QuestAir Technologies Announces Second Quarter 2009 Results



    
    Strong revenue growth, prudent cash management and announcement of
    synergistic merger highlight progressive quarter
    

    BURNABY, BC, May 11 /CNW/ - QuestAir Technologies Inc. ("QuestAir" or
"the Company"; TSX: QAR), a developer and supplier of proprietary gas
purification systems for several large international markets, reports its
financial and operational results for the second quarter of fiscal 2009, ended
March 31, 2009 ("fiscal 2009"). All amounts are in Canadian dollars unless
otherwise noted.
    QuestAir will hold a conference call and webcast to discuss its results
at 10:00 am EST on May 12, 2009. Participants can access the call by dialing
1-800-814-4890 (toll free) or 1-416-646-3096 (toll) and entering code 21305725
followed by the number sign when prompted or by entering
http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=2661120 into their
browser to listen to the webcast.

    
    Second Quarter Highlights
    -------------------------

    -   Strong revenue growth: Revenue for the six months ended March 31,
        2009 was $8,002,561, an increase of $4,136,188, or 107%, from
        $3,866,373 for the same period in fiscal 2008. For the quarter ended
        March 31, 2009, revenue was $4,490,842, up $2,192,394, or 95%,
        compared to the same period in fiscal 2008. Revenues from both gas
        purification equipment and engineering service contracts remained
        robust through the first half of fiscal 2009.

    -   Disciplined cash management: Cash used by operations and capital
        requirements was $1,096,645 for the six months ended March 31, 2009,
        a decrease of $3,896,281, or 78%, compared to the same period in
        fiscal 2008. Cash usage for the quarter ended March 31, 2009 was
        $943,583, down 56% compared to the same period in fiscal 2008.
        Management's efforts to reduce cash usage over the past year continue
        to deliver substantial positive results.

    -   Improved bottom-line performance: Net loss was $87,764 ($0.01 per
        share) for the six months ended March 31, 2009, a significant
        improvement from a loss of $4,447,879 ($0.85 per share) for the same
        period in fiscal 2008. Net loss was $780,715 ($0.07 per share) for
        the quarter ended March 31, 2009, down 62% from a net loss of
        $2,057,403 in the same period in fiscal 2008. The net loss in the
        quarter ended March 31, 2009 was impacted by $1.1 million in one-time
        expenses related to the proposed merger between QuestAir and Xebec
        Adsorption Inc. ("Xebec") and otherwise earnings would have been
        positive for both the quarter and half year.

    -   Merger transaction with Xebec Adsorption Inc.: During the second
        quarter QuestAir announced a merger transaction with Blainville,
        Quebec-based Xebec, a leading supplier of natural gas-drying
        technology for compressed natural gas ("CNG") fueling stations and
        compressed air. The merger is expected to deliver technology
        leadership and synergies in manufacturing, sales and marketing. The
        transaction will position the Company for profitable expansion in the
        key growth markets of renewable natural gas, CNG infrastructure and
        industrial hydrogen.
    

    "We are very pleased with QuestAir's improved financial performance
through the first half of fiscal 2009. Revenue growth from existing orders and
engineering contracts in backlog remains strong, and our efforts to streamline
operations have resulted in a 78% decrease in cash burn compared to the first
half of fiscal 2008," said Andrew Hall, President and CEO of QuestAir.
    "Our merger with Xebec provides a strong platform to launch the next
phase of our growth. By leveraging QuestAir's advanced gas purification
technology together with Xebec's manufacturing capabilities, low cost supply
chain and global sales and distribution presence, our goal is to create a
market leader with global presence in progressive sectors such as biogas
purification and natural gas dehydration. These sectors provide an addressable
market of more than $500 million annually, and offer considerable growth
potential and business opportunity."
    "From a financial perspective, the transaction creates a larger company
with a streamlined overhead structure that will be well equipped to grow
market share in today's challenging economic conditions," said Hall.

