AirIQ Inc. Enters into Discussions to Amend its 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 is in discussions with its lender to amend its credit facility. The credit facility is currently a $10 million 364-day non-revolving credit facility and funds drawn on the facility bear interest at varying margins based on the lender's Canadian prime rate, 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. base rate or banker's acceptance Banker's Acceptance A short-term credit investment created by a non-financial firm and guaranteed by a bank. Notes: Acceptances are traded at a discount from face value on the secondary market. reference rate and are secured by a general security agreement and first priority mortgage over all of the assets of AirIQ. AirIQ also announced that it was not in compliance with two financial covenants in the current credit agreement which governs its credit facility. The referenced financial covenants relate to the three-month period ended November 30, 2005 which figures were required to be reported to be spoken of; to be mentioned, whether favorably or unfavorably. See also: Report to the lender on January 3, 2006. AirIQ expects that its lender will waive the requirement to have complied with these covenants for the period ended November 30, 2005. 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 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 disclaims any intention or obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise. AirIQ Inc. (TSX:IQ) |
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