VANCOUVER, April 11 /CNW/ - On March 31st, 2011, QMI Technologies Inc. and QMI Seismic Inc. (CNSX: QSS) agreed to
end a proposed affiliation that began in July 2010. It had been
proposed that QMI Technologies Inc. would, by an exchange of shares,
become affiliated with QMI Seismic Ltd, a public Company, for the
distribution of QMI Technology's seismic products. Due to difficulties
in getting adequate funding from QMI Seismic in a timely manner and a
majority share interest in QMI Seismic as originally agreed, that
affiliation failed to progress and the two Companies have now agreed to
QMI Technologies has agreed to refund the funds advanced by QMI Seismic,
and to allow QMI Seismic the option to acquire distribution rights in
Japan, Indonesia, India, Chile and Bolivia. At this time there are no
agreement in place between QMI Technologies Inc. and QMI Seismic Inc.
for the marketing of or distribution of QMI Technologies Inc.
products. QMI Technologies Inc. is the sole proprietor of all water,
gas and seismic products including ownership of patents, designs and
trademarks, and does not currently have partnership agreements in place
with any other corporations.
QMI Seismic has agreed to change its name, so that there is no
association with the QMI name whatsoever.
QMI Technologies will continue to market its patented residential,
commercial and industrial gas, water and Seismic products and can be
found at www.qmimfg.com.
Raymond Wood, President & CEO QMI Technologies Inc
SOURCE QMI Technologies Inc.
For further information:
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