AirIQ Inc.
TSX : IQ

AirIQ Inc.

August 14, 2008 17:01 ET

AirIQ Announces Second Quarter 2008 Results

Management describes a Year of Prudent Growth and Improved Second Half Results

TORONTO, ONTARIO--(Marketwire - Aug. 14, 2008) - AirIQ Inc. (TSX:IQ), a leader in Wireless Location-Based Services, specializing in Telematics and Security, today announced the results of its second quarter 2008.

"We have described 2008 as a 'Year of Prudent Growth'," stated Steve Willey, President and Chief Executive Officer of AirIQ. "The second quarter results begin to reflect AirIQ's focus on expense reduction, margin improvement, and targeting more profitable markets and applications.

"While revenues were down slightly quarter over quarter, from $3.5 million to $3.2 million, profit margins improved from 35.8% to 42.1%", said Donald Gibbs, Interim Chief Financial Officer of AirIQ. "In addition, a more stable foreign exchange environment reduced foreign exchange losses to $64,000 in the second quarter of 2008, compared to $942,000 in the second quarter one year ago."

The Company is essentially through two of the most significant events in its history, namely:

- Sale of certain assets and liabilities of the Company's subsidiary, AirIQ U.S. Inc. in March 2007, and

- Substantial reduction of the Company's U.S. and Canadian subscriber base as a result of the carrier termination of North America's analog network.

As a consequence of these two events, AirIQ trimmed its workforce from 123 at the beginning of 2007 to approximately 50 by the end of the second quarter 2008. While the expense reduction relating to recent changes was not immediately evident due to severance and related termination costs, management believes that significant expense improvements will be observed in the second half of the year.

To further reduce costs, AirIQ implemented lean manufacturing techniques including variable cost assembly, automation of test processes and introduction of 'Just-In-Time' inventory methods in the most recent quarter. The Company's operating objective is to maintain hardware device profit margins despite the present lower volume of shipments.

"Our business goal is to maintain our 'portfolio of attractive businesses' and therefore we defend vigorously the three businesses in which we maintain a leadership position, namely Commercial Rental Vehicles, Marine Workboat and Marine Fisheries," added Mr. Willey. "The Company has recently added two new markets to this base: Commercial Fleet Management and a private label consumer brand deployment in Mexico.

During the first half of 2008, the Company has been actively reviewing potential strategic consolidation or financing opportunities with a goal of better leveraging its extensive applications portfolio and telematics expertise. A Special Committee of the Board continues to oversee this process, reporting recently on its progress at the Company's Annual General Meeting. While the Special Committee had anticipated that the review would be completed in August, discussions with interested parties continue.

The financial highlights listed below summarize the Company's progress in focusing its sales efforts, reducing expenses, and improving productivity. Management is targeting further improvements in the quarters ahead:

- Gross margins improved to 42.1% this quarter compared to last quarter's margin of 35.8% and 27.2% for the second quarter of 2007.

- Expenses, as adjusted, decreased approximately $880,000 over the first quarter of this year due to reductions in foreign exchange losses and over $200,000 in reduced expenses related to personnel reductions and operating expenses, marking the third consecutive quarter to quarter reduction in this area.

- Net loss in the period was reduced from $2.2 million for the three months ended June 30, 2007 to $1.5 million for the three months ended June 30, 2008.

- Use of cash in operating activities decreased by approximately $1.0 million to $459,000 in the second quarter of 2008 from approximately $1.4 million in the comparable period in the prior year.

Overview

The accompanying unaudited interim condensed consolidated statements of loss and deficit are presented for the three months and six months ended June 30, 2008 and June 30, 2007, comparatively, and include the operating results of AirIQ Inc. and its subsidiaries. The Company's unaudited interim consolidated financial statements as at and for the period ended June 30, 2008, including notes thereto and the accompanying Management's Discussion and Analysis will be filed with the Canadian securities regulatory authorities by end of day August 14, 2008; and will be available on the Company's website (www.airiq.com) and on the System for Electronic Document Analysis and Retrieval ("SEDAR") website (www.sedar.com).

