Mr. Michael Robb reports

AIRIQ ANNOUNCES CUSTOMER ACQUISITION

AirIQ Inc. has acquired certain assets, including customers, URLs (uniform resource locators), licences and other marketing assets, from a privately held IoT (Internet of things) services dealer on May 16, 2024.

The acquired customers have over 800 devices that generate approximately $200,000 in total annual recurring revenues with approximately 70-per-cent gross margin. The purchase price for the acquisition is approximately $55,000, not including closing costs and has been paid in cash.

"We are excited that we were able to acquire a strong base of customers at a great value that will contribute to growth in recurring revenues. In addition, because the transaction is expected to be highly accretive, it should generate an excellent return on investment for our shareholders," stated Michael Robb, president and chief executive officer of AirIQ. "This acquisition is another key aspect to our growth strategy, allowing us to maximize growth at a low cost, priming us for more acquisitions on the horizon with our cash reserves largely intact."

About AirIQ Inc.

AirIQ was founded in 1997 and is a pioneer in Internet-of-Things-based asset management solutions. AirIQ's solutions allow commercial businesses to reliably, effectively and efficiently monitor assets in near real time. The company develops iOS and Android mobile and Web-based applications, and cloud-based solutions that stand alone or that can be readily integrated with existing software. AirIQ solutions are mixed fleet capable and provide fleet reporting, maintenance, compliance, safety and analytics utilizing multiple hardware options, including a fully integrated video telematics camera solution and a battery-powered solution for non-powered assets.

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