AirIQ Inc.
TSX : IQ

AirIQ Inc.

July 21, 2009 17:00 ET

AirIQ Signs Engagement Agreement with Harris Brown & Partners

TORONTO, ONTARIO--(Marketwire - July 21, 2009) - AirIQ Inc. ("AirIQ" or the "Company") (TSX:IQ), a leader in Wireless Location-Based Services, specializing in Telematics, today announced that it has engaged Harris Brown & Partners Limited (as "Agent") to procure milestone financing in an amount of up to $2,000,000 (the "Agreement").

AirIQ management and its Board of Directors believe that there exists unrecognized value in the Company and have requested Harris Brown & Partners to obtain financing that will be used to 'unlock' this potential value. Funds will be applied to meet general working capital needs and may also be used to support targeted acquisitions or strategic partnerships. This action supports management's stated plan to follow the recent period of trimming and realignment with specific and targeted growth within existing market segments.

Steve Willey, President and Chief Executive Officer of AirIQ, stated, "We are very pleased to work with Harris Brown given their access to private capital, and particularly since they have expressed a keen interest in raising funds for growth initiatives within the telematics sector. They have also expressed a view that the industry would benefit from selective consolidation and AirIQ management subscribes to this same notion, and intends to cooperate in the assessment of potential opportunities."

Jeff Phipps, President of Harris Brown stated, "Our firm is excited to be working with the team at AirIQ. They have been diligent in their restructuring efforts over the past year and appear to have turned the corner during an extremely weak period of global economic activity. We look forward to immediately assisting them in various facets of their business model, including the possible strengthening of their balance sheet."

There can be no assurance that a transaction will move forward or that AirIQ will receive any funding under the Agreement. All transactions contemplated under the Agreement shall be subject to approval of the Toronto Stock Exchange or Toronto Stock Venture Exchange, as applicable, as well as Canadian Securities regulators or the shareholders of the Company, as required.

About Harris Brown

Harris Brown & Partners Limited is a full service corporate finance firm that provides financial advisory and capital procurement services to Canadian-based companies with market capitalizations of less than $50,000,000. Harris Brown & Partners Limited is registered with the Ontario Securities Commission (OSC) as a Limited Market Dealer and structures and provides equity and debt financing to small and medium-sized Canadian companies. For additional information on Harris Brown & Partners, please visit their website at www.harrisbrownpartners.ca.

About AirIQ

AirIQ trades on the Toronto Stock Exchange (the "TSX") under the symbol IQ. 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 "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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