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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Questair Tech | LSE:QAR | London | Ordinary Share | CA74836V2057 | COM SHS NPV (CDI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 15.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Attention Business/Financial Editors: QuestAir Reports Third Quarter 2008 Results BURNABY, BC, Aug. 6 /CNW/ - QuestAir Technologies Inc. ("QuestAir" or "the Company"; AIM: QAR; TSX: QAR) reported today its unaudited financial and operational results for the third quarter of fiscal 2008, ended June 30, 2008. All amounts are in Canadian dollars unless otherwise noted. Third Quarter Highlights ------------------------ - Revenue for the nine months ended June 30, 2008 was $6,567,935, an increase of $435,624, or 7% from $6,132,311 for the same period last year. For the quarter ended June 30, 2008, revenue was $2,701,562, a decrease of $914,526, or 25% compared to the same period in fiscal 2007. - QuestAir ended the third quarter with a sales order backlog of $14,502,466, a decrease of $1,519,908, or 9% from $16,022,374 at March 31, 2008 when backlog was at its highest level since the Company's inception. - Cash used by operations and capital requirements for the nine months ended June 30, 2008 was $5,505,013, a decrease of 27% or $2,072,802 compared to the same period in fiscal 2007. For the quarter ended June 30, 2008, cash used by operations and capital requirements decreased significantly to $512,087 compared to $2,263,565 in the same period in fiscal 2007. The 77% reduction in cash usage compared to the prior period was a result of significant cash inflows from the new engineering services contract with ExxonMobil Research and Engineering ("EMRE") that was entered into in March 2008, as well as lower operating costs following the restructuring that took place in the second quarter of fiscal 2008. - Net loss for the nine months ended June 30, 2008 decreased 36% to $6,030,126 ($1.08 per share) from $9,428,387 ($1.80 per share) for the same period in 2007. For the quarter ended June 30, 2008, net loss was $1,582,247 ($0.25 per share), decreased by $976,957, or 38% compared to the same period in fiscal 2007. - QuestAir sold a total of six H-3200 pressure swing adsorption ("PSA") units to three customers during the quarter. This included an H-3200 PSA that was sold to Hydro-Chem for a new hydrogen plant in Mexico, which will supply hydrogen to a new steel plant being constructed by POSCO. - Phase 3 Renewables LLC purchased an M-3200 PSA to be integrated into a biogas upgrading plant at a dairy farm in California. The biomethane from this plant will be used to fuel heavy-duty milk trucks once it becomes operational, which is expected to be in the fall of 2008. This will be the first commercial scale plant in North America to produce renewable biomethane vehicle fuel from agricultural waste. - During the quarter, QuestAir raised gross proceeds of $9,000,000 from an equity offering of subscription receipts, which were converted into common shares and share purchase warrants. - Also during the quarter, the Company completed a share consolidation on a ten old shares for one new share basis. - Subsequent to quarter end the British Columbia Government announced funding for several clean energy projects. QuestAir expects to supply full scope biogas upgrading systems into two of these projects, upgrading methane from a sewage treatment plant in one project and from agricultural waste in the other. Assuming these projects proceed as planned, and contractual negotiations are completed as anticipated, these projects will become sales bookings for QuestAir in fiscal 2009. Jonathan Wilkinson, President and CEO of QuestAir, said: "The initiatives that we undertook in the second quarter to improve our cash management are already contributing significantly to our bottom line. Our net loss for the third quarter and for the nine months ended June 30, 2008 was down considerably compared to the same periods a year ago. Importantly, our cash used by operations and capital requirements in the third quarter of fiscal 2008 was just over $500,000, compared to over $2.2 million in the same period a year before. While cash used by operations and capital requirements can be expected to fluctuate from quarter to quarter, we expect that the cost reduction measures that were implemented in the second quarter will continue to benefit us in future periods." "Also during the quarter, we completed an equity offering of subscription receipts, raising gross proceeds of $9 million. These funds strengthen