SOURCE: QI Systems Inc

February 26, 2007 16:01 ET

QI Systems Inc. Receives Additional Order From Cale Parking -- Continues to Project Record Revenue for Fiscal 2007

DALLAS, TX and RICHMOND, BC -- (MARKET WIRE) -- February 26, 2007 -- QI Systems Inc. (OTCBB: QIII), a leading developer and integrator of contact and contactless card payment, access control and tracking solutions, today announced the Company has received a new order from Cale Systems, Inc., the North American subsidiary of Cale Access AB of Sweden. The order, valued at US$200,000, is for QI Hybrid card payment terminals for use in Cale self-serve parking machines currently being deployed in a major installation in Oakland, California. The order is expected to be shipped by the end of the 2007 fiscal year (June 30).

Cale Systems Inc.'s President, Pierre Barré, remarked, "We are pleased to continue to offer QI Systems products as part of Cale's parking systems solutions. QI Systems continues to be one of our strongest partners."

Steven R. Garman, President and Chief Executive Officer of QI Systems, stated, "This is the second major order from Cale in our 2007 fiscal year. The business we generate from Cale in fiscal 2007 will almost equal our total revenue for fiscal 2006."

Mr. Garman further commented, "The Cale business, along with other customers' orders previously announced, ensures that we will have a record revenue year in fiscal 2007. Further, the outlook for fiscal 2008 (beginning July 1, 2007) appears even better as we expect to receive large orders for our new QiWave™ readers and reload machines."

About QI Systems:

QI Systems Inc. develops and markets innovative chip-based card payment and tracking solutions for a number of industries as well as national, state and local government agencies. QI's products and core competencies include smart-card and stored-value systems, security protocols, data communication software design and hardware manufacture. For more information about QI Systems Inc., visit http://www.qisystemsinc.com.

Matters discussed in this press release are "forward-looking statements" and are subject to certain risks and uncertainties. Consider all risk factors carefully when evaluating forward-looking statements, as actual results may differ materially from current expectations. QI Systems undertakes no obligation to publicly update such forward-looking statements.

Contact Information

  • Corporate & Investor Relations Contact:
    Steven R. Garman
    President & CEO
    (817) 485-8111
    Email Contact