George Christopoulos

June 08, 2009 18:23 ET

George Christopoulos, "10% Insider" of AirIQ Inc. by Virtue of Control and Direction of 16,252,155 Shares or Just Over 10.1%, Announces His Voting Intentions and Reasons, for AGM June 30, 2009

TORONTO, ONTARIO--(Marketwire - June 8, 2009) -

Shareholder Proposal - Add George Christopoulos as Director:

George Christopoulos will be voting "FOR" and will indicate "FOR" on his Proxy form, which he will submit electronically by June 25th.

George Christopoulos is a very suitable candidate. He holds a B Comm. and a CA, and has 29 years' business and financial experience. An unbiased, alternative view and representation of shareholders is long overdue.

George Christopoulos' objective is to create shareholder value. He would work with any re-elected directors towards that.

To date, shareholder value has eroded enormously. The deficit as of March 2009 is $96.5m, or 60c/ share. Compare accumulated losses of 60c per share to the current share price of just 1.5 cents. Annual revenue is now only about $12m. With this unenviable track record, Management chooses to resist the input of the largest shareholder?

It appears Management does not want the input of shareholders, otherwise why would they choose to have the AGM in Pickering, on June 30, the day before Canada Day?

If the Board has the "proper 'mix' of skills, expertise and experience", why has $96.5m or 60c per share been lost? What do shareholders have to show for this? A company with a weak balance sheet, revenue of about $12m, and a share price of about 1.5c.

Management's comment that a change in the Board could trigger a loan repayment appears, at best, incorrect. "Change in control" refers to control of the majority of voting shares, NOT who the directors are. See page 3, April 6, 2006 Term Loan, posted on Sedar, April 12, 2006.

6 Directors:

George Christopoulos will name himself, George Christopoulos, as Proxyholder so that he himself will be able to decide how to vote at the AGM - in the event any other nominations are made. He will only indicate: For, Withhold, or neither - at the actual AGM when he is handed his ballot.

Last year, at the June 2008 AGM, Christopoulos had submitted his Proxy electronically, naming George Christopoulos as Proxyholder, and also indicated "Withhold" for the 6 listed candidates. At the AGM on June 25, 2008 he nominated himself as candidate and on his ballots at the AGM he wrote his name in and voted "For" George Christopoulos. However, it appears that Management then treated his 26,876,755 Proxies, as "spoiled". Contrast this with the fact that Stephen Willey was elected as a Director - with only 26,638,788 votes. Management's comment in respect of 2008: "In accordance with the instructions received from shareholders at that time, Mr. Christopoulos was not elected..." is, at best, an incomplete statement.

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