TORONTO, ONTARIO — (Marketwired) — 12/15/14 — AirIQ Inc. (“AirIQ” or “the Company”) (TSX VENTURE: IQ), a supplier of wireless asset management services, today announced the establishment of a new banking relationship with Royal Bank of Canada (the “Bank”), including new credit facilities to assist AirIQ in its growth strategies.
“AirIQ has been seeking a banking partner that understands the Company–s business potential and can support us in our growth strategy,” said Michael Robb, President and Chief Executive Officer of AirIQ. “We are excited about our new relationship with Royal Bank and believe that their support and the new credit facility is a vote of confidence in our performance and future prospects. We believe that this facility will give us added flexibility to capture value in the market opportunities we see ahead,” continued Mr. Robb.
The credit facility is a standard operating line with the normal covenants, including a first priority general security over the Company–s assets. In connection with the facility, the Company–s lender, Mosaic Capital Partners, L.P., agreed to subordinate its security interest to the Bank.
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 .
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
AirIQ Inc.
Michael Robb
President and Chief Executive Officer
(905) 831-6444, Ext. 4371
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