FOR: QUESTAIR TECHNOLOGIES INC.
TSX, AIM SYMBOL: QAR
May 11, 2007
QuestAir Reports Second Quarter 2007 Results
BURNABY, BRITISH COLUMBIA--(CCNMatthews - May 11, 2007) - QuestAir Technologies Inc. ("QuestAir" or
"the Company") (TSX:QAR)(AIM:QAR) reported today its unaudited financial and operational results for
the second quarter of fiscal 2007, ended March 31, 2007. All amounts are in Canadian dollars unless
otherwise noted.
Second Quarter Highlights
- New orders for gas purification equipment during the quarter totaled $2.1 million, including:
- Orders for two M-3200 pressure swing adsorption ("PSA") systems to recover pipeline grade methane
from biogas at two anaerobic digester projects in Switzerland. These sales met one of the Company's
milestones for fiscal 2007.
- An order for a M-3100 PSA system to upgrade contaminated natural gas at an existing gas processing
plant in California. This was QuestAir's first sale into the gas processing market.
- A $0.7 million order from Air Liquide U.S. for a H-3100 PSA system to recover waste hydrogen from a
petrochemical plant in Texas.
- Revenues of $0.9 million for the quarter, and $2.5 million for the half year ended March 31, 2007
(H1 fiscal 2006: $3.7 million), decreased due to lower revenue from engineering service contracts and
from the prototype H-6200 hydrogen purifier ("prototype plant") which is being sold to an ExxonMobil
refinery in Europe.
- Sales order backlog at quarter end of $7.5 million, increased from $5.8 million at December 31,
2006.
- Cash used in operations and capital requirements of $1.2 million for the quarter and $5.3 million
for the half year ended March 31, 2007 (H1 fiscal 2006: $4.0 million), increased due to an increased
loss for the quarter. At quarter end, QuestAir had $14.5 million in cash and short term investments,
including restricted cash of $1.4 million.
- Net loss of $4.3 million for the quarter and $6.5 million for the half year ended March 31, 2007 (H1
fiscal 2006: $5.4 million), increased due to a loss recognized on the prototype plant during the
second quarter.
Jonathan Wilkinson, President and CEO of QuestAir, said: "We had an excellent quarter for gas
purification equipment sales, with orders exceeding $2 million. We secured our first sales into two
strategic new markets - the European biogas market, and the natural gas processing market in
California. These sales demonstrate the growing traction of QuestAir's commercial PSA products, and
the broad applicability of our product platforms in a range of environmental- and energy-related
markets."
"The second quarter was more challenging from a financial perspective. A number of commercial PSAs
remain in our sales order backlog at March 31st pending commissioning at customer sites, meaning that
our recognized revenue during the quarter was lower than we would have liked. We expect that these
units will be successfully commissioned during the balance of the fiscal year, allowing us to
recognize revenue on these projects later in the year. In addition, we incurred additional costs
related to the construction of the prototype plant, which contributed to the loss for the quarter."
Subsequent Event
In order to focus more resources on commercial activities, QuestAir has undertaken a reorganization of
its operations. Commenting on the reorganization, Wilkinson said:
"QuestAir is entering a critical phase in our evolution into a commercial company. This reorganization
will direct the majority of our resources towards securing and fulfilling sales orders for our
commercial PSA products, and ensuring the successful launch of the H-6200 hydrogen purifier for the
global oil refining and petrochemical markets. As part of this new focus, we will be adding to our
sales and marketing and order-to-delivery functions in order to ensure continued growth in our
commercial products."
"The reorganization will reduce our research and development expenses going forward, while increasing
our resources for commercial activities. However, we have retained a core R&D capability which will
allow us to continue to develop new products in areas where we see a unique value proposition for our
technology and committed financial support from lead customers and partners," Wilkinson said.
This reorganization, which takes effect immediately, will result in a reduction in year-on-year
operating expenses of approximately $1.5 million, and includes the elimination of 12 full time
positions, representing 14% of QuestAir's current workforce. These changes will result in a one-time
restructuring charge of approximately $0.65 million being recognized in the third quarter ended June
30, 2007.
