QuestAir Technologies Inc.

QuestAir Technologies Inc.

May 08, 2008 08:18 ET

QuestAir Prices Public Offering

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 8, 2008) -


QuestAir Technologies Inc. ("QuestAir" or the "Company") (TSX:QAR)(AIM:QAR) today announces that it has entered into an underwriting agreement with Clarus Securities Inc. and Canaccord Capital Corporation (the "Underwriters") and will file its final prospectus to offer 60,000,000 subscription receipts at a price of CDN $0.15 per subscription receipt. The total gross proceeds from the offering will be CDN $9 million. Each subscription receipt will be exchangeable into one unit consisting of one common share in the capital of the Company and one common share purchase warrant. Each warrant entitles the holder to purchase one common share for a period of 24 months from the date of closing of the offering at a price of CDN $0.215. The exchange of subscription receipts for units will occur automatically upon receipt of shareholder and listing approval, which are expected to be obtained on or before June 17, 2008. The Company has also granted the Underwriters an over-allotment option to purchase up to an additional 9,000,000 subscription receipts exercisable for 30 days from closing.

The offering is expected to close on or about May 13, 2008. The Company has applied to list the common shares issuable upon exchange of the subscription receipts and upon exercise of the warrants on the Toronto Stock Exchange, and immediately prior to shareholder approval and listing, which is expected to be obtained on or before 12:01 a.m. (Vancouver time) on June 17, 2008, will apply for admission of such common shares for trading on the AIM of the London Stock Exchange. No application has been made, nor will be made to apply for listing of the subscription receipts or warrants on the TSX or for admission of the subscription receipts and warrants for listing on the AIM.

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 and the AIM. A copy of the final 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 subscription receipts 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