RNS Number:0341Q
QuestAir Technologies Inc
12 August 2005
QuestAir Reports Third Quarter 2005 Results
Immediate Release 12 August 2005
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 third quarter of fiscal 2005, ended June 30, 2005. All
amounts are in Canadian dollars unless otherwise noted.
Third Quarter Highlights
* The delivery and start-up of two test systems (total value $2.2 million)
to support the development program being undertaken with ExxonMobil Research
and Engineering Company ("EMRE").
* Revenues of $2.6 million for the quarter, and $5.1 million for the nine
months ended June 30, 2005, in line with the Company's revenue guidance of
$6 million for the fiscal year. QuestAir's sales order backlog at quarter
end was $3.5 million, compared to $5.4 million at March 31, 2005, and $1.8
million at June 30, 2004.
* Cash used in operations and capital requirements of $1.7 million for the
quarter and $6.4 million for the nine months ended June 30, 2005, in line
with the Company's cash burn guidance of $8.5 million for the fiscal year.
* The signing of a non-exclusive distribution agreement with Mitsubishi
Kakoki Kaisha Ltd. ("MKK"), a leading Japanese supplier of industrial
hydrogen plants.
* The signing of a supply agreement, and the receipt of an initial
US$263,000 order from HyRadix Inc., a developer of hydrogen generators for
industrial and hydrogen fueling applications.
* An order for a second H-3200 hydrogen purifier for use in the AC Transit
Hydrogen Energy station currently under construction by Chevron in Oakland,
California.
Jonathan Wilkinson, President and CEO of QuestAir, said:
"We are very pleased with our revenue growth during the third quarter. Our
revenues of $2.6 million for the third quarter represent a significant increase
from the second quarter of fiscal 2005 and from the third quarter of fiscal
2004."
"We also made significant progress in securing additional channels to penetrate
the industrial hydrogen generation market with our commercial gas purification
systems, including the distribution agreement signed with MKK, and the supply
agreement and initial US$263,000 order from HyRadix."
Operating Review
During the quarter, progress continued with the program being undertaken with
EMRE to develop a large capacity hydrogen purification system for use in oil
refineries and petrochemical plants. Two test systems to support the product
development program, with a total value of $2.2 million, were delivered and
successfully started up. These test systems will be used for performance and
durability tests to assist in the final design of the prototype system to be
tested at an ExxonMobil refinery in 2006.
QuestAir made significant progress during the quarter in expanding the customer
base and distribution channels for its commercial PSA products in the industrial
hydrogen market. During the quarter, the Company announced a non-exclusive
agreement with Mitsubishi Kakoki Kaisha Ltd. to distribute its commercial
hydrogen purification products in Japan, China and six other Asian countries.
MKK is the largest supplier of industrial hydrogen plants in Japan, with over 90
plants installed to date. As part of the agreement, MKK will supply QuestAir's
hydrogen purification systems as part of its hydrogen plants. QuestAir also
signed an agreement to supply its H-3200 hydrogen purification systems to
HyRadix Inc., a leading developer of hydrogen generators for industrial and
hydrogen fueling markets. QuestAir's H-3200 will be integrated into HyRadix's
range of branded hydrogen generators, replacing HyRadix's existing PSA design.
Upon signing the agreement, QuestAir also received a US$263,000 order for an
initial delivery of H-3200 units, to be completed in 2006.
In the emerging hydrogen infrastructure market, QuestAir received an order for a
second H-3200 to be integrated into the AC Transit Hydrogen Energy Station
currently being built by Chevron Hydrogen Company in Oakland, California. The
second hydrogen purifier is required as part of a planned expansion of the plant
capacity, and follows an initial order for an H-3200 announced in February 2005.
Purified hydrogen from the station will be used to fuel AC Transit's fleet of
three fuel cell powered buses, which are expected to enter passenger service
beginning in the fall of 2005.
