AirIQ Announces Full Repayment of Promissory Notes
August 03 2011 - 5:40PM
Marketwired
AirIQ Inc. ("AirIQ" or "the Company") (TSX VENTURE: IQ), a supplier
of wireless location-based services, today announced that it has
paid an additional $125,000 to each of its lenders, Mosaic Capital
Partners LP ("Mosaic") and Eventi Credit Inc. ("Eventi"), in full
and final payment of the amounts outstanding on its promissory
notes.
In October 2010, the Company entered into a credit facility with
Eventi and Mosaic (the "Lenders") and executed a promissory note in
favour of each of the Lenders for $250,000. In May 2011, the
Company made a principal repayment of $125,000 to each of the
Lenders with proceeds raised from a rights offering that closed in
April 2011.
"The promissory notes were due for repayment in October of this
year," said Don Gibbs, President and Chief Executive Officer of
AirIQ, "but the Board decided to repay the notes early."
Following this repayment, the Company is no longer indebted to
either Mosaic or Eventi, and is now free of all long term debt.
About AirIQ
AirIQ currently trades on the TSX Venture Exchange under the
symbol IQ. AirIQ's office is located in Pickering, Ontario, Canada.
The Company offers a suite of location based services that generate
recurring revenues from each device deployed. AirIQ delivers
services to two primary markets: Commercial Fleets and dealers that
service Consumer segments. AirIQ provides vehicle owners with the
ability to monitor, manage and protect their mobile assets.
Services include: instant vehicle locating, boundary notification,
automated inventory reports, maintenance reminders, security alerts
and vehicle disabling and unauthorized movement alerts. For
additional information on AirIQ or its products and services,
please visit the Company's website at www.airiq.com.
Forward-looking Statements
This news release contains forward-looking information based on
management's best estimates and the current operating environment.
These forward-looking statements are related to, but not limited
to, AirIQ's operations, anticipated financial performance, business
prospects and strategies. Forward-looking information typically
contains statements with words such as "hope", "goal",
"anticipate", "believe", "expect", "plan" or similar words
suggesting future outcomes. These statements are based upon certain
material factors or assumptions that were applied in drawing a
conclusion or making a forecast or projection as reflected in the
forward-looking statements, including AirIQ's perception of
historical trends, current conditions and expected future
developments as well as other factors management believes are
appropriate in the circumstances. Such forward-looking statements
are as of the date which such statement is made and are subject to
a number of known and unknown risks, uncertainties and other
factors, which could cause actual results or events to differ
materially from future results expressed, anticipated or implied by
such forward-looking statements. Such factors include, but are not
limited to, changes in market and competition, technological and
competitive developments and potential downturns in economic
conditions generally. Therefore, actual outcomes may differ
materially from those expressed in such forward-looking statements.
Forward-looking statements are provided for the purpose of
providing information about management's current expectations and
plans relating to the future. Readers are cautioned that such
information may not be appropriate for other purposes. Other than
as may be required by law, AirIQ disclaims any intention or
obligation to update or revise any such forward-looking statements,
whether as a result of such information, future events or
otherwise.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: AirIQ Inc. Donald Gibbs President and Chief Executive
Officer (905) 831-6444, Ext. 4255 dgibbs@airiq.com
www.airiq.com
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