AirIQ Inc.
TSX VENTURE : IQ

AirIQ Inc.

March 17, 2011 16:15 ET

AirIQ Announces Commencement of Rights Offering

TORONTO, ONTARIO--(Marketwire - March 17, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

AirIQ Inc. ("AirIQ" or "the Company") (TSX VENTURE:IQ), a supplier of wireless location-based services, announced that it intends to commence its previously disclosed rights offering (the "Rights Offering") today, March 17, 2011, at 5:00 p.m. Toronto time, the record date for the Rights Offering. Under the Rights Offering, holders of common shares of the Company will receive one right for each common share held as of the record date. Each right will entitle the holder thereof to purchase two common shares, such that each 0.5 of a right will entitle the holder thereof to purchase one common share at a subscription price of $0.15 per share. No fractional shares will be issued.

The definitive terms of the Rights Offering are contained in the prospectus of the Company dated February 28, 2011, which is available on SEDAR at www.sedar.com.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any of these securities in the United States. Securities may not be offered or sold in the United States absent registration under the United States Securities Act of 1933, as amended, and applicable state securities laws, or an available exemption from such registration requirements.

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.

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