TORONTO, ONTARIO — (Marketwired) — 09/16/15 — AirIQ Inc. (“AirIQ” or “the Company”) (TSX VENTURE: IQ), a supplier of wireless asset management services, today announced that the Company concluded its Annual and Special General Meeting of Shareholders (the “Meeting”) earlier today.
A total of 13,622,325 common shares were voted at the Meeting or by proxy representing approximately 47.09% of the 28,928,947 outstanding common shares of the Company as at the record date of August 5, 2015.
Shareholders re-elected Donald Gibbs, Vernon Lobo and Michael Robb to the Company–s Board of Directors. In addition, shareholders voted in favour of all other resolutions as set out in the management information circular, including the reappointment of McGovern Hurley Cunningham LLP as auditors of the Company and the re-approval of the Company–s rolling stock option plan.
On September 16, 2015, the Company also granted a total of 250,000 stock options with an exercise price of $0.07 per share to non-executive Board members in consideration for acting as Directors of the Company. Vernon Lobo, Chairman of the Board, was granted options to purchase up to 150,000 common shares of the Company and Donald Gibbs, a director of the Company, was granted options to purchase up to 100,000 common shares. The term of the option grant is ten years from the date of grant and the options vest over a period of one year; 25% each quarter. All other terms of the grants are in accordance with the Company–s Stock Option Plan and are subject to approval of the TSX Venture Exchange.
The Company has 28,928,947 common shares issued and outstanding. Under the terms of the Company–s rolling stock option plan a maximum of 2,892,895 shares are available to be issued pursuant to the exercise of options at this time. Including this grant of 250,000 options, a total of 2,455,339 shares have been reserved for issuance pursuant to option grants. A further 437,556 shares are available for issuance pursuant to future option grants at this time.
About AirIQ
AirIQ currently trades on the TSX Venture Exchange under the symbol IQ. The Company delivers a suite of asset management solutions that generate recurring revenues from each device deployed.. 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. AirIQ–s office is located in Pickering, Ontario, Canada. 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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