Aeroquest International Limited
TSX VENTURE : AQL

Aeroquest International Limited

March 28, 2006 18:00 ET

Aeroquest International Limited Announces Certain Transactions Under its Incentive Stock Option Plan

MILTON, ONTARIO--(CCNMatthews - March 28, 2006) - Aeroquest International Limited (Aeroquest)(TSX VENTURE:AQL) announces the following transactions under its Incentive Stock Option Plan.

Aeroquest has agreed to grant a total of 50,000 incentive stock options exercisable at a price of $0.50 per share for a period of 5 years to an insider of the company.

Aeroquest wishes to announce that employees holding options to purchase 575,000 of common shares in the aggregate, at an exercise price of $2.00 per share, have each agreed to surrender one-half of their options for cancellation in exchange for the Company agreeing to lower the exercise price of each optionee's remaining options to $0.50 per share. This transaction is subject to the approval of the TSX Venture Exchange, and no directors or senior officers were permitted to participate in this re-pricing program.

In addition to the foregoing, Waldimer Boyko, the Company's Chairman and Steve Balch, the Company's President, have agreed to surrender all of their respective incentive stock options for cancellation (175,000 and 125,000 respectively).

Aeroquest International Limited (TSX VENTURE:AQL) is the parent company of Aeroquest Limited, a world leader in the development and operation of innovative and proprietary airborne geophysical surveying platforms servicing the mineral exploration, oil and gas, and environmental industries. More information about AQL can be found at www.aeroquestsurveys.com.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the release.

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