For Immediate Release 25 February, 2005
BURNABY, B.C., February 25, 2005 - QuestAir Technologies Inc. (AIM: QAR; TSX: QAR), a developer and supplier of advanced gas purification systems for refinery, industrial and fuel cell markets, announced today that a Director of the company transferred common shares in the company for no consideration on 25 February 2005.
Dan Parmar, Director and Chief Financial Officer, transferred 22,850 common shares at $1.40 per share into a registered retirement savings plan ("RRSP") beneficially owned and controlled by Mr. Parmar. A RRSP is a tax-advantaged retirement planning instrument available to Canadian residents to reduce taxable income. Mr. Parmar's personal holding in the company remains at 85,065 common shares, or 0.2 % of the Company's issued capital on an undiluted basis.
This announcement is made pursuant to the rules governing the operation of AIM as established by the London Stock Exchange Plc.
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 refuelling stations. The Company has joint development agreements with Exxon Mobil Research and Engineering Company and Shell Hydrogen, and a collaboration with FuelCell Energy. 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".
For further information please contact:
QuestAir Technologies Inc.
Director, Corporate Development and External Communications
Phone: (001) 604-453-6967
UK media contact:
Phone: 020 7466 5000
Canadian media contact:
James Hoggan + Associates
Phone: (001) 604-739-7500