QAR Questair Tech

RNS Number:7956D
QuestAir Technologies Inc
31 May 2006



For Immediate Release                                             31 May, 2006

                           QuestAir Technologies Inc.

             QuestAir Closes CDN$20 Million Public Equity Offering

This news release is not for dissemination in the united states or to any united
states news services.



VANCOUVER, B.C. - QuestAir Technologies Inc. (AIM: QAR; TSX: QAR) ("QuestAir" or
the "Company") is pleased to announce that it has closed its offering of shares
announced on 3 May 2006, raising gross proceeds of CDN $20,000,250 (#9,481,600).
Canaccord Capital Corporation and Clarus Securities Inc. (the "Agents") as lead
managers and joint bookrunners placed 14,815,000 common shares from treasury at
a price of CDN$1.35 (#0.64) per common share. The Company has also granted the
Agents an over-allotment option to purchase up to an additional 2,222,250 shares
exercisable for 30 days from closing. The 14,815,000 common shares issued in
connection with the offering are listed on the Toronto Stock Exchange and have
been admitted to trading on the AIM market of the London Stock Exchange today.

Proceeds from this offering will be used to finance the ongoing development and
commercialization of the Company's proprietary gas purification technology, and
for general working capital.

As part of the offering, four directors of QuestAir purchased shares in the
Company at the offering price of CDN $1.35 per share:
          
-    Harold Copping purchased 10,000 common shares, taking his beneficial
     ownership to 25,000 common shares of the Company.

-    Michael Rosenberg purchased 9,333 common shares, and has a total
     direct and beneficial holding of the same.

-    John Shakeshaft purchased 16,000 common shares and has a total
     holding of the same.

-    Sherry Tryssenaar, also Chief Financial Officer of QuestAir, purchased 
     18,500 common shares and has a total holding of the same.

In addition, as part of the offering Shell Hydrogen Projects B.V. ("Shell
Hydrogen") purchased 740,800 common shares in the Company at the offering price
of CDN $1.35 per share, bringing Shell Hydrogen's total holding in QuestAir to
7,141,252 common shares.

Disclosure of the directors' and Shell Hydrogen's share purchases is made
pursuant to the rules governing the operation of AIM as established by the
London Stock Exchange Plc.

This press release shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of the securities in any state in
which such offer, solicitation or sale would be unlawful. The securities have
not been and will not be registered under the United States Securities Act of
1933, as amended, and may not be offered or sold in the United States absent
registration or an exemption from the registration requirements.


                                      -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".


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.
Andrew Hall
Director, Corporate Development and External Communications
Phone: (001) 604-453-6967
Email: hall@questairinc.com
www.questairinc.com


UK media contact:                 Canadian media contact:
Charles Ryland                    Terry Foster
Ben Willey                        James Hoggan & Associates
Buchanan Communications           Phone: (001) 604-739-7500
Phone: +44 207 466 5000





                      This information is provided by RNS
            The company news service from the London Stock Exchange

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