RNS Number:5660L
QuestAir Technologies Inc
27 April 2005
For Immediate Release 27 April, 2005
QuestAir Reports Second Quarter 2005 Results
BURNABY, B.C. - QuestAir Technologies Inc. ("QuestAir" or "the Company"; AIM:
QAR; TSX: QAR) a developer and supplier of advanced gas purification systems for
refinery, industrial and fuel cell markets reported today its unaudited
financial results for the second quarter of fiscal 2005, ended March 31, 2005.
All amounts are in Canadian dollars unless otherwise noted.
Second Quarter Highlights
* Continued progress on the development program being undertaken with
ExxonMobil Research and Engineering Company ("EMRE"), including the receipt of a
$1.3 million engineering services contract from EMRE. This order was included in
the Company's sales order backlog at March 31, 2005.
* Revenues of $1.5 million for the quarter, and $2.5 million for the half
year ended March 31, 2005 (H1 fiscal 2004: $1.1 million), in line with the
Company's revenue guidance of $6 million for the fiscal year.
* QuestAir's sales order backlog at quarter end was $5.4 million,
essentially flat compared to $5.5 million at December 31, 2004, and increased by
86% from $2.9 million at March 31, 2004.
* Cash used in operations and capital requirements of $2.7 million for
the quarter and $4.7 million for the half year ended March 31, 2005, in line
with the Company's cash burn guidance of $8.5 million for the fiscal year.
* The signing of a Memorandum of Understanding ("MOU") with FuelCell
Energy to evaluate the use of QuestAir's hydrogen purification technology to
produce pure hydrogen from the exhaust of FuelCell Energy's fuel cell power
plants.
* The installation of a QuestAir H-3200 hydrogen purifier at a
ChevronTexaco hydrogen energy station in Chino, California, and an order for a
H-3200 for a second hydrogen station currently being constructed by
ChevronTexaco in Oakland, California.
Jonathan Wilkinson, President and CEO of QuestAir, said:
"We are pleased with our overall revenue growth during the second quarter,
representing a 50 per cent increase from the first quarter of fiscal 2005."
"We continue to make progress with our key development program with ExxonMobil.
The $1.3 million engineering service contract received from ExxonMobil during
the second quarter provides us with the funds to complete the development and
design of a large capacity hydrogen purifier for use in oil refineries. Record
demand for petroleum products, as well as increased processing of lower quality,
high sulphur crudes has increased demand for hydrogen in oil refining - and the
large capacity hydrogen purifier that we are developing with ExxonMobil is aimed
squarely at addressing this need."
Operating Review
During the quarter, QuestAir continued to make good progress with the program
being undertaken with EMRE to develop a large capacity hydrogen purification
system for use in oil refineries and petrochemical plants, highlighted by the
receipt of a $1.3 million engineering services contract from EMRE. The contract,
which runs to mid 2006, covers both the design of a prototype system to be
tested at an ExxonMobil refinery in 2006, as well as the subsequent design of
commercial systems. Design and test work continued during the quarter in
preparation for the prototype test, including detailed site meetings at the
candidate ExxonMobil refinery.
QuestAir also made significant progress in the emerging hydrogen infrastructure
market during the quarter, with a QuestAir H-3200 hydrogen purifier being
successfully installed at the ChevronTexaco Hydrogen Energy Station in Chino,
California. This unit has consistently achieved the demanding purity
specifications recently set by the California Fuel Cell Partnership for fuel
cell vehicle grade hydrogen. A follow-on order for a second H-3200 was also
received from ChevronTexaco for a hydrogen station currently under construction
in Oakland, California. In both these stations, QuestAir's compact gas
purification technology is integrated with Chevron's proprietary hydrogen
generation technology to demonstrate the cost effective production of hydrogen
from natural gas at the fueling station. ChevronTexaco expects to construct up
to five additional stations in California under a US Department of Energy
cost-share program, and the blueprint plan recently published by the California
Hydrogen Highway Network calls for the construction of 50-100 hydrogen stations
in California by 2010.
Also during the quarter, QuestAir signed a Memorandum of Understanding with
FuelCell Energy, Inc., a world leader in the development and manufacture of
stationary fuel cell power plants with over 36 installations around the world.
