Rubatex Information

Source: AirIQ

Rubatex Msds AirIQ Inc. closes its acquisition of Aircept.com, LLC, based in Irvine, California. AirIQ to focus on combined growth opportunities and operational synergies.Visit our AXcess News Forum and add your comments on this story. Try your hand at writing, the best story will be published on our news network. Take our technology poll too!

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Rubatex Pipe June 30, 2004 (AXcess News) Toronto - AirIQ Inc. (TSX:IQ), a leader in the Telematics industry, announces the closing of its acquisition of the business of Aircept.com, LLC, based in Irvine, California. The Company previously announced on June 21, 2004, that it had entered into a definitive agreement to complete the acquisition. The asset purchase transaction was conducted through the Company's wholly owned subsidiary AirIQ U.S., Inc.

Rubatex Pipe Insulation "The closing of this significant transaction was achieved in a relatively short period of time after signing the definitive agreement. We can now focus our efforts on growth through combined customer acquisition, while capitalizing on unified operational advantages," explains Mark Kohler, Chief Financial Officer of AirIQ. "We are excited to be entering the third quarter with the addition of over 80,000 active subscribers, and the commensurate increase in recurring revenue of approximately CDN$5,200,000 per quarter."On closing, AirIQ delivered cash of US$5,000,000 (CDN$6,733,500) and 16,800,000 newly issued common shares of AirIQ, a portion of which are held in escrow, to Aircept.

Rubatex 180 Subsequent to closing, two cash payments of US$4,250,000 (CDN$5,723,475) each are payable by AirIQ in the future, subject to the acquired business meeting certain significant subscriber levels, and revenue and gross margin growth targets or earn-out conditions, as previously disclosed.

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The closing of the acquisition was conditional upon receipt of various consents and confirmation of certain financial conditions including the delivery by Aircept of three-year audited financial statements. All closing conditions were satisfied and upon receipt of the final draft three-year financial statements and confirmation from Aircept's auditors that the three-year audited financial statements will be accompanied by unqualified auditors' opinions, AirIQ waived its condition to receive final audited financial statements prior to closing.AdvertisementAirIQ is headquartered in Pickering, near Toronto, Canada. The Company operates as a wireless Internet applications service provider specializing in Telematics. Telematics is the name given to information and control messages sent wirelessly to and from vehicles. AirIQ's services are offered to three large commercial markets (rental vehicle, commercial transport and heavy equipment fleets) and the Consumer market.Shares of AirIQ (TSX: IQ) closed Tuesday at $0.38.AXcess News will be reporting on any new market trends related to this story. Members should watch their in-box for late breaking news. If you're not a member, consider joining now. Members get the latest business news, commentaries and stock picks delivered right to their in-box.