Aeroquest International Limited (TSX VENTURE:AQL) Announces Revenue for the Three and Nine Months Ended June 30, 2008 and Provid

Attention business/financial editors and reporters:

Aeroquest International Limited (TSX VENTURE:AQL) today reported preliminary
revenue results for the three and nine month periods ended June 30, 2008 and
provided an outlook to the end of fiscal 2008.


On October 23, 2007 the Company announced its intention to change the financial
year end to September 30th. As a result of this change in financial year end,
comparative periods do not line up precisely. The comparative periods used in
this report are for the three and nine month periods ending July 31, 2007.


Consolidated revenue for the three months ended June 30, 2008 reached a record
high $14.5 million, an increase of $5.1 million or 54% over the most comparable
period last year and up $1.2 million or 9% over consolidated revenue for the
second quarter of 2008. Revenue from helicopter operations contributed $6.8
million in the quarter, while revenue from fixed wing operations totaled $7.4
million in the quarter. Other revenue totaled $0.3 million. For the nine months
ended June 30, 2008, consolidated revenue was $39.0 million, up from $19.7
million in the most comparable nine month period last year, an increase of $19.3
million or 98%.


"While our third quarter revenue was a new record high revenue for the Aeroquest
Group, it fell short of our expectations in an important respect" said Roy
Graydon, President & CEO of Aeroquest; "Our helicopter operations were not as
productive as we expected them to be in the quarter. However, we expect revenue
from helicopter operations to strengthen in the fourth quarter."


The Company has been deploying its helicopter systems internationally over the
past several months in response to increased demand for its services outside
Canada. For example, at quarter-end, Aeroquest had AeroTEM(TM) helicopter
systems actively surveying in, or mobilizing to, seven different countries
around the world. Delays in commencing surveys in several countries had a
negative effect on overall helicopter productivity and contributed to lower than
expected revenue from these systems. Gross margins remain in the range of those
reported in previous quarters.


Outlook

Contract backlog at quarter-end was $17 million. The backlog and fleet status
position the Company for a strong final quarter for the year. Aeroquest expects
revenue in the fourth quarter to be in the range of $16 to $18 million,
resulting in full year revenue in the range of $55 to $57 million. Gross margins
in the fourth quarter are expected to be consistent with previous quarters in
2008.


Aeroquest added four net new systems to the fleet in the third quarter and
begins the fourth quarter with a total of 27 airborne systems. The Company
activated two new fixed wing system and three new helicopter systems in the
quarter. The Company also took one helicopter system in Russia offline
permanently as it was damaged beyond repair during a recent survey.


In the fourth quarter, the Company expects to add another three helicopter systems.



Aeroquest Fleet Summary - June 30, 2008

                                Helicopter      Fixed wing            Total
                               ---------------------------------------------
                               ---------------------------------------------
AeroTEM                                 11                               11
Impulse/GEM-2A                           2                                2
Magnetics         single sensor          2               5                7
                  multi-sensor           1               6                7
                               ---------------------------------------------
Total                                   16              11               27
                               ---------------------------------------------
                               ---------------------------------------------



Aeroquest intends to release its full third quarter financial report after the
market close on August 13, 2008 and will schedule a conference call for
investors on August 14, 2008. Details of the call will be provided approximately
a week before the release of results.


About Aeroquest International

Aeroquest International is a global geoscience services organization providing
airborne geophysical technologies and services, including the latest in airborne
data acquisition, processing and interpretation services, to the resource,
energy and environmental sectors. Directly, and through its sister companies UTS
Geophysics and Geophex, Aeroquest fields a fleet of over two dozen helicopter
and fixed wing systems and is active around the world. More information about
Aeroquest can be found at www.aeroquest.ca. More information on UTS Geophysics
can be found at www.uts.com.au. More information on Geophex can be found at
www.geophex.com.


For Investors

This news release may include statements about expected future events and/or
financial results that are forward-looking in nature and subject to risks and
uncertainties. The Company cautions that actual performance will be affected by
a number of factors, many of which are beyond its control. Future events and
results may vary substantially from what the Company currently foresees.
Discussion of the various factors that may affect future results is contained in
the Company's recent filings, available on SEDAR.