For Immediate Release 28 February, 2007
QuestAir Announces Employee Share Purchase Plan
VANCOUVER, B.C. – QuestAir Technologies Inc. (AIM: QAR; TSX: QAR) announced today that the Board of Directors have approved the introduction of an Employee Share Purchase Plan (“Plan”) in order to encourage employees to invest in the common shares of the company.
Effective immediately, eligible employees can elect to invest up to 5% of their salary into QuestAir common shares, which will be purchased on the Toronto Stock Exchange at regular quarterly intervals through a third party Plan administrator. The first share purchase under the Plan is expected to occur on or about June 1, 2007. Participating employees are eligible to receive matching contributions from the Company on the first anniversary of each purchase at a rate of fifty percent (50%) of their net cash contribution.
The company announced that two executive Directors have elected to participate at the maximum contribution level allowed under the Plan. Jonathan Wilkinson, President, Chief Executive Officer and Director, and Sherry Tryssenaar, Chief Financial Officer and Director, have each enrolled in the Plan and elected to direct 5% of their respective salaries to the purchase of common shares under the Plan starting March 1, 2007. In addition, key members of the management team have also elected to participate in the Plan. Non-executive Directors are not eligible to participate in the Plan.
The Plan was approved by the Board of Directors in order to more closely align the goals of QuestAir’s management and employees with the interests of shareholders.
“The Board of Directors of QuestAir supports measures to increase the share ownership position of all employees including the executive team,” said Jonathan Wilkinson. “At the same time, the Board recognizes the need to limit the level of dilution under compensation arrangements. Accordingly, this Plan has been established as an open market purchase plan, such that shares are purchased in the market at current market prices rather than purchased at a discount from treasury.”
Disclosure of the Directors enrolment in this Plan is made pursuant to the rules governing the operation of AIM as established by the London Stock Exchange Plc.
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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