Outlook
Commenting on the outlook for the remainder of fiscal 2007, Wilkinson said:
"We are focused on three key priorities for the remainder of the year, namely the successful start up
and operation of the prototype plant at ExxonMobil's refinery in Europe; continued growth in the sales
of our commercial gas purification products; and successfully securing an engineering service contract
to bring our rapid cycle PSA technology into a new market."
"During a final quality review of the prototype plant at our supplier in Houston, QuestAir personnel
found that a component of the plant was assembled incorrectly. This component is part of the feed gas
pre-treatment section of the plant, and is unrelated to QuestAir's rapid cycle PSA modules. Corrective
action is underway, and is expected to be completed within the next few weeks. As soon as the
component has been re-installed, we will ship the completed prototype plant to the European refinery."
"We expect the installation and start up of the prototype plant to be completed at the European
refinery before the end of our fiscal year. Although we continue to actively market the H-6200
together with ExxonMobil, given the likely timing of start up of the prototype plant, it will be
challenging for us to achieve our objective of a first commercial H-6200 sale during fiscal 2007,"
Wilkinson said.
Based on recent developments and the outlook for the remainder of the fiscal year, management has
updated its financial guidance for fiscal 2007. Recognized revenue for fiscal 2007 is expected to be
in the range of $7.0 to $8.0 million, compared to guidance of $9.0 to $10.0 million provided by
management on December 5, 2006. Forecasted revenue has declined due to a delay in the receipt of new
engineering services contracts, which management had expected to be received in the first half of the
fiscal year. Cash used in operations and capital expenditures for fiscal 2007 is expected to be $10.0
to $12.0 million, compared to prior guidance of $7.0 to $8.0 million. The increase in operational cash
burn reflects the reduction in revenue from engineering services, the increased costs of the prototype
plant, and the reorganization charge to be incurred in the third quarter. In addition, timing of
certain cash receipts has slipped into the first quarter of fiscal 2008. Commenting on revised
financial guidance for fiscal 2007, Wilkinson said:
"We have achieved good growth in our commercial PSA sales this year, fully in line with our
expectations. However, the expected timing of receipt of certain engineering service contracts has
slipped relative to our initial expectations, reducing the total revenue that we expect to recognize
this fiscal year. The combination of lower revenue, higher costs and certain timing differences has
negatively impacted our expected operational cash burn for the current fiscal year."
"At quarter end, we had $14.5 million in cash and short-term investments, including restricted cash of
$1.4 million. We believe that these funds are sufficient to fund our operations for at least the next
18 months."
Q2 2007 Financial Results
Operating Results
The following table provides a breakdown of QuestAir's revenues from the sale of gas purification
systems and engineering service contracts for the reported periods:
/T/
--------------------------------------------------------------------------
(Unaudited) Three months ended Six months ended
March 31, March 31,
2007 2006 2007 2006
--------------------------------------------------------------------------
Gas purification
systems 857,708 2,482,677 2,280,553 2,704,041
Engineering service
contracts 15,039 313,667 235,669 964,076
--------------------------------------------------------------------------
Total revenue 872,746 2,796,344 2,516,222 3,668,117
--------------------------------------------------------------------------
/T/
The decrease in revenue from gas purification systems for the quarter and half year ended March 31,
2007 resulted from less revenue being recognized related to the construction of the prototype plant
compared to the prior period. For accounting purposes, the sale of the prototype plant is treated as a
long-term production-type contract. Consequently, in accordance with Canadian generally accepted
accounting principles ("GAAP"), revenue from the prototype plant is recognized on a percentage-of-
completion basis. In addition, revenue during the quarter and half year ended March 31, 2007 was lower
than anticipated as certain gas purification systems remain in the sales order backlog pending
commissioning at customer sites. Management expects that these units will be successfully commissioned
during the balance of the fiscal year, allowing the Company to recognize revenue on these projects
later in the year.
The decrease in revenue from engineering service contracts for the quarter and half year ended March
31, 2007 compared to the same period in 2006 resulted from the fact that engineering services
contracts represent a smaller portion of the Company's sales order backlog. Work has therefore focused
on delivering orders of commercial equipment and completing the construction of the prototype plant.
Fluctuations in recognized revenue and the receipt of new sales orders are to be expected in the
industrial markets that QuestAir currently serves. In addition, the timing of receipt of new
engineering service contracts can vary from year to year. Accordingly, recognized revenue and changes
in the Company's sales order backlog should be monitored together to determine the strength of
commercial operations.