    Outlook
    -------

    The continued strong financial results through the first half of fiscal
2009 will positively impact QuestAir's financial results for the full fiscal
year.
    "Provided that exchange rates remain at current levels for the remainder
of fiscal 2009, we expect that revenue from QuestAir's business for fiscal
2009 will be at the high end of the $10 million to $12 million range that we
forecast in December 2008. Likewise, our cash consumption continues to be low
due to cost containment and strong foreign exchange gains," said Hall.
"However, given the proposed merger with Xebec and the associated
restructuring of our business, we are not in a position to provide an update
on forecast cash burn for the remainder of the fiscal year."
    Despite the strong continued financial performance through the first half
of fiscal 2009, QuestAir continues to face challenging conditions in its
target product markets. Interest in the biogas upgrading market remains high,
but the pace of project development in the biogas market has slowed due to
lower natural gas prices and challenging conditions in the debt market for
financing renewable energy projects. Similarly, project activity in the
industrial hydrogen market remains weak due to reduced demand in the
hydrogen-consuming industries such as steel, petrochemicals and oil refining.
    Looking forward, the longer term outlook for the biogas industry remains
bright. For example, in March 2009 the Government of Quebec announced a
$500-million funding program for the construction of anaerobic digestion
projects by municipalities in Quebec to process municipal waste. The program
is specifically geared towards the production of pipeline-quality biomethane
from these municipal waste sources.
    "We are optimistic that once implemented, this program has the potential
to drive the development of a number of biogas upgrading and pipeline
injection projects in the province of Quebec and help all Canadians better
understand the environmental benefits and business opportunities provided by
biogas," said Hall.
    In the key US market, proposed government initiatives such as the New
Alternative Transportation to Give Americans Solutions (NAT GAS) Act support
the use of CNG as a domestic, clean transportation fuel. "These initiatives
have the potential to be a direct driver of Xebec's sale of natural gas dryers
for CNG infrastructure, as well as being an indirect stimulus for the
development of biogas-to-CNG projects to provide a renewable source of CNG
supply," said Hall.

    
    Q2 2009 Financial Results
    -------------------------

    Operating Results

    The following table provides a breakdown of QuestAir's revenues from the
sale of gas purification systems and engineering service contracts for the
reported periods:

    -------------------------------------------------------------------------
                                    Three months ended      Six months ended
    (Unaudited)                              March 31,             March 31,
                                       2009       2008       2009       2008
    -------------------------------------------------------------------------
    Gas purification systems      2,016,826  1,348,139  4,061,994  2,710,950
    Engineering service contracts 2,474,016    950,309  3,940,567  1,155,423
    -------------------------------------------------------------------------
    Total revenue                 4,490,842  2,298,448  8,002,561  3,866,373
    -------------------------------------------------------------------------
    

    Revenue from gas purification systems increased 50% in the current
quarter compared to the same period in fiscal 2008, and includes revenue from
an M-3100 methane recovery system sold to SCS Energy valued at $1.13 million
that will be used by the University of New Hampshire in its new landfill
gas-to-energy cogeneration facility. QuestAir's M-3100 will increase the
energy content of landfill gas used to generate electricity in a turbine
generator. Also included in revenue in the quarter is 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.
    The increase in revenue from engineering service contracts reflects the
higher value of these contracts in backlog compared to the prior periods. This
trend is expected to continue for several quarters as a result of the US$6.35
million engineering service contract signed with ExxonMobil Research and
Engineering ("EMRE") in March 2008. This contract will elevate the revenue
recognized from engineering service contracts until it is completed in
December 2009.
    Fluctuations in recognized revenue and the receipt of new sales orders
are expected in the markets that the Company serves. In addition, the timing
of receipt of new engineering service contracts can vary from year to year.
Consequently, management believes that both recognized revenue and changes in
sales order backlog should be monitored together to determine the strength of
QuestAir's commercial operations.
    QuestAir's 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
six months ended March 31, 2009.

