AirIQ Announces Release of Escrow Funds
TORONTO, ONTARIO – AirIQ Inc., a leader in wireless location-based services and specializing in telematics and security, has received funds that had been held in escrow since the sale of certain assets and liabilities of the company's subsidiary, AirIQ U.S., Inc., relating to its vehicle finance industry tracking business, to CalAmp DataCom, Inc., a subsidiary of CalAmp Corp. ("CalAmp"), on Mar. 16, 2007.
The 12-month hold on the funds ended Mar. 16, 2008, following which CalAmp had 30 days to submit a claim against the escrow. Since CalAmp has no claims against the escrowed funds, on Mar. 27, 2008, they agreed to release the escrowed funds to AirIQ, and AirIQ has received the funds today.
"This is testimony to the excellent relationship we have maintained with staff at CalAmp," said Steve Willey, president and chief executive officer of AirIQ Inc. "Furthermore, it demonstrates AirIQ's unique ability to select high value acquisitions, to fully leverage their assets, and to opportunistically harvest from its expanding portfolio of telematics applications."