AirIQ Inc.

AirIQ Inc.

April 05, 2006 16:20 ET

AirIQ Announces Closing of $9.3 Million in Financings, Extension of its Bank Financing and Full Satisfaction of Earn-Out Obligation

TORONTO, ONTARIO--(CCNMatthews - April 5, 2006) -


AirIQ Inc. ("AirIQ") (TSX:IQ), a leader in global wireless security, announces that, further to its press release issued earlier today, it has now closed its bought deal private placement of special warrants for gross proceeds of $5,309,091 and its five-year $4,000,000 term loan from Lenbrook Corp. and Quadrature Investments Inc. The proceeds from the private placement have been used to satisfy AirIQ's US$4,250,000 earn-out payment obligation, which is now satisfied in full. The proceeds from the term loan have been used to repay a portion of AirIQ's credit facility. The credit facility has been amended to, among other things, reduce the commitment under the facility to $3.0 million and to extend the final due date for the repayment of the credit facility to March 31, 2007.

About AirIQ

AirIQ trades on the Toronto Stock Exchange under the symbol IQ. A leader in global wireless security, AirIQ is headquartered in Pickering, near Toronto, Canada, with offices in Lake Forest and San Diego, California, U.S.A. The Company operates as a wireless Internet applications service provider specializing in Telematics. Telematics is the name given to information and control messages sent wirelessly to and from vehicles and vessels. AirIQ's services are offered to four primary markets: Commercial Fleets; Consumer; Vehicle Finance; and Marine Fleets. AirIQ gives vehicle and vessel owners the abilities to manage and protect their mobile assets. AirIQ's services include: vehicle locating, boundary notification, automated inventory, maintenance reminders, security alerts, vehicle disabling, unauthorized movement alerts and many more features. For additional information on AirIQ, its products and services, please visit the Company's website at

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 words such as "anticipate", "believe", "expect", "plan" or similar words suggesting future outcomes. 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 and results may differ materially from those expressed in such forward-looking statements. 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.

Contact Information