Mobilecom and tracking provider AirIQ Inc., announced that it has $12 million in new financing through a syndicate led by GMP Securities Ltd. and also included Paradigm Capital Inc.

"The private placement serves to advance our industry consolidation strategy and enhances our working capital position," explains Donald Simmonds, president and CEO of AirIQ. "We have now executed our key 2004 initiatives and restored our strong cash position from which to operate."