FOR: QUESTAIR TECHNOLOGIES INC.
TSX, AIM SYMBOL: QAR
May 15, 2008
QuestAir Reports Second Quarter 2008 Results
BURNABY, BRITISH COLUMBIA--(Marketwire - May 15, 2008) - 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 2008, ended March 31, 2008. All amounts are in Canadian dollars
unless otherwise noted.
Second Quarter Highlights
- During the second quarter, the testing of the prototype H-6200 hydrogen purifier (the "prototype
plant") at an ExxonMobil refinery in France was successfully completed. The Company believes that
QuestAir and ExxonMobil Research & Engineering ("EMRE") have reached the stage that they can take
the H-6200 hydrogen purifier to the refinery market.
- On March 3, 2008, the Company announced that it had signed an agreement valued at $6.3 million
with EMRE to allow for the further development and commercialization of QuestAir's rapid-cycle
pressure swing adsorption ("PSA") technology. Under the agreement, EMRE will pay QuestAir $6.3
million over two years in order to advance the commercialization of the H-6200 hydrogen purifier
and progress development in the field of on-board reforming of liquid hydrocarbon fuels to
hydrogen for mobile fuel cell applications.
- In conjunction with the announcement of the new agreement with EMRE, QuestAir announced revised
financial guidance for fiscal 2008 and cost saving measures to better utilize its cash resources
and to further improve its financial outlook. Recognized revenue for fiscal 2008 is now expected
to be in the range of $11 million to $12 million, compared to guidance of $9 million to $10
million provided by management on December 12, 2007. Cash used in operations and capital
expenditures for fiscal 2008 is expected to be in the range of $6.5 million to $7.5 million,
compared to prior guidance of less than $8 million.
- Coincident with issuing the revised guidance, QuestAir announced measures to reduce its
operating expenses. The reorganization, which included the elimination of 13 full time positions,
has been completed and is expected to result in annualized savings of $1.25 million. QuestAir
recognized a restructuring charge of approximately $450,000 during the quarter ending March 31,
2008 as a result of the reorganization.
- During the quarter, the Company announced that it had received an order valued at approximately
$1 million for an H-3100 hydrogen PSA system from Iwatani International Corporation, Japan's
leading supplier of merchant hydrogen. The PSA will be used in a new hydrogen recovery project in
Japan.
- The Company also announced that it signed an agreement to supply its methane purification
products to Verdesis Suisse SA ("Verdesis"), a leading European supplier of integrated plants that
produce renewable pipeline or vehicle fuel grade methane from biogas. Under the terms of the
supply agreement, QuestAir's methane PSA systems will be integrated into Verdesis' biogas
enrichment plants. To date, QuestAir has announced contracts to supply its M-3200 PSAs to four
Verdesis projects in Switzerland which upgrade biogas for injection into the natural gas grid.
- Revenue was $2,298,448 for the quarter, increased by $1,425,702, or 163% from $872,746 for the
same period in fiscal 2007. Revenue for the half year was $3,866,373, increased by $1,350,151, or
54% from $2,516,222 for the same period last year.
- QuestAir ended the second quarter with its highest sales order backlog since its inception. At
March 31, 2008 sales order backlog was $16,022,374, increased by $5,881,808, or 58% from
$10,140,566 at December 31, 2007.
- Cash used by operations and capital requirements was $2,166,074 for the quarter, increased by
$956,377, or 79% from $1,209,697 for the same period in fiscal 2007. Cash used by operations and
capital requirements for the half year was $4,992,926, a decrease of 6% or $321,324 from
$5,314,250 for the same period in fiscal 2007.
- Net loss was $2,057,403 ($0.04 per share) for the quarter, decreased by $2,587,115, or 56% from
$4,644,518 for the same period in fiscal 2007. Net loss for the half year decreased to $4,447,879
($0.08 per share) from $6,869,183 ($0.13 per share) for the same period in 2007.
- Subsequent to quarter end, QuestAir announced the closing of an underwritten offering of
subscription receipts for gross proceeds of $9 million. Each subscription receipt is automatically
exchangeable into a unit consisting of one common share and one common share purchase warrant upon
receipt of shareholder and listing approvals, which are expected to be obtained on or before June
17, 2008.
