(Updated V2's 58-page business report filed with OTC. The company earned CNY 240 million (equivalent to USD 34 million) in the previous year to acquire a portfolio of movie theaters. GAAP accounting (implemented).
WEST PALM BEACH, Fla.–(Newsfile Corp. – April 11, 2024) – Our company, SportsQuest, Inc. (OTC Pink: SPQS) www.sports-quest.co (the Company), is a China-based AI Targeted movie chain https://huayicinemas.net/ (AIC) https://www.otcmarkets.com/otcapi/company/financial-report/397304/content.
Our film company's most recent business plan (including financial data) was posted on the OTC Market as a business plan disclosure. This is a comprehensive disclosure document of over 60 pages that replaces the V1 version with additional details and disclosures.
Important points
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The company has now acquired 12 movie theaters in major cities in China and is in the process of acquiring three more.
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The company employs a total of 139 people at its corporate headquarters and various theaters.
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The company plans to acquire 50 movie theaters by the end of 2024. The number will increase to 150 in 2025. At the same time, through our own research and development of AI technology.
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The company is expected to operate 1,000 franchise movie theaters from 2025 to 2026 and become China's leading movie theater chain brand.
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The company's goal is to achieve 70% of the market share.
Please note the following points.
1) In order to be audited in accordance with GAAP standards, we will engage a Chinese accounting consulting firm to review these data and make adjustments accordingly. This process reflects the requirements of companies seeking to list on NASDAQ.
2) An investment of CNY 240 million (equivalent to USD 34 million) was made in the previous year to acquire movie theaters. These cinemas were originally owned by Huayi when Huayi Excellent Cinemas Ltd was established in 2023. This transfer of ownership must be accurately reflected in his 2023 financial report.
We will continue to update our business plan and filings for our shareholders and followers as new materials become available.
Further details will be announced in due course.
About Sports Quest Co., Ltd.:
Sports and entertainment hospitality company. In the United States, we develop and maintain franchise portals for both front- and back-office end users. The Company is in the process of merging with a theater (cinema) operating company based in mainland China that operates a chain of company-owned and franchised stores.
Target business based in China: Shenzhen Huayi Excellent Cinemas Co., Ltd. (Huayi)
Huayi is a cultural high-tech company that leads the operation of movie theater chains with advanced AI system technology at its core. We precisely manage the resources and data traffic of cinema chains through our self-developed mega-model in many cities and cinemas in mainland China. Our company integrates advanced AI technology and big data intelligence, extends the industry chain from movie business to intelligent management of movie data traffic, comprehensively covers the movie industry chain, and brings unique innovation and transformation to the industry. Bring power and create a cinema chain brand with unique influence. .
More news will be updated soon.
Disclosure:
If the information in this news release contains statements regarding SPQS's future expectations, plans, prospects, or performance that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995; there is. , “expects,” “may,” “believes,” “estimates,” “plans” and similar words and phrases identify such forward-looking statements. The purpose is that. SPQS cautions that any forward-looking information provided by or on behalf of SPQS is not a guarantee of future performance. The information in this press release does not constitute, and is not intended to constitute, a sale of securities or investment advice of any kind. SPQS's actual results could differ materially from those anticipated in the forward-looking statements as a result of various important factors. It is beyond the control of SPQS. In addition to what is discussed in SPQS' press releases, public filings, and statements by SPQS management, SPQS' estimates regarding the adequacy of existing capital resources and the availability of additional capital to fund future operations include: including, but not limited to, SPQS' ability to procure. uncertainties associated with identifying contracts that are compatible with SPQS's ability to repay existing debt, estimate market opportunities and obtain contracts; All such forward-looking statements are current only as of the date on which they are made. SPQS undertakes no obligation to update publicly any forward-looking statements to reflect events or circumstances after the date on which they are made or to reflect the occurrence of unanticipated events. not.
SPQS management
Contact Information:
Irina Veselinovich
Twitter @SpqsOtc
Phone: +1 561 631 9221
Email: ir@sports-quest.co
Web: https://sports-quest.co
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/205066.
