AirIQ Announces Q2 Fiscal 2012 Interim Results

AirIQ Inc. ("AirIQ" or "the Company") (TSX VENTURE:IQ), a supplier of asset
management services, today announced its financial results for its second
quarter ended September 30, 2011.


Q2 Fiscal 2012 Highlights:



--  Net loss for the quarter of $63 thousand has improved over each of the
    prior six quarters; 
--  Gross profit from continuing operations has improved over each of the
    last four quarters; 
--  Expenses from continuing operations have declined in each of the last
    eight quarters; 
--  EBITDAS (earnings before interest, tax, depreciation, amortization and
    other non-cash charges (share-based compensation expense)) has improved
    in each of the last four quarters; 
--  Operating loss of $29 thousand improved $259 thousand over Q2 Fiscal
    2011; 
--  $633 thousand in revenue as compared to $669 thousand in Q2 Fiscal 2011;
--  Gross margin of 75.2%, improved from 64.4% in Q2 Fiscal 2011; 
--  Total expenses of $505 thousand down $214 thousand over the same quarter
    in Fiscal 2011; and 
--  Early repayment of the final portion of the Company's outstanding
    promissory notes of $250 thousand.



"We are pleased to report these improving quarterly results," said Don Gibbs,
President and Chief Executive Officer of AirIQ. "Our continuing commitment to
supply small to medium size fleets with economical asset management solutions,
while closely monitoring expenses, is bearing fruit," continued Mr. Gibbs. "I am
also happy to report that the Company repaid all of its long term debt
commitments."


Financial Highlights

Unless otherwise noted herein, from this point forward, all amounts are in
thousands of Canadian dollars except share, per share and unit information.


Revenues for the three months ended September 30, 2011, decreased 5% to $633
from $669 for the three months ended September 30, 2010. Revenues for the six
months ended September 30, 2011, decreased 19% to $1,250 from $1,537 for the six
months ended September 30, 2010. Approximately 78% of the total revenue for the
quarter represents recurring revenue from the Company's airtime customers.


Overall, gross profit for the three months increased by 10% to $476 and
decreased by 9% to $897 for the six months ended September 30, 2011, from $431
and $988, respectively for the comparative three months and six months ended
September 30, 2010.


Total expenses were $505 for the three months ended September 30, 2011 compared
to $719 for the three months ended September 30, 2010. Expense reductions were
achieved in the following areas; a) wages and related expense reductions of
approximately $66 due to the Company's restructuring initiatives and work
sharing programs, b) general expenses of approximately $45 primarily related to
the reversal of a contingent liability and a reduction of taxes owing due to the
forgiveness of a penalty c) computer operating expense savings of approximately
$17 due to the reduction of co-location expenses, (d) reduction in share-based
payments of $78, and (e) other cost reductions of approximately $7 related to
audit fees, director fees, legal fees and other costs.


Total expenses were $1,054 for the six months ended September 30, 2011 compared
to $1,597 for the six months ended September 30, 2010. Expense reductions were
achieved in the following areas; a) wages and related expense reductions of
approximately $153 due to the Company's restructuring initiatives and work
sharing programs, b) consulting expense of approximately $80 primarily related
to the restructuring initiatives, c) computer operating expense savings of
approximately $49 due to the reduction of co-location expenses, (d) reduction in
share-based payments of $156, and (e) other cost reductions of approximately
$106 related to audit fees, director fees, legal fees and other costs.


The Company's net loss for the three months ended September 30, 2011 was $63, as
compared to a net loss of $319 for the three months ended September 30, 2010, a
decrease of $256. The Company's net loss for the six months ended September 30,
2011 was $229, as compared to a net loss of $680 for the six months ended
September 30, 2010, a decrease of $451.


The Company's unaudited consolidated condensed interim financial statements as
at and for the three months and six months ended September 30, 2011, including
notes thereto, and the accompanying Management's Discussion and Analysis were
filed with the Canadian securities regulatory authorities on November 28, 2011,
and are available on the Company's website (www.airiq.com) and on the System for
Electronic Document Analysis and Retrieval website (www.sedar.com).


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
asset management 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)
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