EDMONTON, AB, May 30, 2024 /CNW/ - Quest PharmaTech Inc. (TSXV:QPT) ("Quest" or the "Company") a Canadian based pharmaceutical company developing products to improve the quality of life through investee companies and proprietary technologies, announced today that it has restated and refiled its January 31, 2023 annual audited financial statements and its interim unaudited financial statements for the three months ended April 30, 2023, six months ended July 31, 2023 and nine months ended October 31, 2023 each with relevant comparative periods, and the related management's discussion and analysis for those periods.  The restated financial statements and related MD&A have been filed on SEDAR+ (www.sedarplus.ca) which are available for viewing and download under the Company's SEDAR+ profile and at the Company's website. The Company had determined that its interpretation of accounting standards relating to the methodology used to determine the fair value of its investment in bonds of OQP Bio Inc. ("OQP Bio") in the originally filed financial statements was incorrect and not in compliance with International Financial Reporting Standards (IFRS).The Company selected a different valuation methodology for its estimate of fair value for the OQP Bio bonds at January 31, 2023 and retained an independent valuator to prepare a valuation of the fair value of the OQP Bio bonds as at January 31, 2023. The independent valuation arrived at an estimated fair value on January 31, 2023, significantly lower than the fair value reported in the original financial statements, and as a result the carrying value of the OQP Bio bonds has been written ...