SPQS Shareholder Update

SPQS Shareholder Update

Orlando, FL Nov. 5, 2012 (OTC MARKETS NEWSWIRE) -- SportsQuest, Inc. (SPQS), a publicly-traded holding company, addresses shareholder questions.
We at SportsQuest have recently fielded a number of questions and are putting out this update to address most of those questions.  SportsQuest is a publicly traded company, and as such, it is not prudent for us to field calls to individual shareholders or to answer emails.  We will neither share information nor convey information that might give one shareholder an advantage over the other shareholders.  The company was on a dire course in June, and we had to make some tough choices in order to right the ship.  Our two conglomerate operating subsidiaries were underperforming, and as such, the company was saddled with debt, with a large portion being current.  There was a lack of liquidity to our stock, and a share price that had been steadfast at .0001.
We have since reduced our debt.  We have sold off our underperforming subsidiary, which was a declining asset.  We have taken steps to improve our stock’s tradability.  We have conveyed to shareholders all of these steps since we began the cleanup in June.  We are current in our filings with the OTC Markets.  Our shareholders have seen a 100% increase in shareholder price as of close on Friday November 2nd, 2012, as well as increased daily volume since June 7th. 
In regards to your questions:
1.  We are working with our legal counsel to remove the DTC “chill” that currently prevents our stock from being trading electronically.  We believe that the measures we have put in place will help alleviate those concerns and give shareholders reassurance that there won’t be any changes over the rest of the year.
2.  SportsQuest is currently finalizing its 3rd quarter financials.  We plan to post these before November 15th, 2012.
3.  The company has liquidated assets and issued stock in order to reduce its debt obligations.
4.  The CEO has returned shares in order to facilitate the reduction of debt without reversing the stock or raising the authorized number of shares.
5.  Since Mr. Burns has been CEO, SportsQuest has neither issued any shares for promotion nor paid for promotion of its stock in the last year or in its history.
6.  OTC Markets currently reflects the correct share structure.
7.  The company took a change of direction in June.  Answers to questions regarding these changes are reflected in the posted quarterlies.
8.  Our operating subsidiary is Zabo Foods.  We are working to ramp up Zabo Foods.
9.  Zabo Foods has a concentration of products promoting healthy eating.  We recognize that there is currently a significant consumer push for foods with better nutritional content, and believe we are in place to capitalize with our healthy fruit and vegetable chips and Stevia sweetener products.
10.  Zabo Foods has three product lines:  Zabo Chips, Zabo Sauces, and Stevia.
11.  Zabo Foods is currently revamping its website, www.zabofoods.com, to showcase our products and drive sales.  We believe a live site will be in place in the upcoming week.
12.  We are currently looking for financing to assist in the execution of all objectives.
13.  The company has the mindset to acquire a sports-related subsidiary.  This acquisition will synergize with Zabo Foods’ healthy lifestyle branding.
14.  SportsQuest does not yet have a candidate in mind for this new subsidiary, and believes it is prudent that the company be in a better position overall before targeting any new acquisitions.

Mr. Jeffery Burns, CEO of SportsQuest, furthers:  “SPQS has made major strides since June and we are now placing our full concentration on driving the business of Zabo Foods.  We have been able to revisit some previous opportunities, and believe we can start capitalizing on them immediately.”

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains "forward-looking statements" as defined under the U.S. federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will," and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to materially differ from the company's historical experience and its present expectations or projections indicated in any forward-looking statement. These risks include, but are not limited to, changes in economic and political conditions, regulatory and legal changes, technology, industry risk, valuation risk, non-diversification risk, interest rate risk, tax risk, and other risks discussed in the company's filings. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The company undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the company's objectives will be attained.