LEESBURG, Ga., July 30, 2012 / -- Energy Quest, Inc. ("EQI") (OTCQB: EQST) announces today that its wholly owned subsidiary, Quest Communications, has returned and canceled any and all agreements with Suncoast REI Holdings and Beach City Radio back to Bridgeport Entertainment and Beach City Entertainment as previously announced. This decision is due to contracts with the above mentioned parties not being in-line with Energy Quest's near-term financial targets. Management initially positioned the company to generate revenues from three diversified sources, these are: oil refining technologies, waste energy technologies and media.
Energy Quest will now focus on their original two divisions, oil refining and waste energy. Both divisions are in high-growth, high demand sectors. The company plans on dissolving or spinning off Quest Communications at some time in the near future.
Based on current developments, neither Energy Quest, Inc nor Quest Communications will be relocating its offices to 2701 Gulf Boulevard, Indian Rocks Beach, Florida.
"We feel that it is in the best interest of our shareholders and the company to continue with its waste to energy and oil refining technologies." stated Ron Foster, President and CEO of Energy Quest, Inc. "Oil refining and waste energy have rapidly become an increasingly regulated industry by Federal Government. This tightening of regulations is forcing companies and municipalities to increase their reliance on oil refining and waste energy technologies. These increased regulations are anticipated to generate strong residual revenues for our company." further stated Mr. Foster.
About Energy Quest:
Energy Quest, Inc. a Nevada Corporation, a waste to energy company in the development, construction and marketing of low-cost alternate power and fuels worldwide. Through superior technology, the Company is focused on becoming a GreenPowerhouse(TM). Record energy prices, combined with the global focus moving rapidly towards addressing pollution, has heightened the need for sustainable, zero emission energy. Energy Quest's technology is based on clean, renewable energy, positioning it to benefit from global trends.
For more information please contact investor relations at (973) 351-3868 or visit: http://www.nrgqst.com/, http://www.wavechem.com/
From time to time, the company may issue forward-looking statements, which involve risks and uncertainties. This statement may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as actual results could differ and any forward-looking statements should be considered accordingly. The Company's filings may be accessed at the SEC's Edgar system at www.sec.gov. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company cautions readers not to place reliance on such statements. Unless otherwise required by applicable law, we do not undertake, and we specifically disclaim any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such a statement.
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