Aeroquest International Limited
TSX : AQL

Aeroquest International Limited

December 02, 2011 08:06 ET

Aeroquest International Limited Announces Sale of Aeroquest Optimal Subsidiary

TORONTO, ONTARIO--(Marketwire - Dec. 2, 2011) -

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Attention business/financial editors and reporters:

Aeroquest International ("Aeroquest" or the "Company") (TSX:AQL) announced today that its Huntsville, Alabama subsidiary, Aeroquest Optimal Inc. has been sold to Magnolia River Services, Inc. of Hartselle, Alabama effective immediately.

"This transaction represents excellent value to both the Aeroquest and Magnolia companies." said Bob Motz, President & CEO of Aeroquest. "It gives Magnolia a growth opportunity in aerial geomatics in its core United States market. As well, it provides Aeroquest with additional capital to invest in its core businesses so that we can continue to provide leading edge technology to our customer base."

The total purchase price for the transaction was US$1.2 million paid at closing.

About Aeroquest International

Aeroquest collects and interprets data that reveals what is at and beneath the earth's surface. Aeroquest applies the best available technology in its world-wide search for economic concentrations of mineral and petroleum resources and in the precision-mapping of the earth's surface and objects upon it. Aeroquest offers airborne geophysics surveys through Aeroquest Airborne, aerial geomatics surveys through Aeroquest Mapcon, and the custom design and construction of geophysical sensors and instruments through Geophex.

With over 150 employees and contractors, and a fleet of over two dozen helicopter and fixed wing survey systems worldwide, Aeroquest is surveying on every continent in the world where exploration activity is underway, and over its history has logged over 10 million line kilometers of fixed wing surveys and over 1 million line kilometers of helicopter surveys - enough to circle the globe over 300 times. More information about Aeroquest International can be found at www.aeroquest.ca.

For Investors

This news release may include statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. The Company cautions that actual performance will be affected by a number of factors, many of which are beyond its control. Future events and results may vary substantially from what the Company currently foresees. Discussion of the various factors that may affect future results is contained in the Company's recent filings, available on SEDAR.

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