FOR: QUESTAIR TECHNOLOGIES INC.
TSX, AIM SYMBOL: QAR April 21, 2008 QuestAir Announces Filing of Amended and Restated Preliminary Short Form Prospectus VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 21, 2008) - THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY UNITED STATES NEWS
SERVICES.
QuestAir Technologies Inc. ("QuestAir" or the "Company") (TSX:QAR)(AIM:QAR) announced today
that it
has filed an amended and restated preliminary short form prospectus in all the provinces of
Canada
other than Quebec, to qualify an offering of subscription receipts. Under the terms of the
proposed
offering, each subscription receipt will be exchangeable into units consisting of one common
share in
the capital of the Company and one share purchase warrant convertible for 24 months following
the
closing of the offering into common shares in the capital of the Company on a 1:1 basis. The
exchange
will occur automatically provided that approval by the shareholders of the Company and by the
TSX and
the AIM of the offering is obtained by June 16, 2008. Clarus Securities Inc. will act as the
lead
manager for the proposed fully marketed, public offering. The offering may also occur by
private
placement in the United States, the United Kingdom and other jurisdictions in Europe. The
number of
subscription receipts to be offered and the price for the offering have not yet been
determined.Proceeds from this offering will be used to finance sales and marketing activities, research
and
development, operations expenses and general and administrative expenses.
The offering is subject to certain conditions, including but not limited to, the receipt of
all
necessary regulatory approvals, including approvals of the Toronto Stock Exchange. A copy of
the
preliminary short form prospectus is available on www.sedar.com.
This release shall not constitute an offer to sell or the solicitation of any offer to buy
securities
in any jurisdiction. The common shares have not been registered under the United States
Securities Act
of 1933, as amended, and they may not be offered or sold in the United States absent
registration or
an applicable exemption from registration.
About QuestAir Technologies Inc.
QuestAir Technologies Inc. is a developer and supplier of proprietary gas purification systems
for
several large international markets, including existing markets such as oil refining, biogas
production and natural gas processing, and emerging markets such as fuel cell power plants and
fuel
cell vehicle refueling stations. QuestAir is based in Burnaby, British Columbia and its shares
trade
on the AIM Market of the London Stock Exchange Plc. and on the Toronto Stock Exchange under
the symbol
"QAR".
Forward Looking Statements Certain statements in this press release may constitute "forward-looking" statements which
involve
known and unknown risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Company, or industry results, to be materially different
from any
future results, performance or achievements expressed or implied by such forward-looking
statements. When used in this press release, such statements use such words as "anticipate", "believe",
"plan",
"estimate", "expect", "intend", "may", "will" and other similar terminology. These statements
reflect
current expectations regarding future events and operating performance and speak only as of
the date
of this press release. Forward-looking statements involve significant risks and uncertainties,
should
not be read as guarantees of future performance or results, and will not necessarily be
accurate
indications of whether or not such results will be achieved. A number of factors could cause
actual
results to differ materially from the results discussed in the forward-looking statements. -30- FOR FURTHER INFORMATION PLEASE CONTACT: QuestAir Technologies Inc. Sherry Tryssenaar
Chief Financial Officer
(604) 453-6902
Email: tryssenaar@questairinc.com
Website: www.questairinc.com OR Clarus Securities Inc. Rod Campbell
(604) 605-5700 OR Canaccord Adams
Robert Finlay
+44 (0) 20 7050 6500 OR Karyo Edelman
Stephen Burega
Canadian Media Contact
(604) 623-3007 OR Buchanan Communications
Charles Ryland
UK Media Contact
+44 (0) 20 7466 5000 OR Buchanan Communications
Ben Willey
UK Media Contact
+44 (0) 20 7466 5000 -0-
QuestAir Technologies Inc.
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