Under the terms of the MOU, the parties will evaluate the use of QuestAir's
hydrogen purification technology to produce pure hydrogen from the exhaust of
FuelCell Energy's Direct FuelCell(R) power plants. Purified byproduct hydrogen
produced in this way can be used by FuelCell Energy's customers for industrial
uses, or to fuel fleets of fuel cell vehicles, thereby increasing the
functionality of the fuel cell power plant beyond the generation of electrical
power and heat. As part of the work, QuestAir and FuelCell Energy will also
cooperate to secure funded demonstrations of this 'hydrogen export' technology.
Outlook
Commenting on the outlook for the remainder on fiscal 2005, Jonathan Wilkinson
said:
"We are pleased with our performance for the second quarter, and based on our
expected commercial and product development activities over the next six months,
we remain confident of achieving our revenue guidance of $6 million and cash
burn guidance of $8.5 million for fiscal 2005."
"The key development for the remainder of the year will be the receipt of a
purchase order for the prototype hydrogen purifier from ExxonMobil, which we
expect to receive in the fourth quarter of fiscal 2005."
Q2 2005 Financial Results
For the quarter ended March 31, 2005, QuestAir recorded a net loss of $1.8
million ($0.05 per share), compared to a net loss of $2.6 million ($0.52 per
share) for the same period in 2004. The net loss for the half year ended March
31, 2005 was $4.4 million ($0.19 per share), compared to a net loss of $5.2
million ($1.05 per share) for the same period in 2004. The reduction in the net
loss for the quarter and the half year compared to the comparable periods in
2004 was primarily the result of increased gross profit from the sale of gas
purification systems and engineering service contracts.
Operating Results
Total revenue for the quarter ended March 31, 2005 was $1.5 million, compared to
$1.1 million for the same period in 2004. This increase in total revenue was
mainly attributed to an increase in revenue from engineering service contracts
for the quarter. Total revenue for the half year ended March 31, 2005 was $2.5
million, compared to $1.1 million for the same period in 2004. Increases in
revenues from both gas purification systems and engineering service contracts
contributed to the increase in total revenue for the half year compared to the
same period in 2004.
The following table provides a breakdown of our revenues for the reported
periods:
(Unaudited, $ '000) Three months ended Six months ended
March 31, March 31, March 31, March 31,
2005 2004 2005 2004
Gas purification systems 480 428 1,479 428
Engineering service contracts 1,011 641 1,011 702
Total revenue 1,491 1,069 2,490 1,130
QuestAir's sales order backlog is defined as future revenue from signed gas
purification system sales and engineering service contracts that have not yet
been recognized by the Company. The following table provides a breakdown of the
Company's sales order backlog at March 31, 2005, December 31, 2004, September
30, 2004 and March 31, 2004:
(Unaudited, $ '000) March 31, December 31, September 30, March 31,
2005 2004 2004 2004
Gas purification systems 3,623 4,102 2,812 1,851
Engineering service contracts 1,733 1,398 1,106 1,008
Total sales order backlog 5,356 5,500 3,918 2,859
The total sales order backlog decreased by $0.1 million, or 2%, for the quarter
ended March 31, 2005, primarily as a result of a decrease in the backlog of gas
purification system orders from $4.1 million to $3.6 million over the quarter.
The decrease in the backlog of gas purification systems reflected a reduced
level of gas purification system sales orders during the quarter.
Quarter-to-quarter fluctuations in recognized revenue and the receipt of new
sales orders are to be expected in the industrial markets that the Company
currently serves. Measures including the extension of QuestAir's commercial
products into multiple markets, and the growth of revenue generating engineering
service contracts have been implemented to reduce the variability of QuestAir's
commercial business. The total sales order backlog increased 38% from $3.9
million to $5.4 million for the half year ended March 31, 2005. This increase
was driven by orders for gas purification systems and engineering service
contracts received during the period.