Outlook
Commenting on the outlook for the remainder on fiscal 2005, Jonathan Wilkinson
said:
"We are pleased with our performance for the fiscal year to date, and we are
confident of achieving our fiscal 2005 revenue guidance of $6 million, and our
cash burn guidance of $8.5 million. We are also aiming to end the fiscal year
with a healthy backlog of signed sales contracts, and we expect to enhance our
current backlog through additional sales of gas purification systems and
engineering service contracts during the fourth quarter."
"For the remainder of the year we are also focused on concluding the negotiation
of a purchase order for the prototype large capacity hydrogen purifier to be
demonstrated at an ExxonMobil refinery site in 2006."
Q3 2005 Financial Results
The net loss for the quarter ended June 30, 2005 was $2.6 million ($0.07 per
share), compared to $2.1 million ($0.43 per share) for the same period in 2004.
The increase in the net loss for the quarter compared to the same period in 2004
was attributed to increases in research and development, amortization and
general and administrative expenses, partially offset by higher gross profits
from the sale of gas purification systems and engineering service contracts.
The net loss for the nine months ended June 30, 2005 was $6.9 million ($0.25 per
share), compared to $7.3 million ($1.48 per share) for the same period in 2004.
Operating Results
The following table provides a breakdown of the Company's revenues from gas
purification systems and engineering service contracts for the reported periods:
(Unaudited, $ '000) Three months ended Nine months ended
June 30, June 30, June 30, June 30,
2005 2004 2005 2004
Gas purification systems 2,306 478 3,785 905
Engineering service contracts 337 648 1,348 1,350
Total revenue 2,643 1,126 5,133 2,255
The increase in revenue from gas purification systems for the quarter as well as
for the nine months ended June 30, 2005 resulted from the delivery of two test
systems, with a total value of $2.2 million, to ExxonMobil Research and
Engineering ("EMRE") in support of the program to develop a large capacity
hydrogen purification system for use in oil refineries. The decrease in
engineering service contract revenue for the quarter ended June 30, 2005
resulted from reduced work completed on engineering service contracts with EMRE,
which are recognized on a percentage completion basis.
QuestAir's sales order backlog is defined as future revenue from signed gas
purification system sales and engineering service contracts that has not yet
been recognized by the Company. The following table provides a breakdown of the
Company's sales order backlog at June 30, 2005, March 31, 2005, December 31,
2004, September 30, 2004 and June 30, 2004:
(Unaudited, $ '000) June 30, March 31, December 31, September 30, June 30,
2005 2005 2004 2004 2004
Gas purification systems 1,848 3,623 4,102 2,812 1,339
Engineering service contracts 1,623 1,733 1,398 1,106 426
Total sales order backlog 3,471 5,356 5,500 3,918 1,765
The following table provides a breakdown of the changes in the Company's sales
order backlog for the quarter and nine months ended June 30, 2005:
(Unaudited, $ '000) Three months ended June 30, 2005 Nine months ended June 30, 2005
Gas Eng. Gas Eng.
Purification Service Purification Service
Systems Contracts Total Systems Contracts Total
Opening Balance 3,623 1,733 5,356 2,812 1,106 3,918
Bookings 490 310 800 3,043 1,947 4,990
Revenue Recognized (2,307) (337) (2,644) (3,785) (1,348) (5,133)
Adjustments+ 42 (83) (41) (222) (82) (304)
Closing Balance 1,848 1,623 3,471 1,848 1,623 3,471
+ Adjustments include adjustments for fluctuations in foreign currency exchange
rates as well as cancelled orders.
The total sales order backlog decreased by $1.9 million, or 35%, for the quarter
ended June 30, 2005, primarily as a result of the recognition of the large test
system order, with a total value of $2.2 million, and a moderate level of new
bookings for gas purification systems 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 quarterly fluctuations in new sales bookings.