Unless otherwise noted herein, all references to dollar amounts are in Canadian dollars.

Revenue

Revenues for the three months ended June 30, 2008 decreased 52.0% to $3,237,234 from $6,737,255 for the three months ended June 30, 2007; and 55.7% to $6,783,005 from $15,306,857 for the six months ended June 30, 2008 and 2007, respectively.

The decrease in revenues for the three months ended June 30, 2008 compared to the same three month period the previous year was due to lower airtime revenues of approximately $936,000 resulting from the reduction of the Company's Canadian and U.S. analog subscriber base following the termination of the analog network in Canada on May 31, 2007 and in the U.S. on January 31, 2008. In addition, the Company recorded lower revenues of approximately $1,974,000 due to reduced product sales to the purchaser of certain assets and liabilities of AirIQ US relating to its vehicle finance industry tracking business in March 2007 (the "Sale of Certain Assets and Liabilities"). Revenues also decreased by approximately $604,000 due to the expiration of customer hardware contracts.

The decrease in revenues for the six months ended June 30, 2008 was primarily due to the Sale of Certain Assets and Liabilities. Total revenues decreased from the comparable six month period in 2007 by $3,568,649 due to the Sale of Certain Assets and Liabilities. In addition, revenues decreased due to lower airtime revenues of approximately $1,461,000 resulting from the reduction in its Canadian and U.S. analog subscriber base following the termination of the analog network in Canada on May 31, 2007 and in the U.S. on January 31, 2008. The Company also recorded lower revenues of approximately $2,366,000 due to reduced product sales to the purchaser of certain assets and liabilities of AirIQ US. Revenues also decreased by approximately $604,000 due to the expiration of customer hardware contracts.

Gross Profit

Gross profit for the three months and six months ended June 30, 2008 was $1,362,892 and $2,633,574, respectively, representing a decrease of 25.5% and 46.8%, respectively, compared to gross profit of $1,829,793 and $4,954,411, respectively, for the three months and six months ended June 30, 2007.

The reduction in gross profit from the three months and six months ended June 30, 2008 compared to the same periods in 2007 of approximately $467,000 and $807,000, respectively, is primarily attributable to a reduction in the Company's Canadian and U.S. analog subscriber base due to the termination of the analog networks in North America.

The reduction in gross profit in the six months ended June 30, 2008 compared to the same six month period the previous year was also due to the transfer of certain customers and customer contracts pursuant to the Sale of Certain Assets and Liabilities. The reduction in gross profit in the six months ended June 30, 2008 compared to same six month period month period the previous year attributable to revenue lost in this transaction was approximately $1,500,000.

Expenses

Expenses totaled $2,483,223 and $4,950,962, respectively, for the three months and six months ended June 30, 2008, compared to $3,793,817 and $8,416,719, respectively, for the three months and six months ended June 30, 2007.

The Company realized an expense decrease of approximately $880,000 due to reductions in foreign exchange losses related to the strengthening of the Canadian dollar compared to the U.S. dollar in the three months ended June 30, 2008 compared to the same three month period in 2007. The Company also achieved expense reductions of approximately $206,000 in other areas primarily due to the reduction in personnel and other operating expenses. In addition, the Company capitalized approximately $225,000 related to costs associated with the strategic alternatives review announced in 2007. Included in the expenses in the three month period ended June 30, 2008 was a bad debt reserve of approximately $404,000.

Expenses reductions in the six month period ended June 30, 2008 compared to the same six month period the previous year were primarily due to the integration of the Company's operating segments following the Sale of Certain Assets and Liabilities. The reduction in expenses for the six months ended June 30, 2008 compared to same six month period the previous year related to this transaction was approximately $1,100,000. The Company also realized an expense decrease of approximately $1,350,000 due to reductions in foreign exchange losses related to the strengthening of the Canadian dollar compared to the U.S. dollar in the six months ended June 30, 2008 compared to the same six month period in 2007. In addition, the Company achieved expense reductions of approximately $775,000 in other areas primarily due to the reduction in personnel and other operating expenses. The Company also capitalized approximately $225,000 related to costs associated with the strategic alternatives review in the six month period ended June 2008.

