AirIQ Announces 2005 Fourth Quarter and Year End Results.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing -- Exceeds 200,000 active subscribers with annual revenue increase over 80% AirIQ Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :IQ), a leader in global wireless security, today announced its results for the fourth quarter and year ended December December: see month. 31, 2005. Highlights: - Annual revenue increased by 84 per cent year over year to $40.0 million - Gross profit increased by 69 per cent year over year to $14.8 million - Ratio of expenses to revenue for 2005 improved to 56.5 per cent, compared to 72.7 per cent in 2004 - Reached an active subscriber base of 201,634 - Launched GSM (Global System for Mobile Communications) A digital cellular phone technology based on TDMA that is the predominant system in Europe, but also used worldwide. Developed in the 1980s, GSM was first deployed in seven European countries in 1992. (Global System for Mobile Communications (communications) Global System for Mobile Communications - (GSM, originally "Groupe de travail Sp?ciale pour les services Mobiles") One of the major standards for digital cellular communications, in use in over 60 countries and serving over one billion subscribers. ) services creating a strong platform for international expansion - Entered into Agreements with major GSM network carriers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. - Expanded presence in the consumer market through private label agreements with LoJack LoJack system for locating stolen vehicles/items Corporation and with Directed Electronics' four leading brands: Viper(R), Python Python, in Greek mythology Python, in Greek mythology, a huge serpent. In some myths the infant Apollo slew Python at the oracle of Gaea in Delphi; in others Apollo killed the serpent in order to claim the oracle for himself. (R), Clifford Clif·ford , Clark McAdams 1906-1998. American lawyer and politician who, as chief counsel (1946-1950) to President Harry S. Truman, influenced U.S. foreign policy. During the Vietnam War he served as U.S. secretary of defense (1968-1969). (R) and Automate To turn a set of manual steps into an operation that goes by itself. See automation. (R) - Recently announced private placement and financing arrangements to facilitate payment obligations "AirIQ grew steadily in 2005 and our financial performance moved us closer to the important inflexion inflection, inflexion the act of bending inward, or the state of being bent inward. point where we turn from a Company using cash to one that produces cash," said Donald Donald (Domnall, Domhnall, Dumhnuil, Dónall) is an anglicized version of a Scottish or Irish Gaelic personal name, containing the elements dumno "world" and val "rule", viz. "ruler of the world". Compare Dumnorix. Simmonds Simmonds is a surname, and may refer to
With strength in all market sectors, AirIQ expects to deliver approximately 30,000 units in the first quarter of 2006, a record for the company. "In the past year we surpassed 200,000 subscribers, a significant milestone and ensured our technical platform continues to deliver a competitive advantage," Mr. Simmonds continued. "Despite network issues in Mexico, unexpected customer churn churn: see butter. and the effects of the stronger Canadian dollar Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents , we increased our revenue and gross profit while improving our expense to revenue ratio. Along with these important trends, we are encouraged that business and consumer understanding of the benefits of wireless security for mobile assets is accelerating our momentum." "As we announced last week, we have entered into a bought deal private placement and term loan and the Company will use these funds to satisfy its upcoming earn-out Earn-out Refers to an additional payment in a merger or acquisition that is not part of the original acquisition cost, which is based on the acquired company's future earnings relative to a level determined by the merger agreement. obligation," stated Mark Kohler Kohler, village (1990 pop. 1,817), Sheboygan co., E Wis., on the Sheboygan River; inc. 1912. The Kohler plumbing-fixtures plant there, which still produces its famous stainless-steel products, has been the scene of some of the longest and most bitter labor disputes , CFO See Chief Financial Officer. of AirIQ. "Along with annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. expense reductions of $2.0 million in January January: see month. that should take effect fully in the second quarter, the leveraging effect of our recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. revenues should create a marked improvement in cash generation in the first and second quarters of 2006." "With