AirIQ Inc.
TSX VENTURE : IQ

AirIQ Inc.

April 29, 2011 08:35 ET

AirIQ Announces Changes to its Board of Directors

TORONTO, ONTARIO--(Marketwire - April 29, 2011) - AirIQ Inc. ("AirIQ" or "the Company") (TSX VENTURE:IQ), a supplier of wireless location-based services, today announced that Randall Reynolds has resigned from the Company's Board of Directors, and that Emmanuel Mounouchos and Mathew Wilson have been appointed as new Board members, all effective as of April 30, 2011.

Mr. Reynolds has been a member of the AirIQ Board since June 2007, and held several positions on various committees of the Board of AirIQ, including Chairman of the Audit Committee. "We have appreciated Randy's support and contribution over the last four years and wish him success in his future personal and professional endeavours," said Don Gibbs, President and Chief Executive Officer of AirIQ.

Emmanuel Mounouchos, Co-Chief Executive Officer and a director of Avante Logixx Inc. and Avante Security Inc. was appointed to the Board to replace Mr. Reynolds. Mr. Mounouchos and his affiliates hold 1,206,012 common shares of AirIQ, representing approximately 9.23% of its issued and outstanding shares. Avante manufactures and markets the innovative Smartboxx™ suite of products which provide "anytime, anywhere" true two-way communication and also provides premium executive security systems and services using its innovative technologies.

The Board of Directors of AirIQ also increased the number of directors of the Company from three to four persons and appointed Mathew Wilson as a new member. Mr. Wilson is an analyst with Pinetree Capital Ltd., a diversified investment and venture capital firm focused on the small cap market. Pinetree holds 1,264,395 common shares of AirIQ representing approximately 9.68% of its issued and outstanding shares.

The Board of Directors has also granted observer status on the Board to Jeff Watts of American Telematics Corporation ("ATC"). ATC holds 741,975 common shares of AirIQ representing approximately 5.68% of the issued and outstanding shares.

About AirIQ

AirIQ currently trades on the TSX Venture Exchange under the symbol IQ. AirIQ's office is located in Pickering, Ontario, Canada. The Company offers a suite of location based services that generate recurring revenues from each device deployed. AirIQ delivers services to two primary markets: Commercial Fleets and dealers that service Consumer segments. AirIQ provides vehicle 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. 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 "hope", "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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • AirIQ Inc.
    Donald Gibbs
    President and Chief Executive Officer
    (905) 831-6444, Ext. 4255
    dgibbs@airiq.com