Included in the expenses for the six month period ended June 30, 2008 was a bad debt reserve of approximately $404,000 compared to $293,000 in the same six months ended June 30, 2007.

Net Interest

Net interest expense for the three months and six months ended June 30, 2008, totaled $126,288 and $241,648, respectively, compared to $48,792 and $988,181, respectively, for the three months and six months ended June 30, 2007.

The increase in net interest expense for the three months ended June 30, 2008 compared to the three months ended June 30, 2007 is primarily due to lower interest income earned from investments. The decrease in net interest expense for the six months ended June 30, 2008 compared to the same six month period the previous year is primarily due to the repayment by the Company of both the secured debenture and revolving operating loans during the first quarter of 2007. As a result, the Company did not incur interest or financing charges in the second quarter of 2008 related to the secured debenture and revolving operating loans.

Net interest charges for the three months and six months ended June 30, 2008 include cash payments of $94,132 and $188,263, respectively, related to the term loans and $12,833 and $23,606, respectively, related to interest on capital leases and service contracts. Total cash interest for the second quarter of 2008 was $106,965. In addition, net interest expense included $34,482 relating to the non-cash accreted interest on the term loans. The Company earned interest income of $15,860 during the first six months of 2008 which was recorded as a reduction in net interest expense in the period.

Of the total net interest expense and other financing charges for the six months ended June 30, 2007, $333,207 represented cash interest, plus an amount of $201,120 in work fees charged by the Company's Senior Lender.

Included in the net interest expense and other financing charges for the three months and six months ended June 30, 2007 was an amount of $23,560 and $51,501, respectively, related to the accreted interest on the term loans. During the first quarter of 2007, an amount of $143,251 related to the accelerated accreted interest on the secured debenture which was repaid in full during the period. Also included in net interest expense in the first quarter of 2007, was an expense of $202,780 in non-cash deferred financing costs related to the secured debenture which was repaid in full during the period, and this amount was included in net interest expense and other financing charges.

Depreciation and Amortization

Amortization for the three months and six months ended June 30, 2008, was $231,904 and $462,405, respectively, compared with $225,723 and $684,772, respectively for the three months and six months ended June 30, 2007.

The decrease in period-over-period amortization was primarily due to the Sale of Certain Assets and Liabilities related to property, plant and equipment and customer contracts.

Net Loss per Share

Net loss for the three months and six months ended June 30, 2008 was $1,477,523 and $3,020,441, respectively, or $0.01 and $0.02 per share, respectively, compared with a net loss of $2,238,539 and $1,566,612, respectively, or $0.01 and $0.01 per share, respectively, for the three months and six months ended June 30, 2007, not including the Sale of Certain Assets and Liabilities transaction.

Liquidity and Capital Resources

As at June 30, 2008, the Company had unrestricted cash and cash equivalents of $3,907,608 and positive working capital of $3,452,046. Working capital has been calculated by netting current assets and current liabilities, excluding restricted cash, and deferred revenue and obligations for service contracts that are non-cash items.

The Company has incurred significant losses, including $1,477,523 and $3,020,441 for the three months and six months ended June 30, 2008, and has an accumulated deficit of $90,605,004 as at June 30, 2008.

During the first three months of 2007, the Company increased its cash balance as a result of a transaction on March 16, 2007, whereby the Company sold certain tangible and intangible assets and liabilities of its subsidiary, AirIQ US, relating to its vehicle finance industry tracking business, for gross proceeds of US$19,000,000 ($22,328,800 at an exchange rate of $1.1752). As part of the transaction, the parties entered into an escrow agreement whereby US$1,900,000 of the total gross proceeds was placed into escrow for a period of twelve months from the closing date in support of certain representations and warranties made by the Company to the purchaser. These escrowed funds were reflected as Restricted Cash on the balance sheet as at December 31, 2007. During the first quarter of 2008, the escrowed funds were released to the Company and have been reflected as Cash on the balance sheet as at June 30, 2008.

