AirIQ Reduces Board and Changes Auditors
1/18/2010 1:31:10 PM
Toronto, Ontario – January 13, 2010 – AirIQ Inc. (“AirIQ”) (NEX: IQ.H), a leader in Wireless Location-Based Services, specializing in Telematics, today announced a reduction in the Board of Directors of the Company and a change of auditors.
With the recent sale of its Marine subsidiary, AirIQ has restructured the Board of Directors by accepting the resignations of Messrs. Ted Maksimowski, Robert Metcalfe and Stephen Willey. The reduction in the Board is consistent with the present size of the Company. The remaining members of the Board of AirIQ are Messrs. Donald Gibbs, Vernon Lobo, Randall Reynolds and David Vaughn.
The Company and management wish to express their sincere appreciation for the commitment and contributions made by Messrs. Maksimowski, Metcalfe and Willey during their tenure.
The Board of Directors of the Company also appointed BDO Canada LLP (formerly: BDO Dunwoody LLP) (“BDO”) as auditor of the Company, replacing the firm, Ernst & Young LLP (“Ernst & Young”).
The decision to change auditors was not the result of any disagreement between the Company and Ernst & Young on any matter of accounting principals or practices, financial statement disclosure, or auditing scope or procedure. The resignation of Ernst & Young and the appointment of BDO as the successor auditor have been approved by the Audit Committee and the Board of Directors of the Company. There were no reservations in the former auditor's reports for the two most recently-completed fiscal years or for any period subsequent to the most recently-completed period for which an audit report was issued and preceding the date of the former auditor's resignation. There were no reportable events between the Company and Ernst & Young or between the Company and BDO.
In accordance with regulatory requirements, AirIQ has filed a Notice of Change of Auditor ("Notice") and has received a response letter from Ernst & Young, the former auditor, confirming their agreement with the information provided in the Notice. The Company has also received a response from BDO, the successor auditor, confirming their agreement with the information provided in the Notice. The Notice and response letters have been filed on SEDAR.
AirIQ would like to thank Ernst & Young for their past services.
Don Gibbs, Interim President and Chief Executive Officer of AirIQ, noted that, “The Company is continuing its efforts to increase revenues, reduce expenses and drive to profitability and positive cash flow”.
About AirIQ
AirIQ trades on the NEX, a separate board of the TSX Venture Exchange under the symbol IQ.H. A leader in Wireless Location Services specializing in Telematics, AirIQ has offices in Pickering, Ontario, Canada. The Company offers a suite of location based services (LBS) under a ‘software as a service’ (SaaS) model that yields recurring revenues for each device deployed. AirIQ delivers services to two primary markets: Commercial Fleets and dealers that service Consumer segments. 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. Management believes that AirIQ maintains a dominant market share in North America in the rental vehicle fleets markets. For additional information on AirIQ or 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. These forward-looking statements are related to, but not limited to, AirIQ’s operatio
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