our balance sheet, and will support a number of growth initiatives in the biomethane, industrial hydrogen and refinery hydrogen markets. We are very pleased to have completed this offering under such challenging market conditions." "Going forward, we will continue to focus on core opportunities in our key markets in order to build value for shareholders. We will make targeted investments to expand our product offering, grow the commercial adoption of QuestAir's products and open up important markets such as biomethane purification. This must be balanced with the need for ongoing prudent financial management." Outlook ------- Commenting on the outlook for the remainder of fiscal 2008, Wilkinson said: "On March 3, 2008 we revised our financial guidance for fiscal 2008, stating that recognized revenue for the full fiscal year is expected to be in the range of $11 to $12 million, and that cash used in operations and capital expenditures is expected to be in the range of $6.5 to $7.5 million. Based on current estimates, we expect that recognized revenue will be within the guidance range, and that cash used in operations and capital expenditures for the full fiscal year will be towards the high end of the range ($7.5 million). Variables that can affect the amount of revenue recognized include timing of cash receipts on equipment sales and costs incurred on engineering service contracts (which affects the percentage of completion calculations). Similarly, our cash used in operations and capital expenditures estimates may be impacted by variables such as timing of cash receipts and disbursements, and the level and timing of receipt of new sales orders." "Our priorities for the remainder of fiscal 2008 include growing our sales of biomethane and hydrogen purification equipment, marketing full scope biogas solutions, and continuing to carefully control our operating costs." "Sales orders of gas purification equipment for the first nine months of fiscal 2008 and for the third quarter in particular have been below our expectations, in part due to delays in certain projects that were expected to begin earlier. During the final quarter of the fiscal year, we will be working to secure additional orders of gas purification equipment, including in the biogas upgrading market where we continue to see significant market potential for our products." "Although we expect to meet our financial guidance for the year, the lower than expected level of sales orders will make it difficult for us to meet our goal of growing our industrial hydrogen business in fiscal 2008. Our objective to increase the number of hydrogen system sales is unlikely to be met, as we have not secured as many orders of larger PSAs as we anticipated at the beginning of the year." "With respect to the H-6200 hydrogen purifier, in March of this year QuestAir successfully completed field testing of a prototype H-6200 at an ExxonMobil refinery in France. The unit demonstrated its ability to effectively recover hydrogen from refinery gas streams and return purified hydrogen for plant applications. The operating performance and robustness of the prototype plant under various conditions bode well for future sales of the H-6200 hydrogen purifier. We are presently working with our partner, Exxon Mobil Research and Engineering, to market the H-6200 to both ExxonMobil and third party refineries. Commercial prospects for this product remain positive. However, the fact that the prototype test ended only in March coupled with a lengthy sales cycle in the refinery environment means that we now expect the first commercial order for an H-6200 to be received in fiscal 2009." "Management remains optimistic regarding future prospects for our business. Growth drivers in the biogas market remain strong. We expect to see growth in product sales into this market, and to undertake initial full scope biogas projects in fiscal 2009. Additionally, the H-6200 hydrogen purifier has now moved well beyond the testing phase and we expect to see commercial sales of the H-6200 commence in fiscal 2009. Finally, we expect that measures we undertook earlier in fiscal 2008 to reduce our operating costs will continue to benefit the company in future fiscal years." Q3 2008 Financial Results ------------------------- Operating Results The following table provides a breakdown of revenues from the sale of gas purification systems and engineering service contracts for the reported periods: ------------------------------------------------------------------------- (Unaudited) Three months ended Nine months ended June 30, June 30, 2008 2007 2008 2007 ------------------------------------------------------------------------- Gas purification systems 1,300,189 3,333,135 4,011,139 5,613,689 Engineering service contracts 1,401,373 282,953 2,556,796 518,622 ------------------------------------------------------------------------- Total revenue 2,701,562 3,616,088 6,567,935 6,132,311 ------------------------------------------------------------------------- Revenue from engineering services contracts increased significantly in each of the three months and nine months ended June 30, 2008 compared to the same periods in fiscal 2007. This reflects the higher level of engineering service contracts in backlog, and a corresponding higher level of activity to complete these contracts, compared to the prior periods. This trend is expected to continue for several quarters as a result of the $6.3 million engineering services contract with EMRE that was entered into in March 2008, which will elevate the revenue recognized from engineering service contracts until it is completed in December 2009. Revenue from gas purification systems decreased by $2,032,946 for the quarter and $1,602,550 for the nine months ended June 30, 2008 compared to the same periods in fiscal 2007, relating to fluctuations in the timing of revenue recognition of commercial products which is based on timing of customer acceptance. Fluctuations in recognized revenue and the receipt of new sales orders are to be expected in the industrial markets that the Company currently serves. In addition, the timing of receipt of new engineering service contracts can vary from year to year. Accordingly, management believes that recognized revenue and changes in sales order backlog should be monitored together to determine the strength of its commercial operations. Sales order backlog is defined as future revenue from signed contracts that have not yet been recognized as revenue. The following table provides an analysis of the changes in sales order backlog for the three and the nine months ended June 30, 2008. ------------------------------------------------------------------------- (Unaudited) For the three months ended June 30, 2008 Gas Engineering Purification Service Systems Contracts Total ------------------------------------------------------------------------- Opening Balance 8,390,638 7,631,736 16,022,374 Bookings 1,304,748 - 1,304,748 Revenue (1,300,189) (1,401,373) (2,701,562) Adjustments(1) (67,218) (55,876) (123,094) ------------------------------------------------------------------------- Ending Balance 8,327,979 6,174,487 14,502,466 ------------------------------------------------------------------------- ------------------------------------------------------------------------- (Unaudited) For the nine months ended June 30, 2008 Gas Engineering Purification Service Systems Contracts Total ------------------------------------------------------------------------- Opening Balance 8,954,635 2,099,130 11,053,765 Bookings 2,899,806 6,457,200 9,357,006 Revenue (4,011,139) (2,556,796) (6,567,935) Adjustments(1) 484,677 174,953 659,630 ------------------------------------------------------------------------- Ending Balance 8,327,979 6,174,487 14,502,466 ------------------------------------------------------------------------- ----------------------------------- (1) Includes adjustments for fluctuations in foreign currency exchange rates. The total sales order backlog decreased by $1,519,908 or 9% during the third quarter of fiscal 2008, as the dollar value of revenue recognized exceeded new bookings in the quarter. Included in bookings for the quarter was an order for an H-3200 for use in a new hydrogen plant to be constructed by Hydro-Chem, and an order for an M-3200 for use in the "Biomethane for Vehicle Fuel" project located at the Hilarides Dairy in California. Management expects that approximately 30% to 35% of the sales order backlog as of June 30, 2008 will be recognized as revenue by September 30, 2008, with the balance being recognized in future fiscal years. The following table provides a calculation of gross profit for the reported periods: ------------------------------------------------------------------------- (Unaudited) Three months ended Nine months ended June 30, June 30, 2008 2007 2008 2007 ------------------------------------------------------------------------- Revenue 2,701,562 3,616,088 6,567,935 6,132,311 Cost of goods sold 1,631,305 2,393,370 4,207,794 5,997,915 ------------------------------------------------------------------------- Gross Profit 1,070,257 1,222,718 2,360,141 134,396 Gross Margin (%) 39.6% 33.8% 35.9% 