The Company's continuation as a "going concern" is uncertain and may depend upon its ability to achieve profitable operations and upon its ability to obtain additional financing or equity in the future. The outcome of these matters cannot be predicted at this time.

The accompanying unaudited condensed interim consolidated financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern.



AirIQ Inc.

Notice to Reader: The following unaudited condensed interim consolidated
financial statements have been prepared by management of
AirIQ Inc. and have not been reviewed by the Company's
external auditors.

CONSOLIDATED BALANCE SHEETS
(in thousands of Canadian dollars)
(Going Concern Uncertainty - note 1)

Unaudited

As at June 30, 2008 December 31, 2007
$ $
----------------------------------------------------------------------------

ASSETS
Current
Cash 3,908 4,120
Restricted cash - 1,946
Accounts receivable 2,250 5,490
Inventory 923 1,009
Prepaid expenses 396 164
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Total current assets 7,477 12,729
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Property, plant and equipment, net 1,454 1,805
Intangible assets, net 1,709 1,996
Goodwill 1,985 1,985
Deferred service contract costs, net 1,981 2,875
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14,606 21,390
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current
Accounts payable and accrued liabilities 3,177 6,298
Income taxes payable 241 241
Deferred revenue 2,925 2,307
Obligations for service contracts 36 65
Obligations under capital lease 143 179
Current portion of term loan 463 462
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Total current liabilities 6,985 9,552
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Deferred revenue 294 1,599
Obligations for service contracts - 15
Obligations under capital lease 146 194
Term loan and secured debenture 2,289 2,208
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Total liabilities 9,714 13,568
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Shareholders' equity
Share capital 89,066 89,066
Other paid-in capital 4,448 4,448
Contributed surplus 1,983 1,893
Deficit (90,605) (87,585)
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Total shareholders' equity 4,892 7,822
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14,606 21,390
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AirIQ Inc.

CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE
LOSS
(in thousands of Canadian dollars except per share information)

Unaudited

Three months ended June 30, 2008 June 30, 2007
$ $
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Revenues 3,237 6,737
Direct cost of sales 1,874 4,907
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Gross profit 1,363 1,830
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Expenses
Sales and marketing 390 581
Engineering and research 537 719
General and administration 1,447 1,507
Stock-based compensation 45 45
Foreign exchange (gain) loss 64 942
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2,483 3,794
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Loss before the following (1,120) (1,964)
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Interest expense, net 126 49
Depreciation and amortization 232 226
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358 275
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Loss before income taxes (1,478) (2,239)
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Net loss and comprehensive loss for
the period (1,478) (2,239)
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Loss and comprehensive loss per share
- basic and diluted $(0.01) $(0.01)
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Weighted average number of common shares
used in computing loss and comprehensive
loss per share, basic and diluted 160,813,408 160,860,908
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AirIQ Inc.

CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(in thousands of Canadian dollars except per share information)

Unaudited

Six months ended June 30, 2008 June 30, 2007
$ $
----------------------------------------------------------------------------

Revenues 6,783 15,307
Direct cost of sales 4,149 10,353
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Gross profit 2,634 4,954
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Expenses
Sales and marketing 859 1,590
Engineering and research 1,181 1,622
General and administration 2,955 3,831
Stock-based compensation 90 119
Foreign exchange (gain) loss (135) 1,255
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4,950 8,417
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Loss before the following (2,316) (3,462)
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Interest expense, net 242 988
Depreciation and amortization 462 685
Gain on sale of certain assets and
liabilities - (3,569)
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704 (1,896)
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Loss before income taxes (3,020) (1,567)
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Net loss and comprehensive loss for
the period (3,020) (1,567)
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Loss and comprehensive loss per share
- basic and diluted $(0.02) $(0.01)
----------------------------------------------------------------------------
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Weighted average number of common
shares used in computing loss and
comprehensive loss per share, basic
and diluted 160,813,408 160,860,908
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AirIQ Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands of Canadian dollars)