    
    -------------------------------------------------------------------------
                                   For the three months ended March 31, 2009
    (Unaudited)
                                               Gas  Engineering
                                      Purification      Service
                                           Systems    Contracts        Total
    -------------------------------------------------------------------------
    Opening Balance                      4,991,423    5,053,025   10,044,448
      Bookings                             434,485            -      434,485
      Revenue                           (2,016,826)  (2,474,016)  (4,490,842)
      Adjustments(1)                        42,402       80,063      122,465
    -------------------------------------------------------------------------
    Ending Balance                       3,451,484    2,659,072    6,110,556
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                                     For the six months ended March 31, 2009
    (Unaudited)
                                               Gas  Engineering
                                      Purification      Service
                                           Systems    Contracts        Total
    -------------------------------------------------------------------------
    Opening Balance                      5,502,442    5,365,446   10,867,888
      Bookings                           1,660,505      287,775    1,948,280
      Revenue                           (4,061,994)  (3,940,567)  (8,002,561)
      Adjustments(1)                       350,531      946,418    1,296,949
    -------------------------------------------------------------------------
    Ending Balance                       3,451,484    2,659,072    6,110,556
    -------------------------------------------------------------------------
    (1) Includes adjustments for fluctuations in foreign currency exchange
        rates.
    

    The total sales order backlog decreased by $3,933,892, or 39%, during the
second quarter of fiscal 2009. Favourable foreign exchange adjustments
increased the value of sales order backlog during the quarter, partially
offsetting the fact that new orders received were less than the value of
revenue recognized during the quarter. During the quarter the Company
continued to face difficult market conditions and reduced levels of new
equipment orders in both the industrial hydrogen and biogas markets. Demand
for new process equipment remains depressed in the industrial hydrogen market,
as demand for hydrogen in many end user markets (including the steel and
petrochemical industries) remains depressed. Likewise the pace of new project
development in the biogas market remains slow due to reduced availability of
project debt financing, and depressed natural gas prices in some geographic
markets.

    
    The following table provides a calculation of gross profit for the
reported periods:

    -------------------------------------------------------------------------
                                      Three months             Six months
    (Unaudited)                      ended March 31,         ended March 31,
                                    2009        2008        2009        2008
    -------------------------------------------------------------------------
    Sales                      4,490,842   2,298,448   8,002,561   3,866,373
    Cost of goods sold         2,505,506   1,256,753   4,210,195   2,576,489
    -------------------------------------------------------------------------
    Gross Profit               1,985,336   1,041,695   3,792,366   1,289,884
    Gross Margin (%)               44.2%       45.3%       47.4%       33.4%
    -------------------------------------------------------------------------
    

