11:31:14 EDT Mon 20 May 2024
Enter Symbol
or Name

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AirIQ Inc (2)
Symbol IQ
Shares Issued 29,367,574
Close 2023-06-26 C$ 0.27
Market Cap C$ 7,929,245
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AirIQ to buy back up to 1.46 million shares

2023-06-27 12:43 ET - News Release

Mr. Michael Robb reports


The TSX Venture Exchange has accepted AirIQ Inc.'s application for a normal course issuer bid. Pursuant to the bid, the company proposes to purchase, through the facilities of the TSX-V by Hampton Securities Ltd., up to 1,468,379 common shares, representing 5 per cent of the company's currently issued and outstanding common shares. The bid will occur over a 12-month period commencing on June 27, 2023, and ending on June 26, 2024.

AirIQ is commencing the bid because the company's board of directors believes that the market price of the company's common shares does not fully reflect the underlying value of the company's assets and future prospects, and that repurchasing the company's common shares is one way of creating shareholder value.

All purchases made pursuant to the bid will be made through the facilities of the TSX-V in open-market transactions, or by such other means as may be permitted under applicable securities laws. Hampton Securities has been selected as AirIQ's agent for the bid. The price for purchases of common shares under the bid will be made in accordance with the requirements of the TSX-V and will be made at the prevailing market price of the company's shares at the time of purchase.

All purchases on the TSX-V under the bid will be subject to the limitations as set forth in the TSX-V policies. As of the date of this release, the company has 29,367,574 common shares issued and outstanding. All common shares purchased by the company under the bid will be cancelled.

To the knowledge of AirIQ, no director, senior officer or other insider of AirIQ, or any associate of such person, or any associate or affiliate of AirIQ, currently intends to sell any common shares under the bid. However, sales by such persons through the facilities of the TSX-V may occur if the personal circumstances of any such person changes or any such person makes a decision unrelated to the bid purchases. The benefits to any such person whose common shares are purchased would be the same as the benefits available to all other holders whose common shares are purchased.

The company's previous NCIB commenced on June 6, 2022, and ended June 5, 2023. Under the previous NCIB, the company obtained the approval of the TSX-V to purchase up to 1,486,403 common shares, which represented 5 per cent of the then-outstanding 29,728,074 common shares issued and outstanding on June 6, 2022. The company purchased shares on the open market and cancelled an aggregate of 360,500 common shares under the previous NCIB at a weighted average purchase price of 27 cents per common share.

Although AirIQ intends to purchase common shares under its NCIB, there can be no assurances that any such purchases will be completed. A copy of the Form 5G -- Notice of Intention to Make a Normal Course Issuer Bid, filed by AirIQ with the TSX-V can be obtained from AirIQ upon request without charge.

About AirIQ Inc.

AirIQ is a pioneer in IoT-based (Internet of things) asset management solutions. AirIQ's solutions allow commercial businesses to reliably, effectively and efficiently monitor assets in near real time. The company develops iOS and Android mobile and Web-based applications, and cloud-based solutions that stand alone or that can be readily integrated with existing software. AirIQ solutions are mixed fleet capable and provide fleet reporting, maintenance, compliance, safety and analytics utilizing multiple hardware options, including a fully integrated video telematics camera solution and a battery-powered solution for non-powered assets.

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