— AirIQ Inc., a Wireless Location Services company, specializing in telematics and security, announced that the Toronto Stock Exchange (TSX) has accepted its filing of a Notice of Intention to make a Normal Course Issuer Bid. Pursuant to the bid, the company proposes to purchase through the facilities of the TSX, as appropriate opportunities arise from time to time over the next 12 months, up to an aggregate of 8 million common shares, being approximately 5 percent of its 160,860,908 issued and outstanding common shares, as of May 25, 2007.
Purchases may commence through the TSX on May 30, 2007 and will conclude on the earlier of the date on which purchases under the bid have been completed and May 29, 2008. AirIQ will not repurchase more than 2 percent of the issued and outstanding common shares in any 30-day period. The consideration to be paid by AirIQ for any common shares it will repurchase under the Bid will be at the market price of such common shares at the time of acquisition. All common shares purchased by the company will be cancelled. There have been no previous purchases of its common shares by the company.
Although AirIQ clearly believes that its funds and cash reserves may be used strategically and profitably within the framework of its organic growth strategy, it has nevertheless determined that, in certain circumstances, the repurchase of its own shares by AirIQ may be an appropriate investment of funds on hand and in the best interests of the company.