For Immediate Release 3 May, 2006
QuestAir announces filing of preliminary short form prospectus
THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY UNITED STATES NEWS SERVICES.
VANCOUVER, B.C. – QuestAir Technologies Inc. (TSX: QAR; AIM: QAR) announced today that it has filed a preliminary short form prospectus in each of the provinces of Canada to qualify an offering of common shares of the Company. Clarus Securities Inc. and Canaccord Adams Limited will act as lead managers and joint bookrunners for the proposed offering. The offering may also occur by private placement in the United States, the United Kingdom and other jurisdictions in Europe.
Proceeds from this offering will be used to finance the ongoing development and commercialization of the QuestAir’s proprietary gas purification technology, and for general working capital.
A copy of the preliminary short form prospectus is available on www.sedar.com.
This release shall not constitute an offer to sell or the solicitation of any offer to buy securities in any jurisdiction. The common shares have not been registered under the United States Securities Act of 1933, as amended, and they may not be offered or sold in the United States absent registration or an applicable exemption from registration.
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: +44 207 466 5000
Canaccord Adams Limited
Mark Ashurst
Phone: +44 207 518 2777
Canadian media contact:
Terry Foster
James Hoggan & Associates
Phone: (001) 604-739-7500
Clarus Securities Inc.
Rod Campbell
Phone: (001) 604-605-0982
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