AirIQ Inc.
TSX VENTURE : IQ.H

AirIQ Inc.

December 04, 2009 08:54 ET

AirIQ Announces Appointment of Interim President and Chief Executive Officer

TORONTO, ONTARIO--(Marketwire - Dec. 4, 2009) - AirIQ Inc. ("AirIQ") (TSX VENTURE:IQ.H), a leader in Wireless Location-Based Services, specializing in Telematics, today announced the appointment of Donald Gibbs as Interim President and Chief Executive Officer of the Company.

Mr. Gibbs joined AirIQ in June 2008 as a director and Interim Chief Financial Officer, and was later appointed as Chief Financial Officer and General Manager of the Land Division. Mr. Gibbs will continue in the dual role of interim CEO and CFO, and his primary focus will be to lead the Company to increased profitability and a cash flow positive position.

The Board of Directors of AirIQ is pleased that Mr. Gibbs has accepted this leadership position and are confident that his insight and expertise will serve the Company well.

Mr. Gibbs is a successful financier and entrepreneur who has held numerous CEO and CFO positions in high technology companies during his career. His vast experience encompasses success with Mitel Corporation, Cognos, Gandalf and Positron Fibre.

AirIQ is also pleased to announce that Mr. Vernon Lobo, managing director of Mosaic Capital Partners, LP, has been appointed to the Board of Directors of AirIQ.

About AirIQ

AirIQ trades on the NEX, a separate board of the TSX Venture Exchange under the symbol IQ.H. A leader in Wireless Location Services specializing in Telematics, AirIQ has offices in Pickering, Ontario, Canada, and in San Diego, California, United States. The Company offers a suite of location based services (LBS) under a 'software as a service' (SaaS) model that yields recurring revenues for each device deployed. AirIQ delivers services to three primary markets: Commercial Fleets; dealers that service Consumer segments; and Marine Fleets (fisheries and workboat). AirIQ provides vehicle and vessel owners with the ability to monitor, manage and protect their mobile assets. Services include: instant vehicle locating, boundary notification, automated inventory reports, maintenance reminders, security alerts and vehicle disabling and unauthorized movement alerts. Management believes that AirIQ maintains a dominant market share in North America, in three segments, namely, rental vehicle fleets, regulated fisheries, and marine workboat markets. For additional information on AirIQ or its products and services, please visit the Company's website at www.airiq.com.

Forward-looking Statements

This news release contains forward-looking information based on management's best estimates and the current operating environment. These forward-looking statements are related to, but not limited to, AirIQ's operations, anticipated financial performance, business prospects and strategies. Forward-looking information typically contains statements with words such as "hope", "goal", "anticipate", "believe", "expect", "plan" or similar words suggesting future outcomes. These statements are based upon certain material factors or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking statements, including AirIQ's perception of historical trends, current conditions and expected future developments as well as other factors management believes are appropriate in the circumstances. Such forward-looking statements are as of the date which such statement is made and are subject to a number of known and unknown risks, uncertainties and other factors, which could cause actual results or events to differ materially from future results expressed, anticipated or implied by such forward-looking statements. Such factors include, but are not limited to, changes in market and competition, technological and competitive developments and potential downturns in economic conditions generally. Therefore, actual outcomes may differ materially from those expressed in such forward-looking statements. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. Other than as may be required by law, AirIQ disclaims any intention or obligation to update or revise any such forward-looking statements, whether as a result of such information, future events or otherwise.

For additional information on AirIQ or its products and services, please visit the Company's website at www.airiq.com.

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