Jonathan Wilkinson, President and CEO of QuestAir, said: "We made notable progress on many fronts
during the quarter. Field testing of the H-6200 prototype plant was successfully completed in
March. The unit demonstrated its ability to effectively recover hydrogen from refinery gas streams
and return purified hydrogen for plant applications. The operating performance and robustness of
the prototype plant under various conditions bode well for future sales of the H-6200 hydrogen
purifier."
"On the commercial front, our gross margin returned to more normal levels, now that revenue from
the prototype plant has been fully recognized. In addition, we ended the quarter with record sales
order backlog, owing to the new engineering service contract we signed with EMRE. This contract
will allow us to further reduce our R&D expenses, which is one of the key operating costs of the
Company. The funding under this program will also further reduce our cash burn going forward,"
Wilkinson said.
"Also during the quarter, we signed a supply agreement with Verdesis covering the European biogas
market. We are pleased to formalize our relationship with Verdesis, and we expect that the new
agreement will drive further sales growth in the European marketplace."
"Earlier this week, we announced the closing of an underwritten offering of subscription receipts,
raising gross proceeds of $9 million. The proceeds are currently being held in escrow pending
receipt of shareholder and listing approval in accordance with regulatory requirements, and we
expect to receive such approval on June 16, 2008. We are very pleased to have completed this
offering under such challenging market conditions. These funds will strengthen our balance sheet,
and allow us to pursue the growth initiatives that we have outlined in the biomethane, refinery
and industrial hydrogen markets." Full details of the offering can be found in the final short
form prospectus at www.sedar.com.
Outlook
Commenting on the outlook for the remainder of fiscal 2008, Wilkinson said:
"Our priorities for the next few months include continuing to expand and grow our biomethane gas
processing business, working to secure the first commercial order of an H-6200 hydrogen purifier,
and further reducing our operating costs and cash burn."
"We are continuing our efforts to increase our penetration in the biomethane market. In addition
to progress in the European marketplace, we are seeing growing interest in and development of the
North American biogas market. Subsequent to quarter end, we announced that we will be supplying an
M-3200 for a biomethane to vehicle fuel project in California. The project will be integrated by
Phase 3 Renewables LLC. This is the third sale we have made to Phase 3 for North American biogas
projects."
"Now that the field test of the H-6200 hydrogen purifier has been completed, EMRE and QuestAir can
use the data from the prototype test to market the H-6200 to both ExxonMobil and third party
refineries. These activities are expected to support our objective of securing the first
commercial order for an H-6200 hydrogen purifier during this fiscal year."
"The combination of the cost-cutting measures undertaken in March and the new EMRE engineering
service contract are expected to result in a considerable improvement in our financial performance
over the second half of the fiscal year. As was announced in March, we now expect recognized
revenue for the full fiscal year to be in the range of $11 to $12 million, up from $9 to $10
million, and cash used in operations and capital expenditures to be in the range of $6.5 to $7.5
million compared to less than $8 million."
Q2 2008 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 March 31, Six months ended March 31,
2008 2007 2008 2007
--------------------------------------------------------------------------
Gas purification
systems 1,348,139 857,708 2,710,950 2,280,553
Engineering
service contracts 950,309 15,038 1,155,423 235,669
--------------------------------------------------------------------------
Total revenue 2,298,448 872,746 3,866,373 2,516,222
--------------------------------------------------------------------------
/T/
Total recognized revenue for the second quarter of fiscal 2008 increased to $2,298,448 compared to
$872,746 for the same period in fiscal 2007. Total recognized revenue for the half year was
$3,866,373 compared to $2,516,222 for the same period in fiscal 2007. Revenue from gas
purification systems increased by $490,431 for the quarter and $430,397 for the half year, and
revenue from engineering service contracts increased by $935,271 for the quarter and $919,754 for
the half year compared to the same periods in fiscal 2007. This increase in revenue reflects
higher sales order backlog for the Company compared to the prior periods.
Fluctuations in recognized revenue and the receipt of new sales orders are to be expected in the
industrial markets that the Company currently serves. In addition, the timing of receipt of new
engineering service contracts can vary from year to year. Accordingly, management believes that
recognized revenue and changes in sales order backlog should be monitored together to determine
the strength of its 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 three and six months ended March 31, 2008.