Unaudited

Three months ended June 30, 2008 June 30, 2007
$ $
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OPERATING ACTIVITIES
Net loss for the period (1,478) (2,239)
Add (deduct) items not involving cash
Foreign exchange loss on restricted
cash - 149
Stock-based compensation 45 45
Interest accreted on term loan 40 24
Amortization of property, plant and
equipment 159 323
Amortization of deferred service
contract costs 993 1,412
Amortization of intangible assets 144 141
Amortization of deferred financing
costs - 4
Gain on sale of certain assets and
liabilities - -
Changes in non-cash working capital
balances related to operations
Accounts receivable 2,467 (736)
Inventory 292 (19)
Prepaid expenses (182) 73
Accounts payable and accrued liabilities (2,545) (225)
Deferred revenue (394) (434)
----------------------------------------------------------------------------
Cash provided by (used in) operating
activities (459) (1,482)
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INVESTING ACTIVITIES
Purchase of property, plant and equipment (26) (169)
Deferred service contract costs (492) (1,079)
----------------------------------------------------------------------------
Cash provided by (used in) investing
activities (518) (1,248)
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FINANCING ACTIVITIES
Repayment of obligations under capital
lease (33) (42)
Repayment of obligations for service
contracts (11) (154)
----------------------------------------------------------------------------
Cash provided by (used in) financing
activities (44) (196)
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Net increase (decrease) in cash during
the period (1,021) (2,926)
Cash, beginning of period 4,929 11,700
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Cash, end of period 3,908 8,774
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Supplementary cash flow information
Cash interest 105 95
Non-cash investing and financing
transactions
Property, plant and equipment
purchased under capital leases 10 -
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AirIQ Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands of Canadian dollars)

Unaudited

Six months ended June 30, 2008 June 30, 2007
$ $
----------------------------------------------------------------------------

OPERATING ACTIVITIES
Net loss for the period (3,020) (1,566)
Add (deduct) items not involving cash
Foreign exchange loss on restricted cash - 149
Stock-based compensation 90 119
Interest accreted on term loan 81 195
Amortization of property, plant and
equipment 423 650
Amortization of deferred service
contract costs 2,060 4,364
Amortization of intangible assets 287 484
Amortization of deferred financing
costs - 226
Gain on sale of certain assets and
liabilities - (3,568)
Changes in non-cash working capital
balances related to operations
Accounts receivable 3,238 894
Inventory 87 68
Prepaid expenses (233) 205
Accounts payable and accrued liabilities (3,119) (3,719)
Deferred revenue (687) (1,351)
----------------------------------------------------------------------------
Cash provided by (used in) operating
activities (793) (2,850)
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INVESTING ACTIVITIES
Purchase of property, plant and equipment (73) (373)
Deferred service contract costs (1,165) (3,081)
----------------------------------------------------------------------------
Cash provided by (used in) investing
activities (1,238) (3,454)
----------------------------------------------------------------------------

FINANCING ACTIVITIES
Proceeds from sale of certain assets - 22,329
Transfer of proceeds to (from) sale of
certain assets and liabilities
transferred to restricted cash 1,946 (2,194)
Repayment of obligations under capital
lease (84) (87)
Repayment of National Research Council
loan - (27)
Proceeds from short-term loan - 1,250
Repayment of short-term loan - (1,250)
Repayment of revolving operating loan - (3,900)
Repayment of secured debenture - (3,000)
Repayment of obligations for service
contracts (43) (335)
----------------------------------------------------------------------------
Cash provided by (used in) financing
activities 1,819 (12,786)
----------------------------------------------------------------------------