The Company expects that the current backlog will be substantially recognized as
revenue by the third quarter of fiscal 2006.
The following table provides a calculation of the Company's gross profit for the
reported periods:
(Unaudited, $ '000) Three months ended Nine months ended
June 30, June 30, June 30, June 30,
2005 2004 2005 2004
Sales 2,644 1,126 5,133 2,255
Cost of goods sold 1,921 737 2,900 1,504
Gross Profit 723 389 2,233 751
Gross Margin (%) 27% 35% 44% 33%
The decrease in percentage gross margin for the quarter ended June 30, 2005
compared to the same period in 2004 was due to the recognition of revenues from
the two test systems sold to EMRE, which contributed lower margins than
QuestAir's historical 30-40% margins for commercial PSA systems. The increase in
gross margin for the nine months ended June 30, 2005 compared to the same period
in 2004 was largely due to higher margins realized on revenue from engineering
service contracts recognized during the nine months ended June 30, 2005. It is
expected that margins will fluctuate somewhat 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 quarters ended June 30,
2005 and June 30, 2004. For the nine months ended June 30, 2005, sales and
marketing expenses were $1.4 million, an increase of 18% compared to $1.2
million for the same period in 2004. The increase in sales and marketing
expenses for the nine months ended June 30, 2005 was attributed to increased
salary expenses resulting from growth in the sales personnel 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 Nine months ended
June 30, June 30, June 30, June 30,
2005 2004 2005 2004
Gross R&D Expenditure 1,964 1,407 5,762 4,735
Government & Partner 473 220 1,464 1,210
Funding
Net R&D Expenditure 1,491 1,187 4,298 3,525
The increases in R&D spending for both the quarter and nine months ended June
30, 2005 compared to the same periods in 2004 were due to increased R&D
expenditures related to the program undertaken with EMRE to develop a large
capacity gas purification system for use in oil refineries.
General and Administrative ("G&A") expenses were $0.9 million for the quarter
ended June 30, 2005, compared to $0.6 million for same period in 2004. G&A
expenses for the nine months ended June 30, 2005 were $2.5 million compared to
$2.0 million for the same period in 2004. The increases in G&A expenses for both
periods were related to incremental costs associated with the public listing of
the Company's common shares, including regulatory filing fees, insurance costs
and investor relations expenses.
Employee stock-based compensation expense was $0.1 million for the quarters
ended June 30, 2005 and June 30, 2004. Stock-based compensation expense was $0.5
million for the nine months ended June 30, 2005 as compared to $0.3 million for
same period in 2004.
Gross capital expenditures for the quarter ended June 30, 2005 were $0.6
million, compared to $nil for the same period of 2004. Capital expenditures for
the nine months ended June 30, 2005 were $0.9 million, compared to $0.6 million
for the same period in 2004. The increase in capital expenditures for the
current fiscal year related mainly to the purchase of R&D equipment related to
the development program 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 June 30, 2005 were $12.8 million, a decrease
of $1.5 million from March 31, 2005.
Cash used by operations and capital requirements for the quarter ended June 30,
2005 was $1.7 million compared to $2.3 million for the same period in 2004. The
decrease in operational cash burn for the quarter was mainly due to the receipt
of payments from the sale of the two test systems to EMRE.
Cash used by operations and capital requirements for the nine months ended June
30, 2005 was $6.4 million, compared to $5.1 million for the same period in 2004.
The increase in operational cash burn for the nine month period resulted mainly
from increased R&D and capital expenditures related to the development program
with EMRE, as well as the collection of a $2.3 million government funding
receivable which reduced the operational cash burn for the nine month period
ended June 30, 2004. A credit facility from Comercia Bank was used to finance
$0.7 million of the capital expenditures for the quarter and the nine months
ended June 30, 2005, with the remainder being financed from the Company's
existing cash resources.