/T/
--------------------------------------------------------------------------
(Unaudited) For the three months ended March 31, 2008
Gas Engineering
Purification Service
Systems Contracts Total
--------------------------------------------------------------------------
Opening Balance 8,143,859 1,996,707 10,140,566
Bookings 1,084,749 6,350,000 7,434,749
Revenue (1,348,139) (950,309) (2,298,448)
Adjustments(1) 510,169 235,338 745,507
--------------------------------------------------------------------------
Ending Balance 8,390,638 7,631,736 16,022,374
--------------------------------------------------------------------------
--------------------------------------------------------------------------
--------------------------------------------------------------------------
(Unaudited) For the six months ended March 31, 2008
Gas Engineering
Purification Service
Systems Contracts Total
--------------------------------------------------------------------------
Opening Balance 8,954,635 2,099,130 11,053,765
Bookings 1,595,058 6,457,200 8,052,258
Revenue (2,710,950) (1,155,423) (3,866,373)
Adjustments(1) 551,895 230,829 782,724
--------------------------------------------------------------------------
Ending Balance 8,390,638 7,631,736 16,022,374
--------------------------------------------------------------------------
--------------------------------------------------------------------------
/T/
(1) Includes adjustments for fluctuations in foreign currency exchange rates.
The total sales order backlog increased by $5,881,808 or 58%, during the second quarter of fiscal
2008, as the dollar value of new bookings exceeded revenue recognized in the quarter. Included in
bookings during the quarter is a new agreement valued at $6,350,000 with EMRE to allow for the
further development and commercialization of the Company's rapid-cycle PSA technology. Management
expects that 45 to 50% of the sales order backlog as of March 31, 2008 will be recognized as
revenue by September 30, 2008, with the balance being recognized in future fiscal years.
The following table provides a calculation of gross profit for the reported periods:
/T/
-------------------------------------------------------------------------
(Unaudited) Three months ended March 31, Six months ended March 31,
2008 2007 2008 2007
-------------------------------------------------------------------------
Sales 2,298,448 872,746 3,866,373 2,516,222
Cost of goods sold 1,256,753 2,244,476 2,576,489 3,604,545
-------------------------------------------------------------------------
Gross Profit 1,041,695 (1,371,730) 1,289,884 (1,088,323)
Gross Margin (%) 45.3% (157.2%) 33.4% (43.3%)
-------------------------------------------------------------------------
/T/
There was a significant increase in gross margin for the quarter and half year ended March 31,
2008 compared to the same period in fiscal 2007. Low gross margins in the relevant 2007 periods
were the result of losses related to the prototype plant that was sold to an ExxonMobil refinery.
Revenue from the prototype plant was fully recognized at the end of the first quarter of fiscal
2008, allowing the gross margin to return to more normal levels in the quarter ended March 31,
2008. In any given quarter, gross margins fluctuate depending on the mix of revenues from
engineering service contracts, which tend to produce higher margins, and commercial equipment.
Nevertheless, management expects the current year to date gross margin to be more in line with
expected gross margin for the balance of the fiscal year.
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 March 31 Six months ended March 31,
2008 2007 2008 2007
--------------------------------------------------------------------------
Gross R&D Expenditure 933,699 1,347,995 1,889,563 2,735,637
Less: Government Funding - - - (384,565)
--------------------------------------------------------------------------
Net R&D Expenditure 933,699 1,347,995 1,889,563 2,351,072
--------------------------------------------------------------------------
/T/
The 31% reduction in gross R&D expenditures for the quarter and half year ended March 31, 2008
compared to the same periods in fiscal 2007 was due to a reduction in the level of R&D activities
in the current year, reflecting the Company's shift towards commercial activities.
This is the first fiscal year that operations appears as a caption on QuestAir's financial
statements, and is the result of the restructuring undertaken in the prior fiscal year to increase
resources dedicated to commercial activities and to reduce R&D expenditures. Consistent with the
Company's accounting policy, comparative amounts have been reclassified, where necessary to
conform to the presentation adopted in the current fiscal year. Included in operations are
expenses related to supply chain management, shipping and receiving, quality management and non-
development related engineering activities. Operations expenses were $430,189 for the second
quarter of fiscal 2008, an increase of 78% from $242,093 for the same period in fiscal 2007. For
the half year ended March 31, 2008, operations expenses were $867,807, increased by 63% compared
to $532,415 for the same period in fiscal 2007. The increase in operating expenses is primarily
due to the addition of human resources to the department.
