QuestAir receives Engineering Services Contract from ExxonMobil Research and Engineering Company
BURNABY, B.C., March 15, 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 it has received a US$1.1 million (C$1.3 million) engineering services contract from ExxonMobil Research and Engineering Company ("EMRE") to support the development of a large capacity pressure swing adsorption ("PSA") system for use in oil refineries and petrochemical plants.
The contract, which is expected to run from March 2005 until mid 2006, covers engineering services related to the demonstration of a prototype PSA at a refinery site in 2006, as well as the subsequent design of commercial systems.
Jonathan Wilkinson, President and CEO of QuestAir, said that the contract announced today is the third received from EMRE in support of this project since the two companies signed a joint development agreement in July of 2004. In addition, QuestAir received a $2.2 million order from EMRE in late 2004 for two test systems to support this development program.
"This engineering contract is a significant milestone for QuestAir, and demonstrates the excellent progress that we have made to date on our development project with ExxonMobil Research and Engineering Company. The contract, together with our own internal funds, provides QuestAir with the financial resources to complete the development and design of our first advanced PSA product for the oil refining and petrochemical industries."
"Hydrogen is critical to the refining of petroleum - and demand for hydrogen in oil refineries is expected to grow by up to 10% per year through to 2010. This demand is being driven by overall worldwide demand for petroleum products as well as new environmental regulations that require these products to have lower levels of sulphur and other pollutants."
"The initial product that we are developing with EMRE provides refineries with a cost effective solution to this growth in hydrogen demand." Wilkinson said.
QuestAir's gas purification technology is based on its proprietary innovations in pressure swing adsorption (PSA) technology that solve some of the inherent disadvantages of conventional PSA. Conventional PSA technology was introduced commercially in the 1960s and today is applied extensively in the production and purification of hydrogen, oxygen and nitrogen for industrial uses. QuestAir's fast-cycle PSA technology operates at significantly higher cycle speeds than conventional PSA, resulting in a direct reduction in the size of equipment required to purify a given volume of product gas.
Certain statements in this press release may constitute ''forward-looking'' statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, such statements use such words as "anticipate", "believe", "plan", "estimate", "expect", "intend", ''may'', ''will'' and other similar terminology. These statements reflect current expectations regarding future events and operating performance and speak only as of the date of this press release. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements.
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".
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QuestAir Technologies Inc.
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