During the quarter, the Company secured a US$3 million credit facility from
Comerica Bank. The credit facility is comprised of a US$1 million accounts
receivable credit line and a US$2 million term loan. As at June 30, 2005, the
Company had drawn $0.7 million against the term loan. The Company is in
compliance with all of its bank covenants.
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 June 30, 2005, the Company had claimed $5.4 million against
this loan.
At June 30, 2005, QuestAir's had 37,301,379 common shares issued and
outstanding. In addition, the Company had 4,854,534 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
June 30, September 30,
2005 2004
ASSETS
Current assets:
Cash and cash equivalents $ 12,782,334 $ 6,691,923
Accounts receivable - net of allowance for doubtful accounts of $nil
(September 30, 2004 - $28,486) 818,354 425,628
Grants and funding receivables 635,262 687,692
Inventories 1,785,098 1,676,013
Prepaid expenses 185,590 90,283
16,206,638 9,571,539
Deferred charges - 399,742
Property, plant and equipment 2,323,650 2,592,286
$ 18,530,288 $ 12,563,567
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,455,533 $ 774,139
Accrued liabilities 651,461 1,007,373
Deferred revenue 1,698,907 1,980,439
Current portion of obligations under capital lease 116,270 114,810
Current portion of term loan payable 162,630 -
4,084,801 3,876,761
Obligations under capital lease - 120,776
Term loan payable 487,888 -
4,572,689 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 89,761,497 2,795,830
Preferred shares - 75,315,007
89,761,497 78,110,837
Contributed surplus 6,390,861 4,015,802
Deficit (82,194,759) (73,560,609)
13,957,599 8,566,030
$ 18,530,288 $ 12,563,567
Consolidated Statements of Operations and Deficit
Unaudited (expressed in For the three months ended For the nine months ended
Canadian dollars)
June 30, June 30, June 30, June 30,
2005 2004 2005 2004
Sales $ 2,643,892 $ 1,125,514 $ 5,133,411 $ 2,255,244
Cost of goods sold 1,920,817 736,556 2,900,211 1,504,407
Gross Profit 723,075 388,958 2,233,200 750,837
Operating expenses
Amortization 415,716 241,695 1,171,638 1,448,314
Research and development - 1,491,092 1,186,951 4,297,956 3,524,737
net
Sales and marketing 500,684 463,991 1,432,360 1,217,473
General and administration 940,872 641,168 2,510,277 1,998,756
3,348,364 2,533,805 9,412,231 8,189,280
Loss before undernoted (2,625,289) (2,144,847) (7,179,031) (7,438,443)
Other income
Interest income 66,065 42,649 174,887 161,435
Other income (expense) (3,452) (15,339) 75,087 4,218
62,613 27,310 249,974 165,653
Loss for the period (2,562,676) (2,117,537) (6,929,057) (7,272,790)
Deficit - Beginning of (79,632,083) (69,199,963) (73,560,609) (64,044,710)
period
Preferred share conversion - - (1,705,093) -
Deficit - End of period $(82,194,759) $(71,317,500) $(82,194,759) $ (71,317,500)
Basic and diluted loss per $ (0.07) $ (0.43) $ (0.25) $ (1.48)
share
Weighted average number of 37,299,396 4,920,019 27,785,673 4,909,641
common shares outstanding
Consolidated Statements of Cash Flows
Unaudited (expressed in For the three months ended For the nine months ended
Canadian dollars)
June 30, June 30, June 30, June 30,
2005 2005 2005 2005
Cash flows from operating
activities
Loss for the period $ (2,562,676) $ (2,117,537) $ (6,929,057) $ (7,272,790)
Items not involving cash
Amortization 415,716 241,695 1,171,638 1,448,314
Gain on sale of property, - (790) (6,523) (790)
plant
and equipment
Non-cash compensation 111,033 131,405 485,191 260,859
expense