Gross profit for the quarter ended March 31, 2005 was $1.2 million, compared to
$0.3 million for the same period in 2004. As a percentage of total revenue,
gross margin was 78% for the current quarter compared to 28% for the same period
in 2004. Gross profit was $1.5 million for the half year ended March 31, 2005
compared to $0.4 million for same period ended March 31, 2004. As a percentage
of total revenue, gross margin was 61% and 32% for the half years ended March
31, 2005 and March 31, 2004, respectively. The increases in margins for both the
quarter and the half year ended March 31, 2005 compared to the same periods in
2004 were due to high margins realized on revenue from engineering service
contracts recognized during the quarter ended March 31, 2005. Margins on gas
purification systems sold during the quarter were in line with historical
margins in the 30-40% range. It is expected that margins will fluctuate from
quarter to quarter depending on the revenue mix from engineering service
contracts and gas purification systems recognized during the quarter.
Sales and marketing expenses were $0.5 million for the quarter ended March 31,
2005, an increase of 25% compared to $0.4 million in the same period in 2004.
For the half year ended March 31, 2005, sales and marketing expenses were $0.9
million, an increase of 24% compared to $0.8 million in the same period in 2004.
The increases in sales and marketing expenses for both the quarter and the
half year ended March 31, 2005 compared to the same periods in 2004 were
attributed to increased salary expenses resulting from growth in the size of the
sales group and to increased travel costs.
The gross research and development ("R&D") expenditures, offsetting government
and development partner funding and the resulting net R&D expenditures for the
relevant periods, were as follows:
(Unaudited, $ '000) Three months ended Six months ended
March 31, March 31, March 31, March 31,
2005 2004 2005 2004
Gross R&D Expenditure 2,116 1,697 3,798 3,329
Government & Partner Funding 583 564 991 991
Net R&D Expenditure 1,533 1,133 2,807 2,338
The increases in R&D spending during both the quarter and half year ended March
31, 2005 compared to the same periods in 2004 were due to increased R&D
expenditures related the program undertaken with EMRE to develop a large
capacity gas purification system for use in oil refineries.
General and administrative expenses for the quarter ended March 31, 2005 were
$0.8 million compared to $0.8 million for the same period in 2004. General and
administrative expenses for the half year ended March 31, 2005 were $1.6 million
compared to $1.4 million for the same period in 2004.
Gross capital expenditures for the quarter ended March 31, 2005 were $0.3
million, compared to $0.2 million for the same period of 2004. Capital
expenditures were lower for the half year ended March 31, 2005 at $0.3 million,
compared to capital expenditures of $0.6 million for the same period in 2004.
Capital expenditures in the quarter ended March 31, 2005 related mainly to R&D
and manufacturing equipment to support the development program being undertaken
with EMRE. It is expected that capital expenditures will fluctuate from quarter
to quarter depending on the requirements of specific product development
programs and administrative needs.
Liquidity and Capital Resources
Cash and short term investments at March 31, 2005 were $14.3 million, a decrease
of $3.3 million from December 31, 2004. On December 21, 2004 the Company
completed an Initial Public Offering on the AIM market of the London Stock
Exchange plc and the Toronto Stock Exchange, from which the Company received
proceeds from the offering, net of offering costs, of $12.3 million. The
Company is expecting to pay approximately $0.4 million in additional offering
related expenses in the third quarter of fiscal 2005. Offering costs related to
the IPO are recorded as an offset to common share capital.
Cash used by operations and capital requirements for the quarter ended March 31,
2005 was $2.7 million compared to $1.6 million in the same period in 2004. Cash
used by operations and capital requirements for the half year ended March 31,
2005 was $4.7 million compared to $2.6 million for the same period in 2004. This
increase in cash burn for the quarter and the half year compared to the same
periods in 2004 related to changes in non-cash working capital requirements, and
an investment in inventory related to a $2.2 million order for two test system
received from EMRE during the quarter ended December 31, 2004. Based on the
expected profile of product development and commercial activities over the
remainder of the fiscal year, forecast cash burn for the remainder of fiscal
2005 is expected to be reduced relative to the cash burn for the fiscal
year-to-date.