QuestAir's sales order backlog is defined as future revenue from signed contracts that have not yet
been recognized as revenue. The following table provides an analysis of the changes in sales order
backlog for the quarter and half year ended March 31, 2007.
/T/
--------------------------------------------------------------------------
(Unaudited) For the three months ended For the six months ended
March 31, 2007 March 31, 2007
Gas Engin- Gas Engin-
Purifica- eering Purifica- eering
tion Service tion Service
Systems Contracts Total Systems Contracts Total
--------------------------------------------------------------------------
Opening
Balance 5,696,921 122,250 5,819,171 4,908,298 135,594 5,043,892
Bookings 2,174,825 338,875 2,513,700 4,095,965 538,275 4,634,240
Revenue
Recog-
nized (857,708) (15,039) (872,746) (2,280,553) (235,669) (2,516,222)
Adjust-
ments(1) 64,298 (11,596) 52,702 354,626 (3,709) 350,917
--------------------------------------------------------------------------
Ending
Balance 7,078,336 434,491 7,512,827 7,078,336 434,491 7,512,827
--------------------------------------------------------------------------
(1) Includes adjustments for fluctuations in foreign currency exchange
rates.
/T/
The total sales order backlog increased by $1,693,656, or 29%, during the second quarter of fiscal
2007. The increase in backlog was driven by orders received during the quarter valued at $2,513,700,
the majority of which related to new orders for commercial products. During the quarter, QuestAir sold
a number of methane and hydrogen purification systems which contributed $2,174,825 to the growth in
backlog. Also during the quarter, QuestAir received a small follow-on engineering services contract
related to the development of a system for hydrogen purification on-board a vehicle. Foreign exchange
fluctuations during the quarter resulted in a positive adjustment to sales order backlog of $52,702.
The following table provides a calculation of gross profit for the reported periods:
/T/
--------------------------------------------------------------------------
(Unaudited) Three months ended Six months ended
March 31, March 31,
2007 2006 2007 2006
--------------------------------------------------------------------------
Sales 872,746 2,796,344 2,516,222 3,668,117
Cost of goods sold 2,235,122 2,992,057 3,590,158 3,109,858
--------------------------------------------------------------------------
Gross Profit (1,362,376) (195,713) (1,073,936) 558,259
Gross Margin (156%) (7.0%) (42.7%) 15.2%
--------------------------------------------------------------------------
/T/
The decrease in gross profit for the quarter and half year ended March 31, 2007 compared to the same
periods in fiscal 2006 resulted from the recognition of an estimated loss of $1,750,749 on the
prototype plant being sold to an ExxonMobil refinery. $950,783 of this amount has already been
incurred for salary and travel expenses related to expediting suppliers and site visits. The balance
of the loss, $799,966, represents an updated estimate of future costs related to the prototype plant,
of which $376,721 is management's estimated loss to be incurred to complete the manufacturing,
shipment, installation and commissioning of the prototype plant, and $423,245 is a warranty provision.
The sales contract for the prototype plant includes a mechanical warranty, and therefore management
must estimate a warranty expense when recognizing revenue. For the sale of commercial equipment, this
would be estimated at the time of commissioning and customer acceptance; however, as any warranty
expense for the prototype plant would increase the expected loss on this project, management has
estimated a warranty provision based on prior experience with test equipment and newly developed gas
purification systems and included such provision in the expected loss on this sale in accordance with
GAAP. Additional information regarding this sale can be found in QuestAir's MD&A for fiscal 2006.
Sales and marketing expenses were $548,825 for the quarter ended March 31, 2007, a decrease of 9%
compared to $605,068 for the same period in fiscal 2006. Although sales activities increased in the
quarter compared to the prior period, overall sales and marketing expenses declined in the quarter due
to lower commission and market research expenditures. For the half year ended March 31, 2007, sales
and marketing expenses were $1,028,052, an increase of 4% compared to $985,203 for the same period in
2006. This increase is attributed to an increased level of sales activities compared to the prior
period.
