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TORONTO, ONTARIO--(Marketwired - Mar 24, 2016) - AirIQ Inc. ("AirIQ" or "the Company") (TSX VENTURE:IQ), a supplier of wireless asset management services, today announced that effective March 24, 2016, the Board of Directors granted stock options to Michael Robb, the President and Chief Executive Officer of the Company.
A total of 490,000 options for common shares were granted to Mr. Robb with an exercise price of $0.11 per share. The term of the options is ten years from the date of grant and the options vest over a period of four years; 25% the first year and 6.25% each quarter thereafter. All other terms of the option grants are in accordance with the Company's Stock Option Plan and the grant is subject to approval of the TSX Venture Exchange.
The Company has 28,928,947 common shares issued and outstanding. Under the terms of the Company's rolling stock option plan a maximum of 2,892,894 shares are available to be issued pursuant to the exercise of options at this time. Including this grant of 490,000 options, a total of 2,892,580 shares have been reserved for issuance pursuant to option grants.
AirIQ currently trades on the TSX Venture Exchange under the symbol IQ. The Company delivers a suite of asset management solutions that generate recurring revenues from each device deployed. 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. AirIQ's office is located in Pickering, Ontario, Canada. For additional information on AirIQ or its products and services, please visit the Company's website at www.airiq.com.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.