10:56:26 EDT Mon 20 May 2024
Enter Symbol
or Name

Login ID:
AirIQ Inc (2)
Symbol IQ
Shares Issued 29,517,574
Close 2024-03-18 C$ 0.43
Market Cap C$ 12,692,557
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AirIQ acquires customers from former reseller

2024-03-19 10:48 ET - News Release

Mr. Michael Robb reports


AirIQ Inc. has acquired customers from a former reseller of the company.

The acquired customers have over 1,000 devices that generate approximately $370,000 in total annual recurring revenues. The purchase price for the acquisition is approximately $218,000 and has been financed by the reduction in amounts owed to the company by the former reseller. The acquisition did not require the use of cash by the company and there are no additional costs associated upon completion of the transaction.

"We are excited that we were able to acquire a strong base of customers that will provide growth in recurring revenues in the future," stated Michael Robb, president and chief executive officer of AirIQ. "This customer acquisition did not require use of our cash on hand that will allow us to target other acquisitions which we are currently assessing.

About AirIQ Inc.

AirIQ celebrated its 27th anniversary of its founding in 1997 and is a pioneer in Internet of Things-based 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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