QuestAir Technologies Inc.

QuestAir Technologies Inc.

April 21, 2008 06:00 ET

QuestAir Announces Filing of Amended and Restated Preliminary Short Form Prospectus

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 21, 2008) -


QuestAir Technologies Inc. ("QuestAir" or the "Company") (TSX:QAR)(AIM:QAR) announced today that it has filed an amended and restated preliminary short form prospectus in all the provinces of Canada other than Quebec, to qualify an offering of subscription receipts. Under the terms of the proposed offering, each subscription receipt will be exchangeable into units consisting of one common share in the capital of the Company and one share purchase warrant convertible for 24 months following the closing of the offering into common shares in the capital of the Company on a 1:1 basis. The exchange will occur automatically provided that approval by the shareholders of the Company and by the TSX and the AIM of the offering is obtained by June 16, 2008. Clarus Securities Inc. will act as the lead manager for the proposed fully marketed, public offering. The offering may also occur by private placement in the United States, the United Kingdom and other jurisdictions in Europe. The number of subscription receipts to be offered and the price for the offering have not yet been determined. Proceeds from this offering will be used to finance sales and marketing activities, research and development, operations expenses and general and administrative expenses.

The offering is subject to certain conditions, including but not limited to, the receipt of all necessary regulatory approvals, including approvals of the Toronto Stock Exchange. A copy of the preliminary short form prospectus is available on

This release shall not constitute an offer to sell or the solicitation of any offer to buy securities in any jurisdiction. The common shares have not been registered under the United States Securities Act of 1933, as amended, and they may not be offered or sold in the United States absent registration or an applicable exemption from registration.

About QuestAir Technologies Inc.

QuestAir Technologies Inc. is a developer and supplier of proprietary gas purification systems for several large international markets, including existing markets such as oil refining, biogas production and natural gas processing, and emerging markets such as fuel cell power plants and fuel cell vehicle refueling stations. QuestAir is based in Burnaby, British Columbia and its shares trade on the AIM Market of the London Stock Exchange Plc. and on the Toronto Stock Exchange under the symbol "QAR".

Forward Looking Statements

Certain statements in this press release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, such statements use such words as "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "will" and other similar terminology. These statements reflect current expectations regarding future events and operating performance and speak only as of the date of this press release. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements.

Contact Information

  • QuestAir Technologies Inc.
    Sherry Tryssenaar
    Chief Financial Officer
    (604) 453-6902
    Clarus Securities Inc.
    Rod Campbell
    (604) 605-5700
    Canaccord Adams
    Robert Finlay
    +44 (0) 20 7050 6500
    Karyo Edelman
    Stephen Burega
    Canadian Media Contact
    (604) 623-3007
    Buchanan Communications
    Charles Ryland
    UK Media Contact
    +44 (0) 20 7466 5000
    Buchanan Communications
    Ben Willey
    UK Media Contact
    +44 (0) 20 7466 5000