Orlando, FL Oct. 5, 2012 (OTC MARKETS NEWSWIRE) -- SportsQuest, Inc. (SPQS), a publicly-traded holding company, is working with its legal counsel to remove the "chill" imposed by the DTCC.
The DTCC "chill" stems from transactions that took place between March 2011 and September 2011. The company's legal counsel is in communication with the DTCC and working with its Transfer Agent to provide all the documentation necessary to outline these transactions. The company sees this communication as a positive sign, and is working to provide all the documentation to resolve the issue and remove the "chill" as quickly as possible.
DTCC - The Depository Trust & Clearing Corporation. The DTCC's depository provides custody and asset servicing for more than 3.6 million securities issues from the United States and 121 other countries and territories, valued at US$36.5 trillion.
DTCC Chill - Is a special restriction that can be placed on a given security by the Depository Trust & Clearing Company (DTCC). CEO of SPQS Jeffery Burns said: “In the last PR I stated I surrendered 1,800,000,000 shares but the correct terminology was returned. We understand the chill has hindered our shareholders and communication with the DTCC is a huge step in removing that obstacle.”
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