AirIQ Inc. Amends Credit Facility.PICKERING, Ontario For other uses, see Pickering (disambiguation). Pickering is a city located immediately east of Toronto in Durham Region, Ontario, Canada. History Pickering Township was surveyed and established in 1791 as part of what was then York County. -- AirIQ Inc. ("AirIQ") (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 specializing in Telematics services, announced today that it and its lender have entered into an agreement which amends AMENDS. A satisfaction, given by a wrong doer to the party injured for a wrong committed. 1 Lilly's Reg. 81. 2. By statute 24 Geo. II. c. 44, in England, and by similar statutes in some of the United States, justices of the peace, upon being notified of an AirIQ's credit facility. The agreement includes a change in the commitment under the facility to $7.25 million and a corresponding reduction in standby fees Standby fee Amount paid to an underwriter who agrees to purchase any stock that is not purchased by public investors in a rights offering. standby fee payable by AirIQ to its lender. The lender also waived the Company's earlier reported non-compliance with two covenants in the original credit facility. The Company has delivered revised financial benchmarks to the lender and such benchmarks will be used under the amended facility to more appropriately measure compliance going forward. All other terms are substantially unchanged. "The Company hit a peak working capital requirement due to a major product transition," says Mark Kohler, Chief Financial Officer of AirIQ. "This required the purchasing of dual inventories for a period of time, and with the strong product demand recently experienced, the working capital position is improving to a more normalized level." About AirIQ AirIQ trades on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol IQ. A leader in global wireless security, AirIQ is headquartered in 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 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 five primary markets: Commercial Fleets; Consumer; Vehicle Finance; Indirect Distribution; 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 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. AirIQ Inc. (TSX:IQ) |
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