Foreign currency gain 6,411 - (3,747) -
(2,029,516) (1,745,227) (5,282,498) (5,564,407)
Changes in non-cash
operating working capital
Accounts, grants and 177,045 193,133 (340,296) 2,094,759
funding receivables
Inventories 1,132,362 (83,096) (109,085) (461,134)
Prepaid expenses (57,191) 54,115 (95,308) (34,249)
Accounts payable and 470 (148,778) 606,729 (930,909)
accrued
liabilities
Deferred revenue (321,427) (566,450) (281,532) 392,015
931,259 (551,076) (219,492) 1,060,482
(1,098,257) (2,296,303) (5,501,990) (4,503,925)
Cash flows from investing
activities
Decrease in short-term - - - 9,876,040
investments
Increase in note - - - 150,000
receivable
Purchase of property, (574,636) 404 (906,481) (550,308)
plant and equipment
Proceeds on sale of - 1,090 10,000 1,090
property, plant and
equipment
(574,636) 1,494 (896,481) 9,476,822
Cash flows from financing
activities
Issuance of common shares - - 15,050,000 -
Share issue costs (365,331) - (3,116,530) -
Issuance of common shares
on exercise of
stock options 5 3 20,462 15,479
Repayment of obligations (115,568) (133,968) (115,568) (133,968)
under capital lease
Term loan advance 650,518 - 650,518 -
169,624 (133,965) 12,488,882 (118,489)
Increase (decrease) in (1,503,270) (2,428,774) 6,090,411 4,854,408
cash and equivalents
Cash and equivalents - 14,285,604 9,783,548 6,691,923 2,500,366
Beginning of period
Cash and equivalents - End $ 12,782,334 $ 7,354,774 $ 12,782,334 $ 7,354,774
of period
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 nine months ended June 30, 2005 and 2004.
Consolidated Balance Sheet
June 30, 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 6,390,861 4,600,608 4,015,802 9,418,709
Consolidated Statements of Operations and Deficit
Three months ended Nine months ended
June 30, June 30, June 30, June 30,
2005 2004 2005 2004
Loss for the
period under
Canadian GAAP $2,562,676 $2,117,537 $6,929,057 $7,272,790
Preferred
share
conversion - - (1,790,253) -
Loss for the
period under
U.S. GAAP 2,562,676 2,117,537 5,138,804 7,272,790
Deficit -
Beginning of
period under
Canadian GAAP 79,632,083 69,199,963 73,560,609 64,044,710
Add: Accumulated 5,388,661 5,176,776 5,388,661 5,176,776
accretion on
redeemable
preferred
shares
calculated
under U.S.
GAAP
Accumulated 208,460 208,460 208,460 208,460
stock based
compensation
under U.S.
GAAP
Deduct: Accumulated (13,631,542) (13,631,542) (13,631,542) (13,631,542)
accretion of
redeemable
preferred
shares
calculated
under
Canadian
GAAP
Deduct: Preferred (1,790,253) - - -
share
conversion
under
Canadian and
U.S. GAAP
Deficit -
Beginning of
period under
U.S. GAAP 69,807,409 60,953,657 65,526,188 55,798,404
Preferred
share
conversion
under Canadian
and U.S. GAAP - - 1,705,093 -
Deficit - End
of period
under U.S.
GAAP $72,370,085 $63,071,194 $72,370,085 $63,071,194
Loss per share
- U.S. GAAP ($0.07) ($0.43) ($0.18) ($1.48)
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 Three months ended Nine months ended
Canadian dollars)
June 30, June 30, June 30, June 30,
2005 2004 2005 2004
Loss for the period 2,562,676 2,117,537 5,138,804 7,272,790
Additional compensation
expense
under fair value based 26,655 82,611 135,921 254,232
method
Loss for the period - pro
forma 2,589,331 2,200,148 5,274,725 7,527,022
Loss per share - pro
forma
Basic and diluted ($0.07) ($0.45) ($0.19) ($1.53)
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.
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:
Terry Foster
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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