For Immediate Release 7 February, 2006
QuestAir announces shareholder dealings
BURNABY, B.C. – QuestAir Technologies Inc. (AIM: QAR; TSX: QAR) has been notified that a group of its existing shareholders has purchased a total of 1,834,861 common shares held by two of QuestAir’s early venture capital investors on 7 February 2006.
The purchasing group, which included a number of QuestAir’s blue chip European institutional investors, purchased a total of 1,351,155 common shares from Envirotech Investment Fund I Limited Partnership (“Envirotech LP”), and 483,706 common shares from Adwest Limited Partnership (“Adwest LP”) at an average price of $0.75 per common share. This transaction was connected to the liquidation of both limited partnerships which had reached the end of their 10 year terms, and the distribution of proceeds to the limited partners of each fund. Envirotech LP and Adwest LP originally made an equity investment in QuestAir in December 1999.
This announcement is made pursuant to the rules governing the operation of AIM as established by the London Stock Exchange Plc.
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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”.
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.
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:
Terry Foster
James Hoggan + Associates
Phone: (001) 604-739-7500
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