Aeroquest International Limited

Aeroquest International Limited

May 16, 2011 16:44 ET

Aeroquest International Limited (TSX:AQL) Announces Senior Management Changes

TORONTO, ONTARIO--(Marketwire - May 16, 2011) -

Attention business/financial editors and reporters:


Aeroquest International ("Aeroquest" or the "Company") (TSX:AQL) announced today that Mr. Roy Graydon has resigned as President and CEO and as a director of the Company, with immediate effect. Mr. Bob Motz, CFO of Aeroquest, has been appointed Interim CEO.

Mr. Graydon tendered his resignation following his suggestion, and the board's decision, to shift the Company's business strategy from growth including mergers and acquisitions to organic growth in its core operations. Mr. Graydon joined Aeroquest as CEO in 2005. "The Board appreciates the important contribution Roy has made to Aeroquest," said Mr. Keith Morrison, Chairman. "He has overseen not only the growth and development of the business from 2005 to 2008, but also its restructuring through difficult market conditions in 2009 and 2010.

"While we continue to face operational challenges," Morrison continued, "we are confident that market demand for our services remains strong, as evidenced by backlog and revenue. We believe that the Company has the personnel, assets and strategy in place to significantly improve its bottom line over the coming quarters."

"We have strong contract backlog in excess of $16 million," said Interim CEO Bob Motz. "We now have to focus on execution and on turning these contracts into cash flow."

The Board has asked its Governance Committee, chaired by Mr. Gordon Bogden, to oversee the search for a new CEO, taking both internal and external candidates into consideration.

Withdrawal of Short-form Prospectus

The Company also reported today that it has elected not to proceed with its previously announced best efforts offering of units (each comprised of a common share and a half-warrant) and will withdraw the short form prospectus filed with regulatory authorities in Canada.

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 Optimal, and the custom design and construction of geophysical sensors and instruments through Aeroquest Sensortech.

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

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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