2.2% ------------------------------------------------------------------------- Gross profit decreased by $152,461 or 12% during the third quarter of fiscal 2008 compared to $1,222,718 for the same period in fiscal 2007, reflecting the decrease in recognized revenue in the current quarter compared to the third quarter of fiscal 2007. However, the percentage gross margin increased during the quarter, largely due to the increase in revenue from engineering service contracts compared to the prior period. There was a significant increase in gross profit for the nine months ended June 30, 2008 of $2,225,745 compared to the same period in fiscal 2007. Low gross profit for the prior period was the result of losses related to the prototype H-6200 hydrogen purifier ("prototype plant") that was sold to an ExxonMobil refinery. Revenue from the prototype plant was fully recognized at the end of the first quarter of fiscal 2008, allowing the gross margin to return to more normal levels. In any given quarter, gross margins fluctuate depending on the mix of revenues from engineering service contracts, which tend to produce higher margins, and commercial equipment. The gross Research and Development ("R&D") expenditures, offsetting government funding and the resulting net R&D expenditures for the relevant periods, were as follows: ------------------------------------------------------------------------- (Unaudited) Three months ended Nine months ended June 30, June 30, 2008 2007 2008 2007 ------------------------------------------------------------------------- Gross R&D Expenditure 411,245 1,424,228 2,300,809 4,159,865 Less: Government Funding - - - (384,565) ------------------------------------------------------------------------- Net R&D Expenditure 411,245 1,424,228 2,300,809 3,775,300 ------------------------------------------------------------------------- The 71% reduction in net R&D expenditures for the quarter and 39% reduction in the nine months ended June 30, 2008 compared to the same periods in fiscal 2007 were due to a reduction in the level of R&D activities in the current year, reflecting the Company's shift towards commercial activities. R&D expenses during the quarter were further reduced compared to the prior period as human resources that formerly completed development activities were redeployed towards completing work on engineering service contracts with EMRE. This is the first fiscal year that "Operations" appears as a caption on QuestAir's financial statements, and is the result of the restructuring undertaken in the prior fiscal year to increase resources dedicated to commercial activities and to reduce R&D expenditures. Consistent with the Company's accounting policy, comparative amounts have been reclassified where necessary to conform to the presentation adopted in the current fiscal year. Included in operations are expenses related to supply chain management, shipping and receiving, quality management and non-development related engineering activities. Operations expenses were $291,334 for the third quarter of fiscal 2008, an increase of 45% from $201,139 for the same period in fiscal 2007. For the nine months ended June 30, 2008, operations expenses were $1,159,141, increased by 58% compared to $733,553 for the same period in fiscal 2007. The increase in operating expenses is primarily due to the addition of human resources to the department. Other operating expenses include general and administrative ("G&A"), sales and marketing, and amortization expenses. Total other operating expenses decreased $641,719 or 31% in the quarter and $483,612 or 9% for the nine months ended June 30, 2008 compared to the same periods in fiscal 2007. G&A expenses were lower in the current quarter due to a restructuring charge of approximately $560,800 being incurred in the third quarter of fiscal 2007. Sales and marketing expenses declined in both the quarter and nine months ended June 30, 2008 compared to the prior period primarily due to lower variable costs associated with a reduction in gas purification equipment sales orders. Amortization expenses in the quarter and nine months ended June 30, 2008 fell due to less investment in new capital equipment compared to the prior periods. Other expense was $545,140 for the third quarter of fiscal 2008 compared to $110,051 in the same period in fiscal 2007. For the nine months ended June 30, 2008, other expense was $207,662 compared to other income of $152,337 for the same period in fiscal 2007. During the quarter the Company recorded a one-time, unconditional royalty expense of $495,037 related to the amendment of its agreement with