The gross Research and Development ("R&D") expenditures, offsetting government funding and the
resulting net R&D expenditures for the relevant periods, were as follows:
/T/
--------------------------------------------------------------------------
(Unaudited) Three months ended Six months ended
March 31, March 31,
2007 2006 2007 2006
--------------------------------------------------------------------------
Gross R&D
Expenditure 1,530,934 1,747,274 3,155,926 3,492,502
Less: Government
Funding (327,660) (493,629) (712,226) (966,278)
2007 2006 2007 2006
--------------------------------------------------------------------------
Net R&D Expenditure 1,203,273 1,253,645 2,443,700 2,526,224
2007 2006 2007 2006
--------------------------------------------------------------------------
/T/
The 4% and 3% reduction in net R&D expenditures for the quarter and half year ended March 31, 2007
compared to the same periods in fiscal 2006 was due to a reduction in the amount of R&D undertaken, as
resources were redirected towards supporting commercial sales efforts and the construction of the
prototype plant. Government funding decreased for the quarter in proportion to the reduction in R&D
undertaken on the refinery development program with ExxonMobil Research and Engineering, which is
eligible for funding from Technology Partnerships Canada ("TPC").
General and Administrative ("G&A") expenses were $987,300 for the second quarter of fiscal 2007,
increased by 9% from $901,794 for the same period in fiscal 2006. For the half year ended March 31,
2007, G&A expenses were $1,826,410, increased by 7% from $1,700,180 for the same period in 2006. The
increase in the quarter and half year ended March 31, 2007 resulted from increases in salary,
consulting, directors' fees and regulatory expenses, partially offset by reductions in accounting and
legal expenses compared to the prior periods.
Amortization expenses were $201,450 for the quarter ended March 31, 2007 compared to $389,226 for the
same period in fiscal 2006. For the half year ended March 31, 2007 amortization was $431,812 compared
to $763,858 for the same period in fiscal 2006. The decrease in amortization expenses was a result of
certain capital assets becoming fully amortized during the current and prior fiscal years.
Other income and expenses netted to an expense of $13,633 for the quarter ended March 31, 2007
compared to income of $9,792 for the same period in fiscal 2006. For the half year ended March 31,
2007 other income was $262,388 compared to $13,682 for the same period in fiscal 2006. The increase in
other expenses for the quarter was related to an increase in interest income, offset by increased
losses from foreign exchange and unrealized derivatives. The increase in other income for the half
year resulted from an increase in foreign exchange gains and increased interest income earned from
funds raised in an equity offering in May 2006.
Net loss for the quarter ended March 31, 2007 was $4,316,857 ($0.08 per share) compared to $3,335,654
($0.09 per share) for the same period in fiscal 2006. Net loss for the half year ended March 31, 2007
was $6,541,522 ($0.12 per share) compared to $5,403,524 ($0.14 per share) for the same period in
fiscal 2006. The increase in the net loss for the quarter was primarily a result of reduced gross
profits compared to the prior period, partially offset by lower R&D and amortization expenses and
higher interest income.
Loss per share is calculated based on the weighted average number of common shares outstanding through
the quarter. The reduction in the loss per share for the quarter and half year ended March 31, 2007
was a result of an increase in the weighted average number of common shares outstanding compared to
the prior period.
Capital expenditures net of government funding and proceeds on sale ("Net CAPEX"), for the second
quarter of fiscal 2007 was $88,735 compared to $66,584 for the same period in fiscal 2006. Net CAPEX
for the half year ended March 31, 2007 was $350,054, compared to $397,517 for the same period in 2006.
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 were $13,124,503 at March 31, 2007, a decrease of $1,636,232 from
$14,760,735 at December 31, 2006. Not included in cash and short-term investments at March 31, 2007
was $1,363,948 of restricted cash, which will be used in part to fund remaining equipment purchases
for the prototype plant in fiscal 2007.
Cash used by operations and capital requirements for the second quarter of fiscal 2007 was $1,209,697,
compared to $1,723,801 for the same period in fiscal 2006. This decrease in cash used by operations
and capital requirements during the quarter was driven by significant changes in non-cash working
capital, partially offset by the increased loss for the period. Accounts payable and accrued
liabilities increased $1,202,534 in the quarter, reflecting the accrued costs to complete construction
of and the warranty provision for the prototype plant. Deferred revenue increased as several progress
payments were received for orders in progress. Cash used by operations and capital requirements for
the half year ended March 31, 2007 was $5,314,250, compared to $4,046,071 for the same period in
fiscal 2006. The increase for the half year ended March 31, 2007 compared to the same period in fiscal
2006 was primarily due to higher losses that were partially offset by increases in deferred revenue
compared to the prior period.