Subsequent to quarter end, on April 22, 2005 QuestAir secured a US$3 million
($3.7 million) credit facility from Comerica Bank. The credit facility is
comprised of a US$1 million ($1.2 million) accounts receivable line of credit,
and a US$2 million ($2.5 million) term loan. The Company expects to use the
credit line for working capital requirements related to the sale of its
commercial gas purification systems, whereas the term loan will principally be
used to finance capital investments, including the manufacturing equipment
required for QuestAir to bring its second generation gas purification systems to
market.
In June 2003, the Company was awarded a $9.6 million conditionally repayable
loan from Technology Partnerships Canada, a funding program administered by
Industry Canada. At March 31, 2005, the Company had claimed $4.8 million against
this loan.
As at March 31, 2005 QuestAir had 37,296,206 common shares issued and
outstanding. In addition, the Company had 4,843,515 options to purchase common
shares, and 622,308 warrants outstanding at that date.
Consolidated Balance Sheets
Unaudited (expressed in Canadian dollars) As at As at
March 31, September 30,
2005 2004
ASSETS
Current assets:
Cash and cash equivalents $14,285,604 $6,691,923
Accounts receivable - net of allowance for doubtful accounts 441,427 425,628
of $3,903 (September 30, 2004 - $28,486)
Grants and funding receivables 1,189,233 687,692
Inventories 2,917,460 1,676,013
Prepaid expenses 128,400 90,283
18,962,124 9,571,539
Deferred charges - 399,742
Property, plant and equipment 2,164,730 2,592,286
$21,126,854 $12,563,567
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,832,733 $ 774,139
Accrued liabilities 567,158 1,007,373
Deferred revenue 2,020,334 1,980,439
Current portion of obligations under capital lease 109,859 114,810
4,530,084 3,876,761
Obligations under capital lease 115,568 120,776
4,645,652 3,997,537
Shareholders' Equity:
Share capital
Authorized
Unlimited common shares, voting, no par value
Unlimited preferred shares, Class A voting, convertible,
no par value
Unlimited preferred shares, Class B voting, convertible,
no par value
Unlimited preferred shares, Class C voting, convertible,
no par value
Common shares 89,822,229 2,795,830
Preferred shares - 75,315,007
89,822,229 78,110,837
Contributed surplus 6,291,056 4,015,802
Deficit (79,632,083) (73,560,609)
16,481,202 8,566,030
$21,126,854 $12,563,567
Consolidated Statements of Operations and Deficit
Unaudited (expressed in For the three months ended For the six months ended
Canadian dollars)
March 31, March 31, March 31, March 31,
2005 2004 2005 2004
Sales $ 1,491,424 $ 1,069,010 $ $ 1,129,730
2,489,519
Cost of goods sold 326,827 767,925 979,394 767,851
Gross Profit 1,164,597 301,085 1,510,125 361,879
Operating expenses
Amortization 394,501 628,584 755,922 1,206,619
Research and development - net 1,533,102 1,133,108 2,806,864 2,337,786
Sales and marketing 515,528 421,284 931,676 753,482
General and administration 772,584 757,453 1,569,405 1,357,588
3,215,715 2,940,429 6,063,867 5,655,475
Loss before undernoted (2,051,118) (2,639,344) (4,553,742) (5,293,596)
Other income
Interest income 84,642 79,169 108,822 118,786
Other 123,314 1,125 78,539 19,557
207,956 80,294 187,361 138,343
Loss for the period (1,843,162) (2,559,050) (4,366,381) (5,155,253)
Deficit - Beginning of period (76,083,828) (66,640,913) (73,560,609) (64,044,710)
Preferred share conversion (1,705,093) - (1,705,093) -
Deficit - End of period $(79,632,083) $(69,199,963) $(79,632,083) $ (69,199,963)
Basic and diluted loss per
share $ (0.05) $ (0.52) $ (0.19) $ (1.05)
Weighted average number of 37,268,129 4,904,480 23,028,806 4,889,317
common shares outstanding
Consolidated Statements of Cash Flows
Unaudited (expressed in Canadian dollars) For the three months For the six months ended
ended
March 31, March 31, March 31, March 31,
2005 2004 2005 2004
Cash flows from operating activities
Loss for the period $ (1,843,162) $ (2,559,050) $ (4,366,381) $ (5,155,253)
Items not involving cash
