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QRS ANNOUNCES APPOINTMENT OF NEW PRESIDENT AND FINANCING TO RAISE UP TO $750,000

^{Published on 2011-01-28 05:41:34 - Market Wire}
 

THUNDER BAY, ON, Jan. 28 /CNW/ - QRS Capital Corp. (TSXV:QRS) ("QRS" or the "Company") is pleased to announce the appointment of Diego Benalcazar to the position of President.

As Chairman and CEO of the Corporation, John Seaman will continue to play an active role in advancing the corporate strategy and to deploy his strengths in venture markets, financing and corporate development for the Company.

"The rapidly developing project in Chihuahua State, Mexico, and the Company's aggressive acquisition strategy require the experienced leadership and technical background that Diego Benalcazar brings to the Company." says Seaman. "This is about adding strength and greater depth to QRS's management team."

Mr. Benalcazar has been involved in mineral exploration, mining property evaluation and acquisitions throughout Latin America and the Caribbean. He has held managerial and consulting positions with several international mining companies, including Homestake International Minerals Ltd., Pancontinental Mining Ltd. and the U.S. subsidiary of Belgium-based Union Minière. Mr. Benalcazar was also General Manager for several subsidiaries of the Swiss Holderbank Cement Group. He has additionally served as Director of Ready-Mixed Concrete for HolcimCementos Caribe S.A. in Venezuela and CemetosBoyaca S.A. in Colombia, which included responsibilities in the "Caricom" trade market.  In the past 3 years, Mr. Benalcazar served as Country Manager for several Ecometals Limited subsidiary Companies in Ecuador. As a former President and member of the Board of Directors of the Ecuadorian Chamber of Mines, Mr. Benalcazar has actively represented the mining industry in discussions with government authorities. Mr. Benalcazar holds a B.A. in Geology from North Carolina State University and has completed the Program for Management Development at Harvard Business School.

"It is truly an honour and an opportunity for me to bring my experience and knowledge to QRS Capital Corp. said Mr. Benalcazar.  With our top class management and technical team we will be able to deliver important achievements and create sustainable shareholders value in the shortest possible time." 

Non-Brokered Private Placement

QRS has also arranged a non-brokered private placement (the "Non-Brokered Private Placement") to raise up to $750,000 through the sale of up to 3,000,000 units to subscribers resident in Canada and certain offshore ") at the price of $0.25 per Unit.  Each Unit is comprised of one common share of the Corporation and one-half of one warrant of the Corporation, each whole Warrant being exercisable to acquire one common share of the Corporation at an exercise price of $0.35 per common share for a period of 24 months after the Closing Date.  QRS may pay a finder's fee to arm's length parties in an amount to be determined.

All of the Units issued under Non-Brokered Private Placement will be subject to a four month hold period. The Private Placement is subject to acceptance by the TSX Venture Exchange. The proceeds of this financing will be used for mineral exploration and general working capital purposes.

ON BEHALF OF THE BOARD OF DIRECTORS

"John Seaman"
John Seaman
Chairman& CEO

About QRS Capital Corp.

QRS is a mineral exploration company that holds an 80% beneficial interest in the Judith Property which consists of six mining lots and concessions that cover a combined area of approximately 597.5 hectares located in the City of Aldama, Chihuahua State, Mexico and is entitled to 70% of any net profits from the Judith Property. QRS also holds an option to purchase the remaining 20% beneficial and legal interest in the Judith Property for a payment of US$1.5 million before December 1, 2013. In the event QRS elects to exercise the option, a 20% interest in the Judith Property will vest in Norma Mines S.A. de C.V., a Mexican corporation that transferred its interests in the Judith Property to QRS pursuant to the terms of an Assignment, Assumption and Amending Agreement dated July 6, 2009, as amended.  QRS is actively seeking additional exploration stage copper and gold targets in South America, particularly in Colombia, Brazil, Chile and Equador.

Forward Looking Statements

This Company Press Release may contain certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release