    Gross profit increased significantly for the quarter and half year ended
March 31, 2009 compared to the same period last year. This was due in part to
an increase in the amount of revenue recognized on engineering service
contracts, which tend to generate higher gross margins than equipment sales.
In addition, a warranty obligation expired during the first quarter of fiscal
2009, resulting in a $367,626 reduction of cost of goods sold, contributing to
the increased gross profit compared to the same period in fiscal 2008. Profits
and corresponding margins are expected to fluctuate from quarter to quarter
depending on the mix of revenues recognized from engineering service contracts
and gas purification systems.
    General and administrative ("G&A") expenses were $1,742,836 for the
second quarter of fiscal 2009, an increase of $553,015 or 46% compared to
$1,189,821 for the same period in fiscal 2008. G&A expenses were $2,423,106
for the half year ended March 31, 2009, an increase of 17% compared to
$2,075,389 for the same period in fiscal 2008. The increase is primarily from
expenses related to the anticipated merger between QuestAir and Xebec,
including legal and accounting costs of $563,000, and accrued severance costs
totaling $572,000 for the quarter ended March 31, 2009. Partially offsetting
these expenses are decreases in overall facilities costs, including rent and
associated utilities expenses, as the Company reduced the size of its leased
facilities at the end of fiscal 2008 to better match current requirements. In
addition, stock based compensation expenses decreased $55,586 in the current
quarter and $130,887 in the current half year compared to same period in
fiscal 2008.
    Research and development ("R&D") expenses were $382,241 for the second
quarter of fiscal 2009, a decrease of 59% compared to $933,699 for the same
period in fiscal 2008. R&D expenses decreased 58% to $800,224 for the half
year compared to $1,889,563 for the same period in fiscal 2008. In the second
quarter of fiscal 2008, management decided to limit the amount of self-funded
R&D activities in order to reduce the Company's operational cash usage. As a
result, R&D expenses have decreased significantly compared to the prior
period.
    Operations expenses were $236,318 for the second quarter of fiscal 2009,
a decrease of 45% compared to $430,189 for the same period in fiscal 2008. For
the half year ended March 31, 2009, operating expenses were $512,328, a
decrease of 41% compared to $867,807 for the same period in fiscal 2008. This
decrease is due to a decrease in salary costs and related overheads, as
staffing levels have declined in the department compared to the same period in
fiscal 2008.
    Sales and marketing expenses were $261,593 for the second quarter of
fiscal 2009, a decrease of 46% compared to $487,634 for the same period in
fiscal 2008. For the half year ended March 31, 2009, sales and marketing
expenses were $557,191, a decrease of 37% compared to $889,210 for the same
period in fiscal 2008.The reduction in sales and marketing expenses for the
quarter reflects a decrease in salary costs and related overheads compared to
the prior period.
    Other income was $8,029 for the second quarter of fiscal 2009 and
$719,343 for the half year ended March 31, 2009. Substantial foreign exchange
gains occurred in the first half year of fiscal 2009 compared the same period
in fiscal 2008.
    Net loss for the quarter ended March 31, 2009 was $780,715 ($0.07 per
share) compared to $2,057,403 ($0.39 per share) for the same period in fiscal
2008. Net loss for the half year ended March 31, 2009 was $87,764 ($0.01 per
share) compared to $4,447,879 ($0.85) per share for the same period in fiscal
2008. Timing of revenue recognition, increased gross profit, reduced operating
expenses and favorable foreign exchange gains have contributed to the
reduction in net loss in the current fiscal year.
    Capital expenditures net of proceeds on sale ("Net CAPEX") for the second
quarter of fiscal 2009 were $8,033 compared to $86,788 for the same period in
fiscal 2008. Net CAPEX for the half year ended March 31, 2009 was $45,590
compared to $240,581 for the same period in fiscal 2008. It is expected that
capital expenditures will fluctuate from year to year depending on the
requirements of specific product development programs and administrative
needs.

    Liquidity and Capital Resources

    At March 31, 2009 cash and short-term investments were $8,181,750
compared to $9,032,063 at December 31, 2008 and $9,327,297 at September 30,
2008. Not included in cash and short term investments at March 31, 2009 was
$62,600 of restricted cash to secure letters of credit with customers,
decreased from $281,005 at December 31, 2008 and September 30, 2008.
    Cash used by operations and capital requirements decreased 56% in the
second quarter of fiscal 2009 to $943,583, compared to $2,166,074 for the same
period in fiscal 2008. For the half year, cash used by operations and capital
requirements decreased 78% to $1,096,645 from $4,992,926 for the same period
in fiscal 2008. The decrease in cash usage reflects reduced cash used in
operations as well as fewer capital expenditures during the quarter and half
year compared to the same period in fiscal 2008.
    In addition to cash reserves, the Company has access to a US$1 million
accounts receivable line of credit and a US$1 million term loan. As at March
31, 2009, the Company had drawn $190,924 under the term loan, as well as
$213,366 (net of repayments) under prior term loan agreements. QuestAir is in
compliance with all bank covenants.
    QuestAir's authorized share capital consists of an unlimited number of
common shares, of which 11,269,318 common shares were issued and outstanding
as of April 30, 2009. The Company also has an unlimited number of preferred
shares authorized, none of which are issued.
    Further information on QuestAir's financial results for the quarter ended
March 31, 2009 can be found in the Company's 'Management Discussion and
Analysis' ("MD&A") at www.sedar.com.