Technology Partnerships Canada ("TPC"). This was in addition to the regular royalty expense QuestAir incurs in respect of its agreements with TPC. As well, higher foreign exchange and derivative gains were offset by lower interest income in the current periods compared to the same periods in fiscal 2007. Net loss for the quarter ended June 30, 2008 was $1,582,247 ($0.25 per share) compared to $2,559,204 ($0.49 per share) for the same period in fiscal 2007. Net loss for the nine months ended June 30, 2008 was $6,030,126 ($1.08 per share) compared to $9,428,387 ($1.80 per share) for the same period in fiscal 2007. The decrease in the net loss for the quarter was a result of decreased R&D and G&A expenses discussed previously. The decrease for the nine months ended June 30, 2008 was primarily a result of increased gross profits and reduced R&D expenses compared to the same periods in fiscal 2007. Capital expenditures net of government funding and proceeds on sale ("Net CAPEX"), for the third quarter of fiscal 2008 was $45,449 compared to $36,842 for the same period in fiscal 2007. Net CAPEX for the nine months ended June 30, 2008 was $286,030 compared to $397,324 for the same period in fiscal 2007. It is expected that capital expenditures will fluctuate from quarter to quarter depending on the requirements of specific product development programs and administrative needs. Liquidity and Capital Resources ------------------------------- At June 30, 2008 cash and short-term investments were $10,782,929, compared to $3,697,331 at March 31, 2008. Not included in cash and short term investments at June 30, 2008 was $414,717 of restricted cash to secure letters of credit with customers compared to $256,717 at March 31, 2008. Cash used by operations and capital requirements for the third quarter of fiscal 2008 was $512,087, compared to $2,263,565 for the same period in fiscal 2007. The loss from operations was lower in the current quarter, and significant changes in non-cash working capital contributed to the decrease in cash used in operations compared to the same period in fiscal 2007. In the current period, inventory increased in order to fulfill customer orders in backlog. This increase in use of cash was offset by an increase in accounts payable and accrued liabilities, a decrease in accounts receivable, and an increase in deferred revenue reflecting progress payments invoiced and received from customers for orders in backlog. For the nine months ended June 30, 2008, cash used by operations was $5,218,983 compared to $7,180,491 for the same period in fiscal 2007. Reduced losses and higher proceeds from deferred revenue in the current period were partially offset by higher inventory levels compared to the prior period. The Company has available a US$1 million accounts receivable line of credit and a US$1 million term loan from Comerica Bank. This agreement is amended and restated each year as part of the annual renewal of these facilities, most recently in June 2008. As at June 30, 2008, the Company had drawn $640,933 against the prior term loans net of repayments. These credit facilities are secured by the assets of the Company with certain exceptions. QuestAir is in compliance with all of its bank covenants. On May 13, 2008, QuestAir completed an offering of subscription receipts for gross proceeds of $9 million, which were automatically converted into common shares and share purchase warrants following receipt of shareholder approval of the offering on June 16, 2008. On June 27, 2008, the Company completed a common share consolidation on a 10 for 1 basis, reducing the number of common shares outstanding from 112,683,647 to 11,268,318. Accordingly, all share data for the period ended June 30, 2008 are reported on a consolidated basis, and the basic and diluted earnings per share data have been adjusted retroactively for all comparative periods to reflect the common share consolidation. At July 31, 2008, authorized share capital consists of an unlimited number of common shares, of which 11,268,318 common shares were issued and outstanding, and an unlimited number of preferred shares authorized, none of which are issued. In addition, there were 383,247 stock options and 6,180,000 warrants outstanding as of July 31, 2008. Further information on the Company's financial results for the quarter can be found at www.sedar.com. Balance Sheets -------------- ------------------------------------------------------------------------- Unaudited (expressed in Canadian dollars) As at As at June 30, September 30, 2008 2007 ASSETS Current assets: Cash and cash equivalents $10,720,881 $5,726,245 Restricted cash 414,717 340,802 Short-term investments 62,048 3,060,447 Accounts receivable 1,491,517 1,412,983 Inventories 6,978,688 4,376,717 Prepaid expenses 222,681 256,378 ----------------------------- 19,890,532 15,173,572 Property, plant and equipment 1,455,378 1,703,872 Other long-term assets 182,080 175,080 ----------------------------- $21,527,990 $17,052,524 ----------------------------- ----------------------------- LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $2,978,418 $2,791,139 Deferred revenue 7,137,568 4,546,584 Current portion of bank debt 486,214 564,306 Current portion of obligation under capital lease 99,473 97,822 Derivatives - 75,874 ----------------------------- 10,701,673 8,075,725 Long term liabilities: Bank debt 154,719 356,030 Obligation under capital lease - 97,822 ----------------------------- 10,856,392 8,529,577 ----------------------------- Shareholders' equity: Share capital Authorized Unlimited common shares, voting, no par value Unlimited preferred shares, issuable in series, no par value Common shares 115,363,615 109,383,859 Contributed surplus 8,825,846 6,626,825 Deficit (113,517,863) (107,487,737) ----------------------------- 10,671,598 8,522,947 ----------------------------- $21,527,990 $17,052,524 ----------------------------- ----------------------------- ------------------------------------------------------------------------- Statements of Operations, Comprehensive Loss and Deficit -------------------------------------------------------- ------------------------------------------------------------------------- Unaudited For the three months ended For the nine months ended (expressed June 30, June 30, June 30, June 30, in Canadian 2008 2007 2008 2007 dollars) Revenues $ 2,701,562 $ 3,616,088 $ 6,567,935 $ 6,132,311 Cost of goods sold 1,631,305 2,393,370 4,207,794 5,997,915 ----------------------------- ----------------------------- Gross profit 1,070,257 1,222,718 2,360,141 134,396 ----------------------------- ----------------------------- Operating expenses Research and development - net 411,245 1,424,228 2,300,809 3,775,300 General and administration 768,556 1,233,181 2,843,944 2,896,095 Operations 291,334 201,139 1,159,141 733,553 Sales and marketing 454,978 630,677 1,344,188 1,668,713 Amortization 181,251 209,646 534,523 641,459 ----------------------------- ----------------------------- 2,107,364 3,671,871 8,182,605 9,715,120 ----------------------------- ----------------------------- Loss before undernoted (1,037,107) (2,449,153) (5,822,464) (9,580,724) ----------------------------- ----------------------------- Other income (expense) Interest income 41,856 118,833 142,608 414,965 Royalty expense (511,823) (39,475) (615,608) (102,186) Other (75,173) (189,409) 265,338 (160,442) ----------------------------- ----------------------------- (545,140) (110,051) (207,662) 152,337 ----------------------------- ----------------------------- Loss and comprehensive loss for the period (1,582,247) (2,559,204) (6,030,126) (9,428,387) Deficit - Beginning of period (111,935,616) (101,939,508) (107,487,737) (95,070,325) ----------------------------- ----------------------------- Deficit - End of period $(113,517,863) $(104,498,712) $(113,517,863) $(104,498,712) ----------------------------- ----------------------------- ----------------------------- ----------------------------- Basic and diluted loss per share $(0.25) $(0.49) $(1.08) $(1.80) Weighted average number of common shares outstanding 6,257,376 5,251,939 5,592,752 5,245,143 ------------------------------------------------------------------------- Statements of Cash Flows ------------------------ ------------------------------------------------------------------------- Unaudited For the three months ended For the nine months ended (expressed June 30, June 30, June 30, June 30, in Canadian 2008 2007 2008 2007 dollars) Cash flows from operating activities Loss for the period $(1,582,247) $(2,559,204) $(6,030,126) $(9,428,387) Items not involving cash Amortization 181,251 209,646 534,523 641,459 Gain on sale of property, plant and equipment - (2,213) - (2,564) Unrealized foreign exchange (gain) loss on derivatives 249 56,059 (76,249) 65,899 Non-cash compensation expense 79,684 104,986 259,752 350,434 Foreign currency (gain) loss - (18,605) 6,234 (18,605) ----------------------------- ----------------------------- (1,321,063) (2,209,331) (5,305,866) (8,391,764) ----------------------------- ----------------------------- Changes in non-cash operating working capital Accounts receivable 236,877 49,554 (78,160) 243,500 Inventories (654,525) 