Aeroquest International Limited Announces Sale ofCompany News Alert
Aeroquest International LimitedAnnounces Sale of Aeroquest Optimal Subsidiary (ccnm)
TORONTO, ONTARIO--(Marketwire - Dec. 2,2011) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRESERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Attention business/financial editors andreporters:
Aeroquest International("Aeroquest" or the "Company") (TSX:AQL) announcedtoday that its Huntsville, Alabama subsidiary, Aeroquest Optimal Inc. has beensold to Magnolia River Services, Inc. of Hartselle, Alabama effectiveimmediately.
"This transaction representsexcellent value to both the Aeroquest and Magnolia companies." said BobMotz, President & CEO of Aeroquest. "It gives Magnolia a growthopportunity in aerial geomatics in its core United States market. As well, itprovides Aeroquest with additional capital to invest in its core businesses so thatwe can continue to provide leading edge technology to our customer base."
The total purchase price for thetransaction was US$1.2 million paid at closing.
About Aeroquest International
Aeroquest collects and interprets datathat reveals what is at and beneath the earth's surface. Aeroquest applies thebest available technology in its world-wide search for economic concentrationsof mineral and petroleum resources and in the precision-mapping of the earth'ssurface and objects upon it. Aeroquest offers airborne geophysics surveysthrough Aeroquest Airborne, aerial geomatics surveys through Aeroquest Mapcon,and the custom design and construction of geophysical sensors and instrumentsthrough Geophex.
With over 150 employees and contractors,and a fleet of over two dozen helicopter and fixed wing survey systemsworldwide, Aeroquest is surveying on every continent in the world whereexploration activity is underway, and over its history has logged over 10million line kilometers of fixed wing surveys and over 1 million linekilometers of helicopter surveys - enough to circle the globe over 300 times.More information about Aeroquest International can be found at www.aeroquest.ca.
For Investors
This news release may include statementsabout expected future events and/or financial results that are forward-lookingin nature and subject to risks and uncertainties. The Company cautions thatactual performance will be affected by a number of factors, many of which arebeyond its control. Future events and results may vary substantially from whatthe Company currently foresees. Discussion of the various factors that mayaffect future results is contained in the Company's recent filings, availableon SEDAR.
FOR FURTHER INFORMATION PLEASE CONTACT:
Bob Motz Aeroquest International Limited President & CEO 905-672-9129 bmotz@aeroquest.ca www.aeroquest.ca
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