AirIQ Purchases Fleet Assets, New Technology Platform and New Sales Opportunities
August 16 2011 - 4:54PM
Marketwired
AirIQ Inc. ("AirIQ" or "the Company") (TSX VENTURE: IQ), a supplier
of wireless location-based services, today announced the closing of
an arm's length asset purchase transaction whereby the Company
purchased the fleet assets of a Canadian technology company. The
purchase provides the Company with key customer contracts, enhanced
sales opportunities and a new technology platform. Financial terms
of the transaction are not being disclosed, and no securities of
the Company were issued in connection with the transaction. The
transaction does not constitute a "fundamental acquisition" under
the policies of the TSX Venture Exchange.
"The purchase supports the Company's strategy to achieve
sustained profitability and positive cash flow by increasing its
subscriber base and generating increased revenues" said Don Gibbs,
President and Chief Executive Officer of AirIQ. "Not only has the
Company acquired additional contracts with strategic customers, but
it now has a new product offering with advanced technological
capabilities", continued Mr. Gibbs. "We have also added new talent
to our sales and technical team to help us build revenues."
The purchased assets include customer contracts representing
approximately 1,900 units with recurring monthly revenues, as well
as equipment, inventory and certain intellectual property related
to the vendor's fleet business.
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
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