    
    Balance Sheets
    --------------

    -------------------------------------------------------------------------
    Unaudited (expressed in Canadian dollars)            As at         As at
                                                      March 31, September 30,
                                                          2009          2008

    Assets
    Current assets
    Cash and cash equivalents                      $ 8,181,750   $ 9,265,249
    Restricted cash                                     62,600       281,005
    Short-term investments                                   -        62,048
    Accounts receivable- net of allowance for
     doubtful accounts of $92,689 (2008 - $92,689)     716,164       974,404
    Inventories                                      4,382,597     5,214,342
    Prepaid expenses                                   259,543       199,269
    Derivatives                                             81             -
                                                  ---------------------------
                                                    13,602,735    15,996,317
    Long-term assets
    Property, plant and equipment                    1,068,951     1,329,986
    Other long-term assets                             174,730       178,930
                                                  ---------------------------
                                                   $14,846,416   $17,505,233
                                                  ---------------------------
                                                  ---------------------------
    Liabilities
    Current liabilities
    Accounts payable and accrued liabilities       $ 2,747,663   $ 2,896,719
    Deferred revenue                                 2,511,852     4,735,258
    Current portion of bank debt                       264,914       443,345
    Obligation under capital lease                     125,014       105,479
                                                  ---------------------------
                                                     5,649,443     8,180,801
    Long-term liabilities
    Bank debt                                          139,376       228,262
                                                  ---------------------------
                                                     5,788,819     8,409,063
                                                  ---------------------------
    Shareholders' Equity
    Share capital
    Authorized
      Unlimited common shares, voting, no par value
      Unlimited preferred shares, issuable in
       series, no par value
    Common shares                                  115,373,625   115,363,615
    Contributed surplus                              8,902,406     8,863,225
    Deficit                                       (115,218,434) (115,130,670)
                                                  ---------------------------
                                                     9,057,597     9,096,170
                                                  ---------------------------
                                                   $14,846,416   $17,505,233
                                                  ---------------------------
                                                  ---------------------------


    Statements of Operations, Comprehensive Income (Loss) and Deficit
    -----------------------------------------------------------------

    -------------------------------------------------------------------------
    Unaudited       For the three months ended      For the six months ended
    (expressed in      March 31,      March 31,      March 31,      March 31,
    Canadian dollars)      2009           2008           2009           2008

    Revenues      $   4,490,842  $   2,298,448  $   8,002,561  $   3,866,373
    Cost of goods
     sold             2,505,506      1,256,753      4,210,195      2,576,489
                  ----------------------------- -----------------------------
    Gross profit      1,985,336      1,041,695      3,792,366      1,289,884
                  ----------------------------- -----------------------------

    Operating
     expenses
    General and
     administration   1,742,836      1,189,821      2,423,106      2,075,389
    Research and
     development        382,241        933,699        800,224      1,889,563
    Operations          236,318        430,189        512,328        867,807
    Sales and
     marketing          261,593        487,634        557,191        889,210
    Amortization        151,092        179,251        306,624        353,272
                  ----------------------------- -----------------------------
                      2,774,080      3,220,594      4,599,473      6,075,241
                  ----------------------------- -----------------------------
    Loss before
     undernoted        (788,744)    (2,178,899)      (807,107)    (4,785,357)
                  ----------------------------- -----------------------------

    Other income
     (expense)
    Foreign
     exchange gain        7,144        203,212        715,801        315,191
    Interest income      13,391         31,462         49,924        100,752
    Other expense       (12,506)      (113,178)       (46,382)       (78,465)
                  ----------------------------- -----------------------------
                          8,029        121,496        719,343        337,478
                  ----------------------------- -----------------------------

    Loss and
     comprehensive
     loss for the
     period            (780,715)    (2,057,403)       (87,764)    (4,447,879)
    Deficit -
     Beginning of
     period        (114,437,719)  (109,878,213)  (115,130,670)  (107,487,737)
                  ----------------------------- -----------------------------
    Deficit - End
     of period    $(115,218,434) $(111,935,616) $(115,218,434) $(111,935,616)
                  ----------------------------- -----------------------------
                  ----------------------------- -----------------------------

