AirIQ to Acquire Aircept

AirIQ Inc., Pickering, Ont., Canada, has announced and agreement to acquire the business of Aircept.com

, LLC, based in Irvine, Calif. The acquisition will be conducted through the Company's wholly owned subsidiary AirIQ U.S., Inc. in an asset purchase transaction.
Founded in 1998 as Location Systems Technologies based in Irvine, Calif., Aircept is a developer, manufacturer and service provider of GPS systems, including wireless vehicle monitoring and tracking services to several vertical markets, among them rental vehicle fleets, heavy equipment and commercial transport fleets. Aircept has over 80,000 active telematics subscribers, which will create a combined base of 115,000 for the companies.
The purchase is to be paid in the form of approximately $6,750,000 in cash and 16,800,000 newly issued common shares of AirIQ at closing, a portion of which will be held in escrow, with two additional cash payments of approximately $5,737,500, each upon the satisfaction of certain earn-out conditions.
Ken Wiesner, president and CEO of Aircept, will be president of the new Aircept Division of AirIQ USA and all 43 California-based Aircept employees will be retained, according to AirIQ. Working with the Toronto, Canada-based AirIQ team of 62, the combined operations will expand AirIQ's North American presence.
For more information visit www.airiq.com.