Amortization 394,501 628,584 755,922 1,206,619
Gain on sale of property, plant (6,523) - (6,523) -
and equipment
Non-cash compensation expense 115,529 129,454 374,158 129,454
Foreign currency gain (10,158) - (10,158) -
(1,349,813) (1,801,012) (3,252,982) (3,819,180)
Changes in non-cash operating working
capital
Accounts, grants and funding (17,669) 201,401 (517,341) 2,051,626
receivables
Inventories (1,082,117) (30,469) (1,241,447) (378,038)
Prepaid expenses 288,414 (59,570) (38,117) (88,364)
Accounts payable and accrued 511,827 307,283 606,259 (782,131)
liabilities
Deferred revenue (790,725) 40,949 39,895 958,465
(1,090,270) 459,594 (1,150,751) 1,761,558
(2,440,083) (1,341,418) (4,403,733) (2,057,622)
Cash flows from investing activities
Purchase of property, plant and equipment (301,886) (215,294) (331,845) (550,712)
Proceeds on sale of property, plant and 10,000 10,000
equipment
(291,886) (215,294) (321,845) (550,712)
Cash flows from financing activities
Issuance of common shares - - 15,050,000 -
Share issue costs (579,532) - (2,751,199) -
Issuance of common shares on exercise of 20,458 14,159 20,458 15,476
stock options
(559,074) 14,159 12,319,259 15,476
Increase (decrease) in cash and (3,291,043) (1,542,553) 7,593,681 (2,592,858)
equivalents
Cash and equivalents - Beginning of period 17,576,647 11,326,101 6,691,923 12,376,406
Cash and equivalents - End of period $ 14,285,604 $ 9,783,548 $ 14,285,604 $ 9,783,548
Notes to the financial statements
1. United States generally accepted accounting principles
The Company follows generally accepted accounting principles in Canada (Canadian
GAAP), which are different in certain respects from those applicable in the
United States (U.S. GAAP). The significant differences between Canadian GAAP and
U.S. GAAP with respect to the Company's consolidated financial statements are
described below. There are no reconciling items in the consolidated statements
of cash flows for the six months ended March 31, 2005 and 2004.
Consolidated Balance Sheet
March 31, 2005 September 30, 2004
Canadian U.S. Canadian U.S.
GAAP GAAP GAAP GAAP
Liabilities
Class C preferred (a) - - - 5,877,243
Shareholders'equity
Preferred shares (a) - - 75,315,007 56,000,436
Contributed surplus 6,291,056 4,500,803 4,015,802 9,418,709
Consolidated Statements of Operations and Deficit
Three months ended Six months ended
March 31, March 31, March 31, March 31,
2005 2004 2005 2004
Loss for the period under Canadian GAAP $1,843,162 $2,559,050 $4,366,381 $5,155,253
Preferred share conversion (1,790,253) - (1,790,253) -
Loss for the period under U.S. GAAP 52,909 2,559,050 2,576,128 5,155,253
Deficit - Beginning of period under Canadian GAAP 76,083,828 66,640,913 73,560,609 64,044,710
Add: Accumulated accretion on redeemable 5,388,661 5,176,776 5,388,661 5,176,776
preferred shares calculated under
U.S. GAAP
Accumulated stock based compensation 208,460 208,460 208,460 208,460
under U.S. GAAP
Deduct: Accumulated accretion of redeemable (13,631,542) (13,631,542) (13,631,542) (13,631,542)
preferred shares calculated under
Canadian GAAP
Deficit - Beginning of period under U.S. GAAP 68,049,407 58,394,607 65,526,188 55,798,404
Preferred share conversion under Canadian and U.S. 1,705,093 - 1,705,093 -
GAAP
Deficit - End of period under U.S. GAAP $69,807,409 $60,953,657 $69,807,409 $60,953,657
Loss per share - U.S. GAAP $0.05 $0.52 $0.19 $1.05
a) Redeemable preferred shares reorganization
For the period from November 5, 2002 to July 1, 2003, the Class C preferred
shares were accounted for as equity under U.S. GAAP. On July 1, 2003, the
Company adopted the provisions of Statement of Financial Accounting Standards
No. 150 (SFAS 150), which resulted in the Class C preferred shares being
classified as a liability. The liability for the Class C preferred shares was
reflected at its fair value of $5,665,358 and the resulting gain of $5,194,447
from the adoption of SFAS 150 has been recorded in shareholders' equity as
contributed surplus. The Class A and B preferred shares are classified as
equity for U.S. GAAP purposes.