Other operating expenses include general and administrative ("G&A"), sales and marketing, and
amortization expenses. Total other operating expenses increased $187,639 or 11% to $1,856,706 in
the quarter and $158,110 or 5% to $3,317,871 for the half year ended March 31, 2008 compared to
the same periods in fiscal 2007. G&A expenses increased due to a restructuring charge of
approximately $450,000 being incurred in the most recent quarter. This was offset by reductions in
both amortization and sales and marketing expenses compared to the prior periods.
Other income was $121,496 for the second quarter of fiscal 2008 compared to other expense of
$13,633 in the same period in fiscal 2007. For the half year ended March 31, 2008 other income was
$337,478 compared to $262,388 for the same period in fiscal 2007. Lower interest income was offset
by increased foreign exchange gains in the current quarter and half year compared to the same
periods in fiscal 2007.
Net loss for the quarter ended March 31, 2008 was $2,057,403 ($0.04 per share) compared to
$4,644,518 ($0.09 per share) for the same period in fiscal 2007. Net loss for the half year ended
March 31, 2008 was $4,447,879 ($0.08 per share) compared to $6,869,183 ($0.13 per share) for the
same period in fiscal 2007. The decrease in the net loss for the quarter and half year was a
result of increased gross profits compared to the same periods in fiscal 2007.
Capital expenditures net of government funding and proceeds on sale ("Net CAPEX"), for the second
quarter of fiscal 2008 was $86,788 compared to $99,448 for the same period in fiscal 2007. Net
CAPEX for the half year ended March 31, 2008 was $240,581 compared to $360,482 for the same period
in fiscal 2007. 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
At March 31, 2008 cash and short-term investments were $3,697,331, compared to $5,909,516 at
December 31, 2007. Not included in cash and short term investments at March 31, 2008 and December
31, 2007 was $256,717 of restricted cash to secure letters of credit with customers.
Cash used by operations and capital requirements for the second quarter of fiscal 2008 was
$2,166,074, compared to $1,209,697 for the same period in fiscal 2007. Although the loss from
operations was lower in the current quarter, cash usage in the prior period was less due to
significant changes in non-cash working capital in the second quarter of fiscal 2007. In the
current period, inventory increased in order to fulfill customer orders in backlog, while accounts
payable and accrued liabilities decreased as payments related to inventory and other commitments
were processed. Partially offsetting these increases in uses of cash were progress payments
received by customers for orders in backlog. Cash used by operations and capital requirements for
the half year ended March 31, 2008 was $4,992,926 compared to $5,314,250 for the same period in
fiscal 2007. The decrease in cash burn for the half year ended March 31, 2008 was primarily due to
reduced losses and net capital expenditures compared to the same period in fiscal 2007.
On May 13, 2008, the Company announced the closing of an underwritten offering of subscription
receipts for gross proceeds of $9 million. Funds from this offering are not included in the cash
balances as at March 31, 2008.
The Company has a US$1 million accounts receivable line of credit and a US$1 million term loan
from Comerica Bank. As at March 31, 2008, the Company had drawn $146,379 against the term loan,
and had drawn $640,169 net of repayments against prior term loans. These credit facilities are
secured by the assets of the Company with certain exceptions. QuestAir is in compliance with all
of its bank covenants.
Authorized share capital consists of an unlimited number of common shares, of which 52,683,647
common shares were issued and outstanding as of April 30, 2008 and an unlimited number of
preferred shares authorized, none of which are issued. In addition, there were 2,650,838 stock
options and 192,308 warrants outstanding as of April 30, 2008.
On May 13, 2008, the Company announced the closing of an underwritten offering of subscription
receipts for gross proceeds of $9 million. Each subscription receipt is automatically exchangeable
into a unit consisting of one common share and one common share purchase warrant upon receipt of
shareholder and listing approvals, which are expected to be obtained on or before June 17, 2008.
The Company has also granted the underwriters an over-allotment option to purchase a further $1.35
million worth of subscription receipts exercisable for 30 days from closing. The offering is
subject to certain conditions, including but not limited to, the receipt of all necessary
regulatory approvals including approvals of the Toronto Stock Exchange and the AIM. Management
expects that such approvals will be received and the conditions will be met on or around June 17,
2008.
