QuestAir Technologies Inc.

QuestAir Technologies Inc.

March 03, 2008 17:00 ET

QuestAir Announces New Agreement with Exxon Mobil Research and Engineering

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 3, 2008) - QuestAir Technologies Inc. ("QuestAir" or the "Company") (TSX:QAR)(AIM:QAR) announced today that it has signed an agreement valued at $6.3 million with ExxonMobil Research and Engineering ("EMRE") to allow for the further development and commercialization of QuestAir's rapid-cycle pressure swing adsorption ("PSA") technology.

The agreement announced today builds on the rapid cycle development programs that the parties have conducted over the past 4 years, and on the successful testing of the prototype H-6200 hydrogen purifier at an ExxonMobil refinery in France. The H-6200 has been operating at the refinery since October 2007 and has performed well through the test period. Once testing has been completed, the unit will be utilized in commercial service at the refinery.

Under the agreement, EMRE will pay QuestAir $6.3 million over two years in order to advance the commercialization of the H-6200 hydrogen purifier, and progress development in the field of on-board reforming of liquid hydrocarbon fuels to hydrogen for mobile fuel cell applications.

Jonathan Wilkinson, President and CEO of QuestAir said, "This agreement represents the next step in the progression of QuestAir's relationship with EMRE and in the further evolution of QuestAir's rapid cycle PSA technology. The agreement announced today reflects the success that has been achieved to date and the desire of both parties to pursue broader applications of the rapid cycle technology in the future."

Commenting on commercialization of the H-6200, Wilkinson said, "With the success of the prototype test in France, the parties have reached the stage that they can take the H-6200 hydrogen purifier to the refinery market. The results of the test to date position this product well for future sales. We believe that the H-6200 will provide refinery customers with significant benefits compared to conventional pressure swing adsorption, including lower total erected costs, superior recovery performance and improved operability."

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
    Canaccord Adams
    Robert Finlay
    +44 207 050 6500
    Buchanan Communications
    Charles Ryland
    UK Media Contact
    +44 (0) 20 7466 5000
    Buchanan Communications
    Ben Willey
    UK Media Contact
    +44 (0) 20 7466 5000
    Karyo Communications
    Stephen Burega
    Canadian Media Contact
    (604) 648-6236