797,027 (2,601,971) 424,332 Prepaid expenses (9,950) 127,697 26,697 30,806 Accounts payable and accrued liabilities 388,176 57,588 149,332 (627,111) Deferred revenue 893,847 (1,049,258) 2,590,985 1,139,746 ----------------------------- ----------------------------- 854,425 (17,392) 86,883 1,211,273 ----------------------------- ----------------------------- (466,638) (2,226,723) (5,218,983) (7,180,491) ----------------------------- ----------------------------- Cash flows from investing activities Decrease in short- term investments - 4,939,554 3,060,447 7,339,554 Increase in short- term investments - - (62,048) - Purchase of property, plant and equipment (45,449) (48,539) (286,030) (414,806) Government grants and funding related to property, plant and equipment - - - 5,435 Proceeds on sale of property, plant and equipment - 11,697 - 12,047 (Increase) decrease in restricted cash (158,000) 678,639 (73,915) 571,045 ----------------------------- ----------------------------- (203,449) 5,581,351 2,638,454 7,513,275 ----------------------------- ----------------------------- Cash flows from financing activities Proceeds from financing 9,000,000 - 9,000,000 - Share issuance cost (996,296) - (1,043,172) - Issuance of common shares on exercise of stock options - 9,097 143 67,885 Repayment of capital lease (102,405) (127,930) (102,405) (127,930) Increase in bank debt - 214,254 153,629 462,759 Repayment of bank debt (145,614) (112,749) (433,030) (292,495) ----------------------------- ----------------------------- 7,755,685 (17,328) 7,575,165 110,219 ----------------------------- ----------------------------- Increase in cash and cash equivalents 7,085,598 3,337,300 4,994,636 443,003 Cash and cash equivalents - Beginning of period 3,635,283 8,124,503 5,726,245 11,018,800 ----------------------------- ----------------------------- Cash and cash equivalents - End of period $10,720,881 $11,461,803 $10,720,881 $11,461,803 ----------------------------- ----------------------------- ----------------------------- ----------------------------- ------------------------------------------------------------------------- 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". Forward-looking statements This press release contains forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "anticipate", "plan", "foresee", "believe" or "continue" or the negatives of these terms or variations of them or similar terminology. These forward-looking statements include references to the future success of its business, technology, and market opportunities. By their nature, forward-looking statements require QuestAir to make assumptions and are subject to important known and unknown risks and uncertainties, which may cause QuestAir's actual results in future periods to differ materially from forecasted results. While QuestAir considers its assumptions to be reasonable and appropriate based on current information available, there is a risk that they may not be accurate. These forward-looking statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties that may cause the Company's actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed in or implied by these forward-looking statements. These risks include risks related to general economic conditions, risks associated with revenue growth, operating results, industry factors and QuestAir's general business environment, risks associated with doing business with partners, risks involved with the development new products and technology, financing risks, such as risks relating to liquidity and access to capital markets, and risks relating to competition, among other factors. Readers are cautioned that the foregoing list of factors that may affect future growth, results and performance is not exhaustive and undue reliance should not be placed on such forward-looking statements which speak only to the date they were made. Except as required by law, QuestAir disclaims any obligation to publicly update or revise any such statements to reflect any change in the Company's expectations or in events, conditions, or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. For further information: QuestAir Technologies Inc.: Sherry Tryssenaar, Chief Financial Officer, Phone: (604) 453-6902, Email: tryssenaar(at)questairinc.com, Web: www.questairinc.com; Canaccord Adams: Robert Finlay, Phone: +44 (0) 20 7050 6500; UK media contact: Charles Ryland, Ben Willey, Buchanan Communications, Phone: +44 (0) 20 7466 5000; Canadian media contact: Stephen Burega, Karyo Communications, Phone: (604) 623-3007 (QAR) END
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