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,
2008 2007
ASSETS
Current assets:
Cash and cash equivalents $ 3,635,283 $ 5,726,245
Restricted cash 256,717 340,802
Short-term investments 62,048 3,060,447
Accounts receivable 1,728,020 1,412,983
Inventories 6,324,162 4,376,717
Prepaid expenses 212,731 256,378
Derivatives 623 -
--------------------------
12,219,584 15,173,572
Deferred charges 268,000 -
Property, plant and equipment 1,591,181 1,703,872
Other long-term assets 182,080 175,080
--------------------------
$14,260,845 $17,052,524
--------------------------
--------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 2,773,417 $ 2,791,139
Deferred revenue 6,243,722 4,546,584
Current portion of bank debt 481,651 564,306
Current portion of obligation
under capital lease 100,939 97,822
Derivatives - 75,874
--------------------------
9,599,729 8,075,725
Long term liabilities:
Bank debt 304,897 356,030
Obligation under capital lease 100,940 97,822
--------------------------
10,005,566 8,529,577
--------------------------
Shareholders' equity:
Share capital
Authorized
Unlimited common shares, voting,
no par value
Unlimited preferred shares, issuable
in series, no par value
Common shares 109,702,558 109,383,859
Contributed surplus 6,488,337 6,626,825
Deficit (111,935,616) (107,487,737)
--------------------------
4,255,279 8,522,947
--------------------------
$14,260,845 $17,052,524
--------------------------
--------------------------
--------------------------------------------------------------------------
Statements of Operations, Comprehensive Loss and Deficit
--------------------------------------------------------------------------
Unaudited (expressed in Canadian dollars)
For the three months ended For the six months ended
March 31, March 31, March 31, March 31,
2008 2007 2008 2007
Revenues $ 2,298,448 $ 872,746 $ 3,866,373 $ 2,516,222
Cost of
goods sold 1,256,753 2,244,476 2,576,489 3,604,545
---------------------------- ----------------------------
Gross profit 1,041,695 (1,371,730) 1,289,884 (1,088,323)
---------------------------- ----------------------------
Operating expenses
Research and
development - net 933,699 1,347,995 1,889,563 2,351,072
General and
administration 1,189,821 902,657 2,075,389 1,662,914
Operations 430,189 242,093 867,807 532,415
Sales and
marketing 487,634 564,960 889,210 1,065,035
Amortization 179,251 201,450 353,272 431,812
---------------------------- ----------------------------
3,220,594 3,259,155 6,075,241 6,043,248
---------------------------- ----------------------------
Loss before
undernoted (2,178,899) (4,630,885) (4,785,357) (7,131,571)
---------------------------- ----------------------------
Other income
(expense)
Interest income 31,462 140,059 100,752 296,132
Other income
(expense) 90,034 (153,692) 236,726 (33,744)
---------------------------- ----------------------------
121,496 (13,633) 337,478 262,388
---------------------------- ----------------------------
Loss and
comprehensive
loss for
the period (2,057,403) (4,644,518) (4,447,879) (6,869,183)
Deficit -
Beginning
of period (109,878,213) (97,294,990) (107,487,737) (95,070,325)
---------------------------- ----------------------------
Deficit -
End of period $(111,935,616) $(101,939,508) $(111,935,616) $(101,939,508)
---------------------------- ----------------------------
---------------------------- ----------------------------
Basic and
diluted loss
per share $ (0.04) $ (0.09) $ (0.08) $ (0.13)
Weighted
average number
of common shares
outstanding 52,683,647 52,442,386 52,622,558 52,417,454
--------------------------------------------------------------------------
Statements of Cash Flows
--------------------------------------------------------------------------
Unaudited (expressed in Canadian dollars)
For the three months ended For the six months ended
March 31, March 31, March 31, March 31,
2008 2007 2008 2007
Cash flows
from operating
activities
Loss for
the period $ (2,057,403) $ (4,644,518) $ (4,447,879) $ (6,869,183)
Items not
involving cash
Amortization 179,251 201,450 353,272 431,812
Gain on sale
of property,
plant and
equipment - (285) - (350)
Unrealized
foreign
exchange
loss (gain)
on derivatives (2,557) 71,367 (76,498) 9,840
Non-cash
compensation
expense 75,121 125,543 180,068 245,448
Foreign
currency
loss 6,923 - 6,234 -
---------------------------- ----------------------------
(1,798,665) (4,246,443) (3,984,803) (6,182,433)
---------------------------- ----------------------------
Changes in
non-cash
operating
working capital
Accounts and
funding
receivables 1,131,458 848,538 (315,037) 193,946
Inventories (679,341) 181,175 (1,947,446) (372,695)
Prepaid
expenses (115,162) (214,742) 36,647 (96,891)
Accounts
payable
and accrued
liabilities (659,682) 1,202,534 (238,844) (684,699)
