AirIQ Designates Kripya as Agent for India Business
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TORONTO, ONTARIO - September 6, 2007 - AirIQ Inc. (TSX: IQ), a leader in Wireless Location Services, specializing in Telematics and Security, today announced that it has signed an agreement with Kripya, LLC, to serve as a gateway to India. Under this agreement, Kripya will provide product and service development, program management, strategic sourcing and introductions to Indian business partners and customers. Furthermore, AirIQ will have exclusive access to Kripya services within the context of the telematics marketplace in India.
At AirIQ's recent annual shareholders' meeting, Steve Willey, President and Chief Executive Officer of the Company, noted that while AirIQ had achieved important successes in pioneering key telematics markets, its present focus was to prepare itself for anticipated growth in both existing and emerging telematics markets. Such preparation would include efficient access to highly effective and low-cost engineering resources, global cost parity in terms of device manufacture, and access to distribution channels, particularly in developing markets, such as are offered in the geography of India.
According to Steve Willey, "India is a one-stop shop for globally competitive companies that recognize the need to simultaneously drive down bill of material costs and the cost of engineering, while at the same time gaining access to one of the greatest infrastructure plays in the world. Through our association with Kripya, we intend to make telematics a key element of the infrastructure build that is underway in India."
"Given the scale of the India build-out and AirIQ's record of launching entire end-to-end telematics solutions," continued Mr. Willey, "the potential exists to gain substantial new business for AirIQ. While the process will not be without effort, there is no better time than now to initiate it."
The combination of India's information technology capabilities and its burgeoning market opportunities convinced Dr. Veeraraghavan, founder of the Kripya group of companies, to establish operations in India after spending 35 years in the United States. According to Dr. Veeraghavan, "AirIQ is the perfect client for us as they will not only benefit from selective outsourcing, but they are early enough to participate fully in India's future market growth."
About AirIQ
AirIQ trades on the Toronto Stock Exchange under the symbol IQ. A leader in Wireless Location Services, specializing in Telematics and Security, AirIQ is headquartered in Pickering, near Toronto, Canada, with an office in San Diego, California, USA. The Company operates as a wireless Internet applications service provider specializing in location-based services. AirIQ's services are offered to three primary markets: Commercial Fleets; Consumer; and Marine Fleets. AirIQ gives vehicle and vessel owners the abilities to manage and protect their mobile assets. AirIQ's services include: vehicle locating, boundary notification, automated inventory, maintenance reminders, security alerts, vehicle disabling, unauthorized movement alerts and many more features. For additional information on AirIQ or its products and services, please visit the Company's website at www.airiq.com.
About Kripya
Kripya LLC is a U.S.-based company with offices in India which creates value for its North American based clients through strategic outsourcing to India's extensive Information and Engineering Technology supply infrastructure, as well as expanding their market reach into the burgeoning domestic markets in India.
For more information please contact
AirIQ Inc.
Steve Willey
Chief Executive Officer
(416) 275-6994
swilley@airiq.com
Kripya LLC
Veera Veeraghavan
Managing Partner
(425) 836-8909
veera@kripya.com
