SOURCE: QI Systems Inc.

April 03, 2007 08:00 ET

QI Systems Inc. Ships First Phase of Large Cale Parking Order -- Projects Record Revenue for Fiscal 2007

DALLAS, TX and RICHMOND, BC -- (MARKET WIRE) -- April 3, 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 completed the first shipment against the order received in February 2007 from Cale Systems, Inc., the North American subsidiary of Cale Access AB of Sweden.

The first shipment was slightly more than half of the total order which is valued at US$200,000. The order is for QI Hybrid card payment terminals for use in Cale's self-serve parking machines. The final shipment is expected to be delivered before the end of the fiscal year ending June 30, 2007.

Mr. Steven R. Garman, QI Systems' CEO and president, commented, "The Cale shipment closes a strong third quarter for the Company. The remaining Cale shipment along with shipments of the other orders in house should lead to record breaking revenue in fiscal 2007. More importantly, the outlook for fiscal 2008 appears even brighter as we anticipate the receipt of several 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