the Company's decision to begin transitioning its new services to a digital-based (GSM) technology platform in the fourth quarter of 2005, management determined that to be conservative a non-cash provision related to analogue (electronics) analogue - (US: "analog") A description of a continuously variable signal or a circuit or device designed to handle such signals. The opposite is "discrete" or "digital". network based inventory should be taken amounting to approximately $2,085,000," continued Mr. Kohler. "The benefits of the new digital solution are greater efficiency in costs per transaction, improvements in hardware costs (once volume procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. initiatives are established), and the ability to grow our business internationally. We began shipping GSM units to Mexico based customers in the fourth quarter." As a recurring revenue business, the key measures of AirIQ's progress relate to various trajectories, or trends. The Company's strategy is to aggressively acquire new subscribers and service revenues from a relatively fixed and scalable infrastructure. Overview The accompanying condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. consolidated statements of loss and deficit are presented for the years and quarters ended December 31, 2005 and December 31, 2004, comparatively, and include the operating results of AirIQ Inc. and its subsidiaries. The accompanying condensed consolidated balance sheets consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern. The Company's audited consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge as at and for the year ended December 31, 2005, including notes thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. , the accompanying Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial , and the Company's 2005 Annual Report, will be filed with the Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. securities regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities today; and will be available on the Company's website (www.airiq.com) and on the System for Electronic Document Analysis and Retrieval The System for Electronic Document Analysis and Retrieval (SEDAR) is a mandatory document filing and retrieval system for Canadian public companies. Similar to EDGAR, SEDAR is operated by the Canadian Securities Administrators, a coordinating body comprising the 13 Canadian ("SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review ") website (www.sedar.com). Unless otherwise noted herein, all references to dollar amounts are in Canadian dollars. Subscriber Base Shipments of hardware units to customers totaled 20,952 in the fourth quarter of 2005. During the fourth quarter, the Company decided to permanently discontinue dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: service to an Aircept customer with approximately 7,500 remaining units and discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: approximately 3,000 units in Mexico from its service, in each case, due to lack of payment on overdue OVERDUE. A bill, note, bond or other contract, for the payment of money at a particular day, when not paid upon the day, is overdue. 2. The indorsement of a note or bill overdue, is equivalent to drawing a new bill payable at sight. 2 Conn. 419; 18 Pick. accounts. These actions were taken after repeated attempts to resolve the overdue accounts. This unusual churn resulted in lower than expected net active subscriber additions in the quarter. The Company does not expect churn levels experienced in the fourth quarter to continue in 2006. Revenue Increased Revenues for the year ended December 31, 2005, increased 83.9 per cent to $40.0 million from $21.8 million in 2004. The increase in revenues resulted from subscriber additions and the integration of the Aircept and Boatracs businesses acquired in 2004. For the three months ended December 31, 2005, revenues increased by 10.1 per cent to $10.0 million from $9.0 million for same period last year and decreased by approximately $300,000 from the previous three months ended September September: see month. 