TORONTO, ONTARIO -- (Marketwired) -- 06/17/13 -- 2204671 Ontario Ltd. ("2204671") today announced that it has acquired ownership of 1,300,000 common shares (the "Common Shares") of AirIQ Inc. ("AirIQ"), representing approximately 7.2% of the total issued and outstanding common shares of AirIQ immediately prior to the transaction. The shares were acquired in connection with a debt-to-equity transaction whereby $65,000 of debt due to 2204671 was satisfied by the issuance of 1,300,000 shares of AirIQ at a price of $0.05 per share.
2204671 is controlled by Donald Gibbs, a director, President and Chief Executive Officer of AirIQ. As a result of this transaction Mr. Gibbs now beneficially owns an aggregate of 2,952,500 common shares of AirIQ, representing approximately 13.8% of all of the issued and outstanding common shares of AirIQ as at June 14, 2013.
This transaction was made for investment purposes and 2204671 and Mr. Gibbs could increase or decrease their investment in AirIQ depending on market conditions or any other relevant factor.
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.
2204671 Ontario Ltd.
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