Net increase (decrease) in cash
during the period (212) 6,482
Cash, beginning of period 4,120 2,292
----------------------------------------------------------------------------
Cash, end of period 3,908 8,774
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Supplementary cash flow information
Cash interest 212 429
Non-cash investing and financing
transactions
Property, plant and equipment
purchased under capital leases 20 31
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AirIQ Inc.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(in thousands of Canadian dollars except per share information)

Unaudited

Six month period ended June 30, 2008
----------------------------------------------------------------------------
Other
paid-in Contributed
Share capital capital surplus Deficit Total
# $ $ $ $ $
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Balance,
December 31,
2007 160,813,408 89,066 4,448 1,893 (87,585) 7,822
----------------------------------------------------------------------------
Stock-based
compensation - - - 90 - 90
Net loss for
the period - - - - (3,020) (3,020)
----------------------------------------------------------------------------
Balance,
June 30,
2008 160,813,408 89,066 4,448 1,983 (90,605) 4,892
----------------------------------------------------------------------------
----------------------------------------------------------------------------



Six month period ended June 30, 2007
----------------------------------------------------------------------------
Other
paid-in Contributed
Share capital capital surplus Deficit Total
# $ $ $ $ $
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Balance,
December
31, 2006 160,860,908 89,072 4,448 1,588 (79,646) 15,462
----------------------------------------------------------------------------
Stock-based
compensation - - - 119 - 119
Net loss for
the period - - - - (1,566) (1,566)
----------------------------------------------------------------------------
Balance,
June 30,
2007 160,860,908 89,072 4,448 1,707 (81,212) 14,015
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Conference Call and Webcast

AirIQ will hold a conference call on Monday, August 18, 2008, at 3:00 p.m. ET. To access the call, please dial 416-641-6141 or 1-866-300-7687. A replay of the conference call will be available as of noon the same day until midnight August 25, 2008. To access the replay, dial 416-695-5800 or 1-800-408-3053 followed by the pass code 3268056#. The call will also be webcast live on the Company's web site at www.airiq.com.

The Company's quarterly report, including complete financial statements and Management's Discussion and Analysis will be available at www.airiq.com and at www.sedar.com by end of day August 14, 2008.

Non-GAAP Disclosure

"EBITDAS" is defined by the Company as net income before interest expense, income taxes, other charges, depreciation, amortization and stock-based compensation. The Company has included information concerning EBITDAS because it believes that it may be used by certain investors as one measure of the Company's financial performance. EBITDAS is not a measure of financial performance under Canadian GAAP and is not necessarily comparable to similarly titled measures used by other companies. EBITDAS should not be construed as an alternative to net income or to cash flows from operating activities (as determined in accordance with Canadian GAAP) or as a measure of liquidity.

In addition, the Company has included information concerning adjustments to gross profit, expenses and working capital because it believes that it may be used by certain investors as further measures of the Company's financial performance, and such adjustments to expenses or assets and liabilities are highlighted due to their nature or to their magnitude.

The accompanying unaudited condensed interim consolidated statements of net loss and deficit are presented for the three months and six months ended June 30, 2008 and 2007, comparatively, and include the operating results of AirIQ Inc. and its subsidiaries.

Unless otherwise noted herein, all references to dollar amounts are to Canadian dollars.

About AirIQ

AirIQ trades on the Toronto Stock Exchange under the symbol IQ. A leader in Wireless Location Services, specializing in Telematics and Security, AirIQ has offices in Pickering, Ontario, Canada, and in San Diego, California, United States. The Company offers a suite of location based services (LBS) under a 'software as a service' (SaaS) model that results in recurring revenues for each device deployed. AirIQ's offers service to three primary markets: Commercial Fleets; dealers that service Consumer segments; and Marine Fleets (fisheries and workboat). AirIQ gives vehicle and vessel owners the ability to monitor, manage and protect their mobile assets. Services include: instant vehicle locating, boundary notification, automated inventory reports, maintenance reminders, security alerts, 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 words such as "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 and results 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 new information, future events or otherwise.

Contact Information