Gaudreault Named CEO of Quest Solution Following Merger with Viascanqdata.
M2 EQUITYBITES-October 16, 2015-Gaudreault Named CEO of Quest Solution Following Merger with Viascanqdata
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16 October 2015 - Gilles Gaudreault has been named chief executive officer and a director of US-based data collection systems provider Quest Solution, Inc. (OTCQB: QUES) in connection with the closing of the company's merger with Viascanqdata, a Canadian systems integrator, the company said.
The deal is worth around USD 3.424m.
In addition, the company also announced that Tom Miller will continue as his role as president.
Both Quest and Viascanqdata have signed the agreements subject to certain closing conditions expected to be finalized this week, and subsequently a form 8-K will be filed with the SEC.
Quest Solution has scheduled a conference call for its enhanced senior leadership team to discuss this transformative combination. Details on how to access the call are listed below.
Gaudreault joins Quest Solution from Viascanqdata where he served as chief executive officer prior to the merger.
During his tenure with Viascanqdata, Gilles completed the financial and organizational restructuring of the corporations that were consolidated to form the Viascan Group in 2012.
The Quest Solution and Viascanqdata merger is to be effective October 1.
Terms of the transaction include the issuance of 5.2m restricted common shares of Quest Solution to two parties, Gaudreault and Kurdi, USD 1.5m in promissory notes to be paid out over 48 months, beginning in January 2016 and the assumption of trade payables and other debts as well as acquisition of all assets and inventory in the company.
Concurrent with the closing of the merger, the company has signed an agreement for a USD 15m facility with Faunus Group International, Inc. that is secured by the company's accounts receivables and is subject to final closing conditions.
This is in addition to a USD 4.8m facility Viascanqdata already has with FGI. The additional availability under this new line is at terms favorable to Quest Solution's existing line of credit.
Quest Solution serves as a national mobility and data collection systems integrator with a focus on design, delivery, deployment and support of fully integrated mobile solutions.
The company takes a consultative approach by offering end to end solutions that include hardware, software, communications and full lifecycle management services.
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