AirIQ Inc.
TSX VENTURE : IQ

AirIQ Inc.

August 16, 2011 16:54 ET

AirIQ Purchases Fleet Assets, New Technology Platform and New Sales Opportunities

TORONTO, ONTARIO--(Marketwire - Aug. 16, 2011) - AirIQ Inc. ("AirIQ" or "the Company") (TSX VENTURE:IQ), a supplier of wireless location-based services, today announced the closing of an arm's length asset purchase transaction whereby the Company purchased the fleet assets of a Canadian technology company. The purchase provides the Company with key customer contracts, enhanced sales opportunities and a new technology platform. Financial terms of the transaction are not being disclosed, and no securities of the Company were issued in connection with the transaction. The transaction does not constitute a "fundamental acquisition" under the policies of the TSX Venture Exchange.

"The purchase supports the Company's strategy to achieve sustained profitability and positive cash flow by increasing its subscriber base and generating increased revenues" said Don Gibbs, President and Chief Executive Officer of AirIQ. "Not only has the Company acquired additional contracts with strategic customers, but it now has a new product offering with advanced technological capabilities", continued Mr. Gibbs. "We have also added new talent to our sales and technical team to help us build revenues."

The purchased assets include customer contracts representing approximately 1,900 units with recurring monthly revenues, as well as equipment, inventory and certain intellectual property related to the vendor's fleet business.

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 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