Aeroquest International Limited-TSX-V:AQL-Announces Financial Results Of Its Subsidiary-Aeroquest Limited-For The Quarter Ended July 31st, 2004.MILTON, Ontario -- Aeroquest International Limited (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:AQL (language) AQL - A picture query language, extension of APL. ["AQL: A Relational Database Management System and Its Geographical Applications", F. Antonacci et al, in Database Techniques for Pictorial Applications, A. Blaser ed, pp. 569-599]. ) is pleased to announce the financial results for the first quarter ended July 31st, 2004 of its 100% owned subsidiary, Aeroquest Limited ("Aeroquest") which have been filed and are now available on SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review (www.sedar.com). This will be the last financial report for Aeroquest as a private company and the next financial report will be for AQL consolidated for the six months ended October 31st, 2004. During the first quarter ended July 31st, 2004, Aeroquest flew its proprietary AeroTEM II airborne electromagnetic electromagnetic /elec·tro·mag·net·ic/ (-mag-net´ik) involving both electricity and magnetism. electromagnetic pertaining to or emanating from electromagnetism. system successfully, contributing revenues of $1.55 million. During this same quarter, the focus was also on building additional AeroTEM II systems, research and development, and adding additional staff to strengthen operations. During this period, general and administrative expenses increased due to additional staffing needs. In addition, Aeroquest incurred extraordinary legal and accounting expenses in connection with its recent stock exchange listing. Currently, Aeroquest has several AeroTEM II systems operating and revenue continues to increase significantly due to strong mineral exploration demand. Aeroquest's balance sheet was strong at the end of the period with working capital of over $1.67 million, including over $2.35 million in cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has . The convertible debenture Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. , classified as debt in the quarterly financials, has now been converted to shares in AQL (see previous press release of November 3, 2004). AQL has $3.6 million in cash raised through the recent financing (after commissions and costs) and has 15,829,162 million shares outstanding. Aeroquest International Limited (TSX-V:AQL) is the parent company of Aeroquest Limited, a world leader in the development and operation of innovative and proprietary airborne geophysical surveying Geophysical survey refers to the systematic collection of geophysical data for spatial studies. Geophysical surveys may use a great variety of sensing instruments, and data may be collected from above or below the Earth's surface or from aerial or marine platforms. platforms servicing the mineral exploration, oil and gas, and environmental industries. Aeroquest International Limited (TSX VENTURE:AQL) |
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