Aeroquest International Limited (TSX-V:AQL) Announces the Closing of the Acquisition of Geophex, Ltd.



    MISSISSAUGA, ON, Dec. 31 /CNW/ - Aeroquest International Limited today
announced the successful closing of its previously announced acquisition of
Geophex, Ltd. of Raleigh, N. Carolina.
    Geophex, founded in 1983 by Dr. IJ Won, manufactures and sells primarily
ground-based geophysical instruments, and also supplies institutions and
private entities with specialized survey equipment on a contract-to-build
basis. Geophex has established a particular expertise in special and
customized geophysical investigations, especially as it relates to
environmental projects. Aeroquest will begin consolidating the operations of
Geophex effective the date of closing, December 31, 2007. Geophex will
continue to operate under the trade name "Geophex" and the two most senior
officers of Geophex, Dr. IJ Won and Mr. Alex Oren, have signed new employment
agreements with Geophex and will continue to oversee the operations of Geophex
after closing.
    The purchase price consideration paid to Dr. IJ Won, the vendor of the
shares of Geophex, consisted of US$2.0 million in cash, US$2.0 million in the
form of a Promissory Note and 498,001 common shares of Aeroquest International
having an aggregate value of US$1,700,000. The obligation of the vendor to
complete the transaction was subject to Aeroquest International, concurrent
with closing, undertaking to cause Geophex to pay a one-time employment bonus
to Mr. Alex Oren in the form of 87,882 common shares of Aeroquest
International, its new parent company, having an aggregate value of
US$300,000.

    About Aeroquest International

    Aeroquest International is a world leader in the operation and
development of innovative and proprietary airborne geophysical surveying
platforms servicing the mineral exploration, petroleum exploration, and
environmental industries. Directly, and through its sister company UTS
Geophysics, Aeroquest fields a fleet of helicopter and fixed wing systems and
is active on almost every continent in 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.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.





For further information:

For further information: Roy Graydon, President and Chief Executive
Officer (rgraydon@aeroquest.ca), (905) 672-9129, ext 222, or toll free, (866)
693-9129

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AEROQUEST INTERNATIONAL LIMITED

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