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For Immediate Release 25 April, 2005
QuestAir announces credit facility from Comerica Bank
BURNABY, B.C. - QuestAir Technologies Inc. (AIM: QAR; TSX: QAR), a developer and supplier of advanced gas purification systems for refinery, industrial and fuel cell markets, announced today that it had secured a US$3 million credit facility from Comerica Bank. The credit facility is comprised of a US$1 million accounts receivable credit line and a US$2 million term loan.
Jonathan Wilkinson, President and CEO of QuestAir, said that the credit line will be used to support QuestAir's working capital requirements as the Company expands the sales of its commercial gas purification systems. The term loan will principally be used to finance capital investments, including manufacturing equipment required to commercialize the large capacity hydrogen purification system that QuestAir is developing in conjunction with ExxonMobil Research and Engineering Company.
J.P. Michael, Senior Vice President of Comerica's Technology & Life Sciences division said the bank has extensive experience in providing innovative debt financing to growth companies with proven technology and strong management teams. "We are extremely pleased to work with QuestAir, and we look forward to expanding our relationship as QuestAir grows and its debt financing requirements expand," he said
Certain statements in this press release may constitute ''forward-looking'' statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, such statements use such words as "anticipate", "believe", "plan", "estimate", "expect", "intend", ''may'', ''will'' and other similar terminology. These statements reflect current expectations regarding future events and operating performance and speak only as of the date of this press release. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements.
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About QuestAir Technologies Inc.
QuestAir Technologies, Inc. is a developer and supplier of proprietary gas purification systems for several large international markets, including existing markets such as oil refining, biogas production and natural gas processing, and emerging markets such as fuel cell power plants and fuel cell vehicle refuelling stations. The Company has joint development agreements with Exxon Mobil Research and Engineering Company and Shell Hydrogen, and a collaboration with FuelCell Energy. QuestAir is based in Burnaby, British Columbia and its shares trade on the AIM Market of the London Stock Exchange Plc. and on the Toronto Stock Exchange under the symbol "QAR".
About Comerica Bank's Technology & Life Sciences Division
Comerica Bank's Technology & Life Sciences Division is one of the nation's leading technology banking practices, offering a wide range of financial services tailored to corporate customers, entrepreneurs and professionals. Veteran bankers provide credit and financial services and products to young, growing, professionally backed technology and life sciences companies, as well as their more mature counterparts. The Technology & Life Sciences Division serves all major U.S. technology centers from offices coast-to-coast and its headquarters in Palo Alto, Calif. Comerica Bank is a subsidiary of Comerica Incorporated (NYSE: CMA), a financial services company headquartered in Detroit, which is the 20th largest banking company in the nation, with $51.8 billion in total assets at Dec. 31, 2004.
For further information please contact:
QuestAir Technologies Inc.
Andrew Hall
Director, Corporate Development and External Communications
Phone: (001) 604-453-6967
Email: hall@questairinc.com
Web: www.questairinc.com
UK media contact:
Charles Ryland
Ben Willey
Eleanor Williamson
Buchanan Communications
Phone: 020 7466 5000
Canadian media contact:
Pamela Smith
James Hoggan + Associates
Phone: (001) 604-739-7500 |
