable RT PCR analyzers, 57,000 RT-PCR tests, and 10,000 Novel Coronavirus (2019-nCoV) IgM/IgG Rapid Antibody tests. Equipment training has been conducted with CMGC employees in Russia with the testing protocols now being implemented. The testing protocols are expected to test workers for COVID-19 throughout their work rotations to help prevent the spread of the virus at the mine and project sites.
"The safety of our workers is of paramount importance," says Claude Schimper, Senior Vice President of Operations, Russia for Kinross Gold. "By continuing to implement strict COVID-19 safety measures and testing protocols, including using the tests supplied by QuestCap and working with QuestCap's medical team, we are prioritizing our workers' health and safety while maintaining the operation of Kinross' Russian business."
The protocols were developed jointly by medical experts and QuestCap advisors, Dr. Glenn Copeland, Founding CEO of the Cleveland Clinic Canada, and Dr. Lawrence Steinman, Stanford University Professor and former Chair of the Standford Program in Immunology.
About the COVID-19 Tests
The antibody tests take 8-10 minutes to administer and provide results within minutes, indicating the presence of antibodies in people either currently infected by the virus, or in people who may have been previously ill or exposed, an important step in determining a safe return to normal life.
The portable RT-PCR analyzers and associated rapid tests detect the presence of the virus in people who are currently infected with COVID-19. The analyzers can process 32 Rapid RT-PCR tests in less than one hour. The devices are of industry leading quality and are currently used by the U.K. Government to support the country's testing initiatives.
About QuestCap Inc.
QuestCap Inc. (NEO:QSC; OTC:COPRF; FRA:34C1) seeks out disruptive technologies, ground-breaking innovations, and exclusive partnerships to help combat COVID-19 and generate remarkable risk-adjusted returns for investors. Specifically, QuestCap offers investors a diversified investment in the COVID-19 medical space across three areas; prevention, detection, and treatment.
QuestCap has a team of renowned global medical and business advisors that have developed a proprietary business strategy to capitalize on high-margin opportunities in the COVID-19 space. This panel includes prominent immunologist Dr. Lawrence Steinman and Dr. Glenn Copeland, who has 45 years of experience in orthopaedic treatment, foot and ankle care, and sports medicine.
QuestCap's primary focus is the sale of COVID-19 IgG/IgM antibody tests authorized by FDA under an EUA for use by authorized laboratories. This is achieved largely through two acquisitions: 100% of Collection Sites, LLC and 28% of Colombian Sanaty IPS. Collection Sites is setting up a series of COVID-19 testing sites across the United States with appointments and payments handled through the online portal www.testbeforeyougo.com . Sanaty is setting up a series of full-service medical clinics offering a complete COVID-19 testing solution.
For additional information, please contact:
Doug Sommerville, CEO
Doug.Sommerville@questcapinc.com
For investing enquires please contact:
Evan Veryard
evan.veryard@questcapinc.com
For media enquires please contact:
Veronica Welch
veronica@vewprmedia.com
+1-508-643-8000
Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the sale of COVID-19 test kits to Kinross Gold; the pursuit by QuestCap of investment opportunities; and the merits or potential returns of any such investments. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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