30, 2005, largely due to the strengthening Canadian-U.S. dollar exchange rate and competitive pricing of hardware units. Gross Profit Improved Gross profit for the year ended December 31, 2005, was $14.8 million, an increase of 69.3 per cent compared to gross profit of $8.7 million for 2004. Excluding the write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of inventory due to technology change, gross profit for the year was $16.9 million. For the three months ended December 31, 2005, gross profit was $4.2 million (before inventory write-down), a decrease of approximately $185,000 from the previous three months ended September 30, 2005. Gross profit as a percentage of revenue for the fourth quarter of 2005 was 42.1 per cent (before inventory write-down), compared to 42.6 per cent for the three months ended September 30, 2005. Expenses Expenses for the year ended December 31, 2005, totaled $22.6 million, compared to $15.8 million for 2004. The increase is primarily due to a full year's operational costs generated by the integrated Aircept and Boatracs businesses. In the fourth quarter of 2005, expenses were $6.9 million or 68.9 per cent of revenue, compared to $5.8 million or 64.6 per cent of revenue in the same period last year, reflecting an increase in bad debt provisions and professional fees related to legal activities regarding a potential acquisition and a new financing that did not have sufficient merit to proceed. The Company announced in January 2006, that it has made a workforce reduction of approximately 13% which is planned to reduce operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. by approximately $2 million on an annualized basis. Net Loss per Share The net loss for the year ended December 31, 2005, was $13.1 million, or $0.11 per share, compared with a net loss of $11.3 million or $0.13 per share for 2004. For the three months ended, December 31, 2005, net loss was $5.7 million or $0.05 per share, compared to a net loss of $3.8 million or $0.03 per share for the same period last year. Liquidity and Capital Resources As at December 31, 2005, the Company had cash and cash equivalents of approximately $1.4 million and negative adjusted working capital of approximately $7.9 million. Amounts owing under the bank financing and the earn-out commitment are included in the calculation of working capital. The working capital position will be improved through the closing of the recently announced financings. On March 24, 2006, the Company announced that it had entered into a commitment agreement with Paradigm Capital pursuant to which Paradigm Capital agreed to purchase on a bought deal private placement basis 26,545,455 special warrants for gross proceeds of $5,309,091. The proceeds of this financing are to be used to satisfy the earn-out commitment. In addition, on the same day the Company announced that it had entered into an agreement in principle for a $4 million five year term loan with certain existing shareholders. The proceeds of this financing are to be used to reduce the amount outstanding on the bank financing. Both financings are expected to close on or about April 4, 2006. The Company expects the bank financing will be amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. contemporaneously con·tem·po·ra·ne·ous adj. Originating, existing, or happening during the same period of time: the contemporaneous reigns of two monarchs. See Synonyms at contemporary. with the closings of the financings, and will include an extension of the due date of the remaining credit facility.
Consolidated Balance Sheets
As at December 31 2005 2004
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Assets
Current
Cash and cash equivalents $ 1,383,827 $ 4,902,089
Accounts receivable 5,641,893 5,072,938
Inventory 4,824,907 3,808,331
Future tax asset - 100,000
Prepaid expenses 468,949 494,301
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Total current assets 12,319,576 14,377,659
Property, plant and equipment, net 4,534,196 5,749,246
Intangible assets, net 7,176,667 9,468,691
Goodwill 16,620,353 9,646,817
Deferred financing costs, less
accumulated amortization of $164,848
(2004 - $62,070) - 102,778
Deferred service contract costs, less
accumulated amortization of $24,961,547
(2004 - $10,851,642) 9,677,759 9,911,855
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$ 50,328,551 $ 49,257,046
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Liabilities and Shareholders' Equity
Current
Accounts payable and accrued liabilities $ 7,970,721 $ 6,854,983
Accrual for earn-out payment 4,942,750 -
Income taxes payable 118,736 165,000
Term loan - 1,932,980
Bank financing 6,985,968 -
Deferred revenue 10,042,872 9,255,940
Obligations for service contracts 882,235 1,086,801
Obligations under capital lease 213,921 136,566
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Total current liabilities 31,157,203 19,432,270
Term loan - 3,027,978
Obligations under capital lease 237,773 69,098
National Research Council loan 117,637 201,081
Deferred revenue 1,909,605 1,696,016
Obligations for service contracts 581,142 1,451,792
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Total liabilities 34,003,360 25,878,235
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Shareholders' equity
Share capital 83,591,703 78,121,413
Other paid-in capital 3,610,254 3,610,254
Contributed surplus 1,190,969 567,080
Deficit (72,067,735) (58,919,936)
