AirIQ Purchases Fleet Assets, New Technology Platform and New Sales Opportunities

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.
AirIQ (TSXV:IQ)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024