TORONTO, ONTARIO--(Marketwired - April 15, 2014) - AirIQ Inc. (TSX VENTURE:IQ) today announced that Donald Gibbs has resigned as President and Chief Executive Officer of the Company effective April 30, 2014. Mr. Gibbs is also a member of the Board of Directors of AirIQ, and will continue to serve in that capacity.
Michael Robb, Chief Financial Officer of the Company, has been appointed to serve as Interim President and Chief Executive Officer as the Company searches for a replacement.
"We'd like to thank Don for his leadership and commitment to the Company as President and Chief Executive Officer over the last several years, and we wish him all the best in his future endeavours," said Vernon Lobo, Chairman of AirIQ. "We are also fortunate that Mike has agreed to step forward into the interim Chief Executive Officer role while the Company continues to focus on growing revenues, achieving profitability and exploring potential strategic initiatives," continued Mr. Lobo.
Mr. Robb has served as Chief Financial Officer of AirIQ since 2010, and worked in AirIQ's finance department for several years prior to that time. "I am committed to AirIQ's success, and look forward to working closely with the Board and the Company's employees in this new role to achieve the Company's strategic goals," stated Mr. Robb.
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 asset management 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.
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.