Deferred
revenue 42,106 1,118,404 1,697,138 2,189,004
---------------------------- ----------------------------
(280,621) 3,135,909 (767,542) 1,228,665
---------------------------- ----------------------------
(2,079,286) (1,110,534) (4,752,345) (4,953,768)
---------------------------- ----------------------------
Cash flows from
investing activities
Decrease in
short-term
investments - - 3,060,447 2,400,000
Increase in
short-term
investments - - (62,048) -
Purchase of
property, plant
and equipment (86,788) (99,448) (240,581) (366,267)
Government grants
and funding related
to property, plant
and equipment - - - 5,435
Proceeds on sale
of property, plant
and equipment - 285 - 350
Decrease in
restricted cash - - 84,085 -
Increase in
restricted cash - (372,574) - (107,594)
---------------------------- ----------------------------
(86,788) (471,737) 2,841,903 1,931,924
---------------------------- ----------------------------
Cash flows from
financing activities
Issuance of common
shares on exercise
of stock options - 58,788 143 58,788
Deferred charges (46,876) - (46,876) -
Increase in
bank debt 146,379 - 153,629 248,505
Repayment of
bank debt (145,614) (112,749) (287,416) (179,746)
---------------------------- ----------------------------
(46,111) (53,961) (180,520) 127,547
---------------------------- ----------------------------
Decrease in cash
and equivalents (2,212,185) (1,636,232) (2,090,962) (2,894,297)
Cash and
equivalents -
Beginning
of period 5,847,468 9,760,735 5,726,245 11,018,800
---------------------------- ----------------------------
Cash and
equivalents -
End of period $ 3,635,283 $ 8,124,503 $ 3,635,283 $ 8,124,503
---------------------------- ----------------------------
---------------------------- ----------------------------
--------------------------------------------------------------------------
/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
This press release contains forward-looking statements. Forward looking statements generally can
be identified by the use of forward looking terminology such as "may", "will", "expect", "intend",
"anticipate", "plan", "foresee", "believe" or "continue" or the negatives of these terms or
variations of them or similar terminology. These forward looking statements include references to
the future success of our business, technology, and market opportunities. By their nature, forward
looking statements require QuestAir to make assumptions and are subject to important known and
unknown risks and uncertainties, which may cause QuestAir's actual results in future periods to
differ materially from forecasted results. While QuestAir considers its assumptions to be
reasonable and appropriate based on current information available, there is a risk that they may
not be accurate. These forward looking statements are neither promises nor guarantees, but involve
known and unknown risks and uncertainties that may cause the Company's actual results, level of
activity, performance or achievements to be materially different from any future results, levels
of activity, performance or achievements expressed in or implied by these forward looking
statements. These risks include risks related to general economic conditions, risks associated
with revenue growth, operating results, industry factors and QuestAir's general business
environment, risks associated with doing business with partners, risks involved with the
development new products and technology, financing risks, such as risks relating to liquidity and
access to capital markets, and risks relating to competition, among other factors. Readers are
cautioned that the foregoing list of factors that may affect future growth, results and
performance is not exhaustive and undue reliance should not be placed on such forward looking
statements which speak only to the date they were made. Except as required by law, QuestAir
disclaims any obligation to publicly update or revise any such statements to reflect any change in
the Company's expectations or in events, conditions, or circumstances on which any such statements
may be based, or that may affect the likelihood that actual results will differ from those set
forth in the forward looking statements.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
QuestAir Technologies Inc.
Sherry Tryssenaar
Chief Financial Officer
(604) 453-6902
Email: tryssenaar@questairinc.com
Website: www.questairinc.com
OR
Canaccord Adams
Robert Finlay
+44 (0) 20 7050 6500
OR
Buchanan Communications
Charles Ryland
UK Media Contact
+44 (0) 20 7466 5000
OR
Buchanan Communications
Ben Willey
UK Media Contact
+44 (0) 20 7466 5000
OR
Karyo Communications
Stephen Burega
Canadian Media Contact
(604) 623-3007
-0-
QuestAir Technologies Inc.
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