At September 30, 2004, the liability has been recorded at its estimated fair
value of $5,877,243 (2003 - $5,665,358), with the increase of $211,885 being
recorded as an accretion charge in the consolidated statement of operations and
deficit.
In December of 2004, the Company completed an initial public offering of its
securities on the Toronto Stock Exchange and on the AIM Market of the London
Stock Exchange Plc., consisting of a new issue of 8,600,000 Common Shares, for
gross proceeds of $15,050,000.
Immediately prior to closing the initial public offering, the Company completed
a reorganization of its share capital whereby the existing share classes were
converted into a single class of common shares. To complete the share capital
reorganization, certain terms of the Class A, B and C preferred shares relating
to automatic conversion rights were modified to convert these shares into common
shares. The modification of the share rights is accounted for on a fair value
basis. The difference between the fair value of the preferred share rights
prior to and subsequent to the modification is accounted for as an adjustment to
shareholders' equity and to operations for U.S. GAAP purposes. The modification
to the Class A and B preferred share rights resulted in an increase in deficit
of $1,705,093 for both Canadian and U.S. GAAP purposes as these shares are
classified as equity. However, the modification of the Class C preferred share
rights resulted in a gain of $1,790,253 for U.S. GAAP purposes, as the Class C
preferred shares were classified as a liability. Under Canadian GAAP, the
modification of the Class C preferred shares was treated as contributed surplus.
With respect to calculating loss per share for U.S. GAAP purposes, both the
gain on the conversion of the Class C preferred shares and the charge related to
the conversion of the Class A and B preferred shares were included in the
computation of loss per share.
b) Stock-based compensation
Under Canadian GAAP, the Company adopted the fair value based method of
accounting for stock based compensation, on a prospective basis, to account for
all its awards of shares and share options that are granted, modified or settled
on or after October 1, 2002. The Company also adopted, on a prospective basis,
the fair value based method of accounting for stock-based compensation for U.S.
GAAP purposes effective October 1, 2002. Prior to October 1, 2002, the Company
used the intrinsic value based method to account for the above awards for U.S.
GAAP.
Had the Company adopted the fair value based method under U.S. GAAP for the
period prior to October 1, 2002, the Company's net loss and loss per share under
U.S. GAAP would have been presented as follows:
Unaudited (expressed in Canadian dollars) Three months ended Six months ended
March 31, March 31, March 31, March 31
2005 2004 2005 2004
Loss for the period 52,909 2,559,050 2,576,128 5,155,253
Additional compensation expense 26,655 82,611 109,266 171,621
under fair value based
method
Loss for the period - pro forma 79,564 2,641,661 2,685,394 5,326,874
Loss per share - pro forma
Basic and diluted $0.05 $0.54 $0.19 $1.09
In the calculation of the additional compensation expense above, the fair value
of each share option grant was estimated on the date of the grant using the
Black-Scholes option valuation model with the following assumptions:
Expected dividend yield 0%
Expected stock price volatility 0%
Risk-free interest rate 2.5%
Expected life of options 5 years
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.
-30-
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 refuelling
stations. The Company has joint development agreements with Exxon Mobil Research
and Engineering Company and Shell Hydrogen, and a collaboration with FuelCell
Energy. 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".
For further information please contact:
QuestAir Technologies Inc.
Andrew Hall
Director, Corporate Development and External Communications
Phone: (001) 604-453-6967
Email: hall@questairinc.com
Web: www.questairinc.com
UK media contact:
Charles Ryland
Ben Willey
Eleanor Williamson
Buchanan Communications
Phone: 020 7466 5000
Canadian media contact:
Pam Smith
James Hoggan + Associates
Phone: (001) 604-739-7500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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