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Total shareholders' equity 16,325,191 23,378,811
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$ 50,328,551 $ 49,257,046
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Consolidated Statements of Loss and Deficit
Three months ended Twelve months ended
December December December December
31, 2005 31, 2004 31, 2005 31, 2004
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Revenues $ 9,954,546 $ 9,040,690 $ 40,048,499 $ 21,779,260
Direct cost
of sales 5,764,233 5,080,218 23,176,054 13,042,589
Write-down of
inventory due
to technology
change 2,085,000 - 2,085,000 -
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Gross profit 2,105,313 3,960,472 14,787,445 8,736,671
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Expenses
Sales and
marketing 1,412,624 1,804,309 5,801,196 4,821,834
Engineering
and research 1,282,833 1,315,761 5,080,406 3,728,939
General and
administration 4,146,195 2,542,501 11,017,174 6,894,737
Stock-based
compensation 128,889 127,403 623,889 453,963
Loss (gain) on
foreign exchange (111,371) 51,939 108,806 (61,111)
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6,859,170 5,841,913 22,631,471 15,838,362
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Loss before
the following (4,753,857) (1,881,441) (7,844,026) (7,101,691)
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Other expenses
Net interest
expense 73,901 293,895 1,123,686 1,362,209
Other charges 77,414 296,140 415,173 296,140
Amortization 784,343 760,602 3,256,776 2,015,053
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935,658 1,350,637 4,795,635 3,673,402
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Loss before
income taxes (5,689,515) (3,232,078) (12,639,661) (10,775,093)
Provision for
(recovery of)
income taxes
Current (177,862) 165,000 (41,862) 165,000
Future 215,000 365,000 550,000 365,000
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37,138 530,000 508,138 530,000
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Net loss for
the year (5,726,653) (3,762,078) (13,147,799) (11,305,093)
Deficit, beginning
of year (66,341,082) (55,157,858) (58,919,936) (47,614,843)
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Deficit, end of
year $ (72,067,735)$(58,919,936)$(72,067,735)$(58,919,936)
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Loss per share
- basic and
diluted $ (0.05)$ (0.03)$ (0.11)$ (0.13)
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Weighted average
number of common
shares used in
computing loss
per share,
basic and
diluted 124,527,235 111,324,675 120,033,750 84,691,011
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Consolidated Statements of Cash Flows
Three months ended Twelve months ended
December December December December
31, 2005 31, 2004 31, 2005 31, 2004
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Operating activities
Net loss for
the year $ (5,726,653) $(3,762,078)$(13,147,799)$(11,305,093)
Add items not
involving cash
Future tax
expense 100,000 365,000 550,000 365,000
Stock-based
compensation 128,889 127,403 623,889 453,963
Interest accreted
on term loan - 65,935 358,526 273,720
Amortization of
property, plant
and equipment 635,857 507,539 2,564,615 2,018,209
Amortization of
deferred service
contract costs 3,562,617 3,151,652 14,109,905 7,304,969
Amortization of
intangible assets 590,818 556,157 2,363,274 956,321
Amortization of
deferred
development
costs - - - 300,518
Amortization of
deferred financing
costs - 9,798 102,778 39,192
Changes in non-cash
working capital
balances related
to operations
Accounts
receivable (672,686) (599,628) (568,955) (460,602)
Inventory 419,999 936,060 (1,016,576) (706,378)
Prepaid expenses 511,851 508,217 25,352 74,871
Accounts payable
and accrued
liabilities 754,258 (841,160) 1,115,738 1,481,947
Income taxes
payable (63,013) 165,000 (46,264) 165,000
Deferred revenue 92,270 1,052,662 1,000,521 2,868,171
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Cash provided by
operating
activities 334,207 2,242,557 8,035,004 3,829,808
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Investing activities
Purchase of net
assets including
transaction costs,
net of - (646,329) - (13,414,370)
cash acquired
Purchase of
intangible assets (71,250) - (71,250) -
Purchase of
property, plant
and equipment (116,015) (300,619) (861,604) (149,673)
Deferred service
contract costs (3,787,385) (3,902,969) (13,875,809) (9,028,385)
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Cash used in
investing
activities (3,974,650) (4,849,917) (14,808,663)(22,592,428)
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Financing activities
Repayment of
obligations
under capital
lease (67,166) (50,889) (241,931) (226,816)
Repayment of
National Research