    Basic and
     diluted loss
     per share           $(0.07)        $(0.39)        $(0.01)        $(0.85)
    Weighted average
     number of
     common shares
     outstanding     11,269,318      5,268,365     11,262,060      5,262,256
    -------------------------------------------------------------------------


    Statements of Cash Flows
    ------------------------

    -------------------------------------------------------------------------
    Unaudited           For the three months ended  For the six months ended
    (expressed in            March 31,    March 31,    March 31,    March 31,
    Canadian dollars)            2009         2008         2009         2008

    Cash flows from
     operating activities
    Loss for the period   $  (780,715) $(2,057,403) $   (87,764) $(4,447,879)
      Items not involving
       cash
      Amortization            151,092      179,251      306,624      353,272
      Unrealized foreign
       exchange gain on
       derivatives               (109)      (2,557)        (493)     (76,498)
      Non-cash compensation
       expense                 19,535       75,121       49,181      180,068
      Foreign currency loss     4,292        6,923       19,536        6,234
                          ------------------------- -------------------------
                             (605,905)  (1,798,665)     287,084   (3,984,803)
                          ------------------------- -------------------------
    Changes in non-cash
     operating working
     capital
      Accounts receivable     273,048    1,131,458      258,240     (315,037)
      Inventories            (627,087)    (679,341)     831,745   (1,947,446)
      Prepaid expenses         54,137     (115,162)     (56,074)      36,647
      Accounts payable and
       accrued liabilities    707,439     (659,682)    (148,644)    (238,844)
    Deferred revenue         (737,182)      42,106   (2,223,406)   1,697,138
                          ------------------------- -------------------------
                             (329,645)    (280,621)  (1,338,139)    (767,542)
                          ------------------------- -------------------------
                             (935,550)  (2,079,286)  (1,051,055)  (4,752,345)
                          ------------------------- -------------------------
    Cash flows from
     investing activities
    Decrease in short-term
     investments                    -            -       62,048    3,060,447
    Increase in short-term
     investments                    -            -            -      (62,048)
    Purchase of property,
     plant and equipment       (8,033)     (86,788)     (45,590)    (240,581)
    Decrease in restricted
     cash                     218,405            -      218,405       84,085
                          ------------------------- -------------------------
                              210,372      (86,788)     234,863    2,841,903
                          ------------------------- -------------------------
    Cash flows from
     financing activities
    Issuance of common
     shares on exercise
     of stock options               -            -           10          143
    Deferred charges                -      (46,876)           -      (46,876)
    Issuance of bank debt           -      146,379            -      153,629
    Repayment of bank debt   (125,135)    (145,614)    (267,317)    (287,416)
                          ------------------------- -------------------------
                             (125,135)     (46,111)    (267,307)    (180,520)
                          ------------------------- -------------------------
    Decrease in cash and
     cash equivalents        (850,313)  (2,212,185)  (1,083,499)  (2,090,962)
    Cash and cash
     equivalents -
     Beginning of period    9,032,063    5,847,468    9,265,249    5,726,245
                          ------------------------- -------------------------
    Cash and cash
     equivalents - End of
     period               $ 8,181,750  $ 3,635,283  $ 8,181,750  $ 3,635,283
                          ------------------------- -------------------------
                          ------------------------- -------------------------
    

    About QuestAir Technologies Inc.

    QuestAir Technologies, Inc. is a developer and supplier of proprietary
gas purification systems for several large international markets, including
biogas production, natural gas processing and oil refining. QuestAir is based
in Burnaby, British Columbia and its shares trade 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 our 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.
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, other than as required by law.

    %SEDAR: 00021328E




For further information:

For further information: QuestAir Technologies Inc.: Andrew Hall, Chief
Executive Officer, Phone: (604) 453-6967, Email: hall@questairinc.com, Web:
www.questairinc.com; Media contacts: Ian Noble and Steve Burega, Karyo
Communications, Phone: (604) 623-3007, ian.noble@karyo-edelman.com,
stephen.burega@karyo-edelman.com

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