AirIQ Inc.
TSX VENTURE : IQ

AirIQ Inc.

February 02, 2011 16:30 ET

AirIQ Announces Regulatory Approval of Share Consolidation

TORONTO, ONTARIO--(Marketwire - Feb. 2, 2011) - AirIQ Inc. ("AirIQ" or "the Company") (TSX VENTURE:IQ), a supplier of wireless location-based services, today announced that further to its news release dated January 26, 2011, the TSX Venture Exchange ("TSXV") has approved the proposed share consolidation of the Company's common shares on the basis of (1) post-consolidation common share for every forty (40) pre-consolidation common shares. Effective at the opening of markets on February 3, 2011, the common shares of AirIQ will commence trading on the TSXV on a consolidated basis.

Registered shareholders of AirIQ will be receiving a letter of transmittal in the mail instructing them on how to exchange their share certificates for post-consolidation common shares from the Company's transfer agent, Computershare Trust Company of Canada. Until surrendered, each certificate formerly representing common shares will be deemed for all purposes to represent the number of common shares to which the holder thereof is entitled as a result of the consolidation.

Prior to the consolidation the Company had 174,146,741 common shares issued and outstanding. Effective February 3, 2011, the Company will have approximately 4,353,669 common shares outstanding, depending upon the treatment of fractions which will occur when each shareholder's holdings are consolidated. In the event the consolidation would otherwise result in the issuance of a fractional share, no fractional share will be issued, and each shareholder of the Company otherwise entitled to a fractional interest in a post-consolidation common share will receive the nearest whole number of post-consolidation common shares. For greater certainty, any fractional interest representing less than 0.5 of a post-consolidation common share will not entitle the holder thereof to receive a post-consolidation common share, and any fractional interest representing 0.5 or more of a post-consolidation common share will entitle the holder thereof to receive one whole post-consolidation common share. No cash will be paid in lieu of fractional post-consolidation common shares. Outstanding stock options and warrants will similarly be adjusted by the consolidation ratio effective February 3, 2011.

The Company will not change its name in connection with the consolidation and the common shares of AirIQ will continue to trade under the symbol "IQ". The post-consolidation shares will trade under new CUSIP number 009120403 (ISIN CA0091204036).

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 the 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