Council loan (13,372) (22,724) (83,444) (92,029)
Repayment of
term loan - (447,058) (5,319,484) (880,516)
Proceeds from bank
financing 1,875,000 - 6,985,968 -
Repayment of
obligations for
service contracts (229,634) (413,594) (1,075,216) (1,802,123)
Share issuance
costs (28,734) (768,268) (28,734) (768,268)
Issuance of common
shares and equity
instruments 43,996 5,369,011 3,018,238 12,012,761
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Cash provided by
financing
activities 1,580,090 3,666,478 3,255,397 8,243,009
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Net increase or
(decrease) in
cash and cash
equivalents (2,060,353) 1,059,118 (3,518,262)(10,519,611)
Cash and cash
equivalents,
beginning of
year 3,444,180 3,842,971 4,902,089 15,421,700
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Cash and cash
equivalents,
end of year $ 1,383,827 $ 4,902,089 $ 1,383,827 $ 4,902,089
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Supplementary
cash flow
information
Cash interest $ 59,073 $ 187,316 $ 517,661 $ 788,437
Non-cash investing
and financing
transactions
Property, plant
and equipment
purchased under
capital leases 36,562 11,588 487,961 293,245
Accrual for
earn-out
settlement 4,942,750 - 4,942,750 -
Common shares
issued on
acquisition 2,480,786 - 2,480,786 6,636,000
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Conference Call and Webcast AirIQ will hold a conference call on Tuesday Tuesday: see week. , March 28, 2006, at 10:00 a.m. ET. To access the call please dial 416-644-3417 or 1-800-814-4941. A replay of the conference call will be available at noon the same day until midnight April 4, 2006. To access the replay, dial 416-640-1917 or 1-877- 289-8525 followed by the passcode 21181912#. The call will also be webcast live on the Company's website at www.airiq.com. The Company's Annual Report, including complete financial statements and Management's Discussion and Analysis will be available for the call at www.airiq.com and later the same day at www.sedar.com. AirIQ will hold its Annual General Meeting of Shareholders on Tuesday, May 9, 2006, at 10:00 a.m. (Eastern Standard Time) at The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. Conference Centre, The Exchange Tower, 130 King Street West, Toronto, Ontario Ontario, city, United States Ontario, city (1990 pop. 133,179), San Bernardino co., S Calif., near Los Angeles, in a region of vineyards; inc. 1891. , Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of M5X 1J2. About AirIQ AirIQ trades on the Toronto Stock Exchange under the symbol IQ. A leader in global wireless security, AirIQ is headquartered in Pickering Pick·er·ing , Edward Charles 1846-1919. American astronomer noted for his work on stellar photometry. His brother William Henry Pickering , near Toronto, Canada, with offices in Lake Forest and San Diego, California “San Diego” redirects here. For other uses, see San Diego (disambiguation). San Diego is a coastal Southern California city located in the southwestern corner of the continental United States. As of 2006, the city has a population of 1,256,951. , U.S.A. The Company operates as a wireless Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the applications service provider specializing in Telematics. Telematics is the name given to information and control messages sent wirelessly to and from vehicles and vessels. AirIQ's services are offered to four primary markets: Commercial Fleets; Consumer; Vehicle Finance; and Marine Fleets. AirIQ gives vehicle and vessel owners the abilities to manage and protect their mobile assets. AirIQ's services include: vehicle locating, boundary notification, automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. inventory, maintenance reminders, security alerts, vehicle disabling dis·a·ble tr.v. dis·a·bled, dis·a·bling, dis·a·bles 1. To deprive of capability or effectiveness, especially to impair the physical abilities of. 2. Law To render legally disqualified. , unauthorized movement alerts and many more features. For additional information on AirIQ, its products and services, please visit the Company's website at www.airiq.com. Forward-looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This News Release contains forward-looking information based on management's best estimates and the current operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. . 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 words such as "anticipate", "believe", "expect", "plan" or similar words suggesting future outcomes. 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 and results may differ materially from those expressed in such forward-looking statements. 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. AirIQ Inc. (TSX:IQ) |
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