During fiscal 2005, the Company signed a credit facilities agreement with Comerica Bank. This
agreement was amended and restated as part of the renewal of these facilities in June 2006. The
amended credit facilities include a US$1 million accounts receivable line of credit and a US$2 million
term loan, in addition to $673,212 outstanding under the original term loan agreement. Both facilities
are subject to annual renewal. As at March 31, 2007, the Company had drawn $953,008 against the term
loans net of repayments. QuestAir is in compliance with all of its bank covenants.
On June 6, 2003, QuestAir was awarded a $9,600,000 conditionally repayable loan from TPC, a funding
program administered by Industry Canada. At March 31, 2007, the Company had claimed $8,488,172 against
this loan. Based on forecasted R&D expenditures, the Company expects to draw down most of the
remaining $1,111,828 of TPC funding by the end of fiscal 2007.
QuestAir's authorized share capital consists of an unlimited number of common shares, of which
52,503,920 common shares were issued and outstanding as of March 31, 2007, increased by 110,855 or
0.2% from December 31, 2006. The Company also has an unlimited number of preferred shares authorized,
none of which are issued. In addition, there were 4,904,165 stock options and 192,308 share purchase
warrants outstanding at March 31, 2007.
Further information on the Company's financial results for the quarter can be found at www.sedar.com.
/T/
Balance Sheets
--------------
--------------------------------------------------------------------------
Unaudited (expressed in Canadian dollars) As at As at
March 31, September 30,
2007 2006
ASSETS
Current assets:
Cash and cash equivalents $ 8,124,503 $ 11,018,800
Restricted cash 1,363,948 1,256,354
Short-term investments 5,000,000 7,400,000
Accounts receivable 1,349,599 1,476,024
Grants and funding receivables 725,165 454,597
Inventories 3,883,203 3,510,508
Prepaid expenses 387,366 337,335
---------------------------
20,833,784 25,453,618
Property, plant and equipment 1,717,960 2,103,626
Other long-term assets 171,860 125,000
---------------------------
$ 22,723,604 $ 27,682,244
---------------------------
---------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $3,424,760 $4,413,717
Deferred revenue 4,135,786 1,946,781
Current portion of bank debt 453,754 351,398
Derivatives 34,687 -
---------------------------
8,048,987 6,711,896
Long term liabilities:
Bank debt 499,254 532,852
---------------------------
8,548,241 7,244,748
---------------------------
Shareholders' equity:
Share capital
Authorized
Unlimited common shares, voting, no par value
Unlimited preferred shares, issuable in
series, no par value
Common shares 109,293,375 109,020,202
Contributed surplus 6,493,835 6,462,772
Deficit (101,611,847) (95,045,478)
---------------------------
14,175,363 20,437,496
---------------------------
$ 22,723,604 $ 27,682,244
---------------------------
---------------------------
Statements of Operations, Comprehensive Loss and Deficit
--------------------------------------------------------
--------------------------------------------------------------------------
Unaudited (expressed For the three For the six
in Canadian dollars) months ended months ended
March 31, March 31, March 31, March 31,
Revenues $872,746 $2,796,344 $2,516,222 $3,668,117
Cost of goods sold 2,235,122 2,992,057 3,590,158 3,109,858
--------------------------- ---------------------------
Gross Profit (1,362,376) (195,713) (1,073,936) 558,259
--------------------------- ---------------------------
Operating expenses
Research and
development - net 1,203,273 1,253,645 2,443,700 2,526,224
General and
administration 987,300 901,794 1,826,410 1,700,180
Sales and marketing 548,825 605,068 1,028,052 985,203
Amortization 201,450 389,226 431,812 763,858
--------------------------- ---------------------------
2,940,848 3,149,733 5,729,974 5,975,465
--------------------------- ---------------------------
Loss before
undernoted (4,303,224) (3,345,446) (6,803,910) (5,417,206)
--------------------------- ---------------------------
Other income (expense)
Interest income 140,059 38,822 296,132 89,463
Other (153,692) (29,030) (33,744) (75,781)
--------------------------- ---------------------------
