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For Immediate Release 8 February, 2007
QuestAir announces results of Annual General Meeting
VANCOUVER, B.C. – QuestAir Technologies Inc. (AIM: QAR; TSX: QAR) announced today the results of its Annual General Meeting (“the meeting”), held on 6 February, 2007. At the meeting, shareholders of the Company approved all resolutions put to the meeting, including the election of Directors and Officers, and the adoption of QuestAir’s 2006 Omnibus Plan (“the Omnibus Plan”).
At the meeting, Mr. Keith D. McLeod was elected as a non-executive Director of the Company with immediate effect. Mr. McLeod fills a vacancy created by Mr. Phillip Baxley, who did not stand for re-election given personal work commitments. Mr. Baxley’s retirement from the QuestAir Board was effective as of 6 February, 2007.
Mr. McLeod has over 25 years of experience in the chemical industry, and is currently Senior Vice President for Operations of Canexus Limited, a publicly traded Canadian company serving the global chemical marketplace. Mr. McLeod has extensive management experience within the chemical industry in manufacturing, engineering & construction, and research & product development. Mr. McLeod is a Director on the Board of the Canadian Chemical Producers Association, and also serves on the board’s executive committee. He has also previously served as a Director on the Board of the Chlorine Institute.
Commenting on Mr. McLeod’s appointment to the QuestAir Board, Dr. Denis Connor, Chairman of QuestAir, said:
“We are very pleased to welcome Keith as a non-executive Director of QuestAir. His operational experience and deep industry knowledge will be invaluable to QuestAir as we expand the market for our gas purification products into the global chemicals industry.”
“I would also like to thank Phillip Baxley for his contributions as a member of QuestAir’s Board over the past 4 years,” Connor said.
Also at the meeting, shareholders approved the adoption of the Omnibus Plan, which will provide the overall framework for equity-based compensation arrangements for the Company going forward, including stock options and other types of awards. With the adoption of the Omnibus Plan, no further awards will be offered under the Company’s 2004 Stock Option Plan. The adoption of the Omnibus Plan provides QuestAir with greater flexibility in its compensation arrangements, and increases the total number of common shares that may be issued under the Omnibus Plan (including those options already outstanding under the 2004 Stock Option Plan) to the greater of 5,915,603 common shares and 10% of the common shares outstanding. Full text of the Omnibus Plan can be found in the Company’s Management Information Circular on SEDAR at www.sedar.com.
The following details regarding Keith McLeod are required to be disclosed under schedule 2 paragraph (g) of the rules governing the operation of AIM as established by the London Stock Exchange Plc. No other disclosures are required under Schedule 2 paragraph (g).
| Full Name: |
Keith Donald McLeod |
| Age: |
53 |
| Current Directorships: |
None |
| Past Directorships: |
None within the last five years |
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 refueling stations. 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
Phone: (001) 604-453-6967
Email: hall@questairinc.com
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UK media contact:
Charles Ryland
Ben Willey
Buchanan Communications
Phone: +44 (0) 20 7466 5000 |
Canadian media contact:
Glen Edwards
Karyo Communications
Phone: (001) 604-623-3007 |
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Canaccord Adams:
Mark Ashurst
Erin Needra
Phone: +44 207 050 6500 |
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