Quest Capital Corp.: Peter Grosskopf to Be Appointed President and CEO
14 Juli 2010 - 2:30PM
Marketwired
Quest Capital Corp. (TSX: QC)(NYSE Amex: QCC) ("Quest" or the
"Company") is pleased to announce that Peter Grosskopf has agreed
to join the Company as President and Chief Executive Officer. Mr.
Grosskopf will assume these positions on closing of the previously
announced letter of intent (June 10, 2010) whereby Quest will be
rebranded "Sprott Resource Lending Corp.".
Mr. Grosskopf will be responsible for developing and
implementing the Company's overall strategy, overseeing the
Company's growth and ensuring that shareholder value is enhanced
and maximized. Mr. Grosskopf remarked, "As a natural resource
lender, this will bring Quest back to its roots. We are excited at
the prospect of capitalizing and managing an organization which
provides bridge and mezzanine loans to mining and oil & gas
companies. By combining Quest's asset base and lending expertise
together with the deal flow, contacts and execution abilities of
the Sprott organization, Sprott Resource Lending is expected to be
a significant player in the business of natural resource
lending."
Mr. Grosskopf has over 23 years of experience in the Canadian
financial services industry. He has a proven track record of
building and growing businesses. Most recently, he was President of
Cormark Securities Inc. ("Cormark"). Prior to joining Cormark, Mr.
Grosskopf was one of the co-founders of Newcrest Capital Inc.,
which was acquired by the TD Bank Financial Group in 2000. Mr.
Grosskopf has extensive experience as an advisor and underwriter to
companies in a wide variety of sectors.
In assuming these positions, Mr. Grosskopf will replace Mr.
Brian Bayley who was appointed CEO and President in the spring of
2009, to help Quest manage through the financial crisis. The Board
would like to express their gratitude to Mr. Bayley for stepping
into the position at such a difficult time. As part of the change
to natural resource lending, Mr. Bayley and Mr. A. Murray Sinclair,
Chairman, will remain as directors of Sprott Resource Lending and
continue on as consultants providing their loan origination and
remediation expertise.
The following are certain significant upcoming dates with
respect to the Sprott transaction and the previously announced
substantial issuer bid which requires shareholder and any
applicable regulatory approvals:
Expected Timetable
Mailing of substantial issuer bid and management Mid July 2010
proxy circulars
Second quarter financial results August 5th, 2010
Shareholders meeting August 17th, 2010
Substantial issuer bid completion, private Early September 2010
placement, and return to resource lending
About Quest
Quest Capital Corp. is a publicly traded mortgage investment
corporation. As a natural resource lender, Quest will ultimately
cease to be a mortgage investment corporation. Accordingly, Quest
expects to provide further guidance in due course as to its status
as a mortgage investment corporation.
For more information about Quest, please visit our website
(www.questcapcorp.com) or SEDAR (www.sedar.com).
Forward Looking Statements
This press release may include certain statements that
constitute "forward-looking statements", and "forward looking
information" within the meaning of applicable securities laws
("forward-looking statements" and "forward-looking information" are
collectively referred to as "forward-looking statements", unless
otherwise stated). Such forward-looking statements involve known
and unknown risks and uncertainties that may cause our actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by such forward looking statements. Forward-looking
statements may relate to the Corporation's future outlook and
anticipated events or results and may include statements regarding
the Corporation's future financial position, business strategy,
budgets, litigation, projected costs, financial results, taxes,
plans and objectives. We have based these forward-looking
statements largely on our current expectations and projections
about future events and financial trends affecting the financial
condition of our business. These forward-looking statements were
derived utilizing numerous assumptions regarding expected growth,
results of operations, performance and business prospects and
opportunities that could cause our actual results to differ
materially from those in the forward-looking statements. While the
Corporation considers these assumptions to be reasonable, based on
information currently available, they may prove to be incorrect.
Forward-looking statements should not be read as a guarantee of
future performance or results. Forward-looking statements are based
on information available at the time those statements are made
and/or management's good faith belief as of that time with respect
to future events, and are subject to risks and uncertainties that
could cause actual performance or results to differ materially from
those expressed in or suggested by the forward looking statements.
To the extent any forward-looking statements constitute
future-oriented financial information or financial outlooks, as
those terms are defined under applicable Canadian securities laws,
such statements are being provided to describe the current
potential of the Corporation and readers are cautioned that these
statements may not be appropriate for any other purpose, including
investment decisions. Forward-looking statements speak only as of
the date those statements are made. Except as required by
applicable law, we assume no obligation to update or to
publicly announce the results of any change to any
forward-looking statement contained or incorporated by reference
herein to reflect actual results, future events or developments,
changes in assumptions or changes in other factors affecting the
forward looking statements. If we update any one or more
forward-looking statements, no inference should be drawn that we
will make additional updates with respect to those or other
forward-looking statements. You should not place undue importance
on forward-looking statements and should not rely upon these
statements as of any other date. All forward looking statements
contained in this press release are expressly qualified in their
entirety by this cautionary notice.
Contacts: Quest Capital Corp. A. Murray Sinclair Chairman (800)
318-3094 or (604) 687-8378 Quest Capital Corp. Jim Grosdanis CFO
(800) 318-3094 or (604) 687-8378 (604) 682-3941 (FAX)
www.questcapcorp.com
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