(13,633) 9,792 262,388 13,682
--------------------------- ---------------------------
Loss for the period (4,316,857) (3,335,654) (6,541,522) (5,403,524)
Other comprehensive
income - - - -
--------------------------- ---------------------------
Comprehensive loss
for the period (4,316,857) (3,335,654) (6,541,522) (5,403,524)
Deficit - Beginning
of period (97,294,990) (86,850,430) (95,070,325) (84,782,560)
Unrealized foreign
exchange loss on
derivatives - - - -
--------------------------- ---------------------------
Deficit - End of
period $(101,611,847) $(90,186,084)$(101,611,847) $(90,186,084)
--------------------------- ---------------------------
Basic and diluted
loss per share $ (0.08) $ (0.09)$ (0.12) $ (0.14)
Weighted average
number of common
shares outstanding 52,442,386 37,438,314 52,417,454 37,387,251
--------------------------------------------------------------------------
Statements of Cash Flows
------------------------
--------------------------------------------------------------------------
Unaudited (expressed For the three For the six
in Canadian dollars) months ended months ended
March 31, March 31, March 31, March 31,
Cash flows from
operating
activities
Loss for the period $ (4,316,857) $ (3,335,654) $ (6,541,522) $ (5,403,524)
Items not
involving cash
Amortization 201,450 389,226 431,812 763,858
Gain on sale of
property, plant
and equipment (285) (8,074) (350) (8,074)
Unrealized
foreign exchange
loss on
Derivatives 71,367 - 9,840 -
Non-cash
compensation
expense 125,543 124,919 245,448 246,490
Foreign currency
loss - 503 - 503
-------------------------- --------------------------
(3,918,782) (2,829,080) (5,854,772) (4,400,747)
-------------------------- --------------------------
Changes in non-cash
operating working
capital
Accounts, grants
and funding
Receivables 510,449 159,821 (144,143) (512,746)
Inventories 181,175 948,055 (372,695) 386,795
Prepaid expenses (214,742) (110,340) (96,891) (36,699)
Accounts payable
and accrued
liabilities 1,202,534 836,332 (684,699) 510,954
Deferred revenue 1,118,404 (662,005) 2,189,004 403,889
-------------------------- --------------------------
2,797,820 1,171,863 890,576 752,193
-------------------------- --------------------------
(1,120,962) (1,657,217) (4,964,196) (3,648,554)
-------------------------- --------------------------
Cash flows from
investing activities
Decrease in short-
term investments - - 2,400,000 -
Purchase of property,
plant and equipment (99,448) (93,894) (366,267) (457,669)
Government grants and
funding related to
property, plant and
equipment 10,428 23,810 15,863 56,652
Proceeds on sale or
property, plant and
equipment 285 3,500 350 3,500
Increase in
restricted cash (372,574) (1,112,731) (107,594) (1,112,731)
-------------------------- --------------------------
(461,309) (1,179,315) 1,942,352 (1,510,248)
-------------------------- --------------------------
Cash flows from
financing activities
Issuance of common
shares on exercise
of stock options 58,788 57,706 58,788 79,422
Issuance of bank debt - - 248,505 -
Repayment of bank debt (112,749) (54,210) (179,746) (72,280)
-------------------------- --------------------------
(53,961) 3,496 127,547 7,142
-------------------------- --------------------------
Decrease in cash
and equivalents (1,636,232) (2,833,036) (2,894,297) (5,151,660)
Cash and equivalents -
Beginning of period 9,760,735 8,095,595 11,018,800 10,414,219
-------------------------- --------------------------
Cash and equivalents -
End of period $ 8,124,503 $ 5,262,559 $ 8,124,503 $ 5,262,559
--------------------------------------------------------------------------
/T/
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 refueling stations. 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.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
QuestAir Technologies Inc.
Sherry Tryssenaar
Chief Financial Officer
(604) 454-1134
Email: tryssenaar@questairinc.com
Website: www.questairinc.com
OR
Buchanan Communications
UK media contact
Charles Ryland / Ben Willey
+44 (0) 20 7466 5000
OR
Karyo Edelman
Canadian media contact
Glen Edwards
(604) 623-3007
OR
Canaccord Adams
Mark Ashurst / Erin Needra
+44 207 050 6500
-0-
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