IQ AirIQ Inc

AirIQ Inc. (the "Company" or "AirIQ") (TSX VENTURE:IQ), a supplier of wireless
location-based services, today announced that it has reached an agreement
whereby the Company will issue 3,300,0000 common shares at a price of $0.05 per
share to settle outstanding debts in the aggregate amount of $165,000.


The Company's lenders, Mosaic Capital Partners LP ("Mosaic") and 2204671 Ontario
Ltd. ("2204671"), have agreed to accept common shares in satisfaction of the
principal amount due on the Company's outstanding promissory notes in the
aggregate principal amount of $150,000. In addition, 2204671 has also agreed to
accept shares in settlement a portion of trade payables owing by the Company
over the last six months in the amount of $15,000.


A total of 3,300,000 shares will be issued; 2,000,000 to Mosaic, and 1,300,000
to 2204671. The Company has elected to satisfy the indebtedness with shares in
order to preserve its cash for operations.


Mosaic is a shareholder of the Company and Vernon Lobo, a director and Chairman
of AirIQ, is a managing director of Mosaic. 2204671 is a personal holding
company of Donald Gibbs, a director, President and Chief Executive Officer of
the Company. During the Company's approval of the transaction, Messrs. Lobo and
Gibbs each declared their conflict on the matter and abstained from voting in
respect of their interest.


The shares-for-debt transaction is to non-arm's length parties and is
conditional upon approval by the TSX Venture Exchange. The common shares issued
in satisfaction of the indebtedness will be subject to a four month statutory
hold period from the date of issuance. The issuance of shares will not result in
a new control person being created.


Following completion of the shares for debt issuance, AirIQ will have a total of
21,358,947 common shares issued and outstanding.


About AirIQ

AirIQ currently trades on the TSX Venture Exchange under the symbol IQ. AirIQ's
office is located in Pickering, Ontario, Canada. The Company offers a suite of
asset management services that generate recurring revenues from each device
deployed. AirIQ delivers services to two primary markets: Commercial Fleets and
dealers that service Consumer segments. AirIQ provides vehicle owners with the
ability to monitor, manage and protect their mobile assets. Services include:
instant vehicle locating, boundary notification, automated inventory reports,
maintenance reminders, security alerts and vehicle disabling and unauthorized
movement alerts. For additional information on AirIQ or its products and
services, please visit the Company's website at www.airiq.com.


Forward-looking Statements

This news release contains forward-looking information based on management's
best estimates and the current operating environment. These forward-looking
statements are related to, but not limited to, AirIQ's operations, anticipated
financial performance, business prospects and strategies. Forward-looking
information typically contains statements with words such as "hope", "goal",
"anticipate", "believe", "expect", "plan" or similar words suggesting future
outcomes. These statements are based upon certain material factors or
assumptions that were applied in drawing a conclusion or making a forecast or
projection as reflected in the forward-looking statements, including AirIQ's
perception of historical trends, current conditions and expected future
developments as well as other factors management believes are appropriate in the
circumstances. Such forward-looking statements are as of the date which such
statement is made and are subject to a number of known and unknown risks,
uncertainties and other factors, which could cause actual results or events to
differ materially from future results expressed, anticipated or implied by such
forward-looking statements. Such factors include, but are not limited to,
changes in market and competition, technological and competitive developments
and potential downturns in economic conditions generally. Therefore, actual
outcomes may differ materially from those expressed in such forward-looking
statements. Forward-looking statements are provided for the purpose of providing
information about management's current expectations and plans relating to the
future. Readers are cautioned that such information may not be appropriate for
other purposes. Other than as may be required by law, AirIQ disclaims any
intention or obligation to update or revise any such forward-looking statements,
whether as a result of such information, future events or otherwise. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
AirIQ Inc.
Donald Gibbs
President and Chief Executive Officer
(905) 831-6444, Ext. 4255
dgibbs@airiq.com
www.airiq.com

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