AirIQ Inc.
TSX : IQ

AirIQ Inc.

May 23, 2006 08:19 ET

AirIQ Enters Into Credit Facility With Wellington Financial; Facility Provides For $2 Million In Additional Financing

TORONTO, ONTARIO--(CCNMatthews - May 23, 2006) - AirIQ Inc. ("AirIQ")(TSX:IQ), a leader in global wireless security, is pleased to announce that it has entered into an agreement with Wellington Financial LP ("Wellington Financial") for a funded credit facility in the amount of $5 million effective immediately.

This credit facility replaces AirIQ's previous agreement with a Canadian chartered bank, under which $3 million had been advanced. Other than the increase in funds available, all other material terms of the previous credit facility remain unchanged.

AirIQ will use the increased funds available under the credit facility for working capital purposes.

"We are pleased with the enthusiasm that Wellington Financial has shown for our business, recognizing the value of AirIQ's recurring revenue stream," states Mark Kohler, Chief Financial Officer. "We look forward to working with Wellington Financial in the future as one of our important financing partners."

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 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. 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

  • AirIQ Inc.
    Mark Kohler
    Chief Financial Officer
    (905) 831-6444, Ext. 4250
    mkohler@airiq.com