QuestAir - 500 Beiträge pro Seite

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Profile:QuestAir is an emerging developer and supplier of advanced gas purification systems. Our products, which incorporate our patented rapid-cycle Pressure Swing Adsorption ("PSA") technology, offer significant improvements over 'conventional' PSA due to their compact size, modularity and scalability.

Our customers in the industrial gas, oil refining and chemical processing industries use our products for applications including hydrogen purification, hydrogen recovery, methane recovery from biogas, and helium purification. Over the longer term, we are targeting emerging energy markets, such as retail service stations which will provide hydrogen fuel for fuel cell powered vehicles, and on-board hydrogen generation systems for fuel cell powered vehicles.

We currently sell a range of smaller-capacity PSA systems based on our first generation PSA technology. To date, we have sold more than 75 of these systems to customers located in North America, Asia and Europe, including Hydrogenics Inc., Chevron Technology Ventures Inc., Haldor Topsoe, Degussa, Iwatani International Corporation and Mitsubishi Kakoki Kaisha.

QuestAir is also developing a number of products based upon our advanced second generation PSA technology. We have a joint development agreement with ExxonMobil Research and Engineering to develop large capacity hydrogen PSA for use in a range of applications in the oil refining and petrochemical industries.

QuestAir currently has approximately 80 employees, and is based in Vancouver, Canada. Our shares trade on the AIM Market of the London Stock Exchange Plc. and on the Toronto Stock Exchange under the symbol "QAR".



QuestAir was founded in 1996 to develop and commercialize proprietary innovations in PSA technology, with an initial focus on purifying hydrogen for fuel cell powered vehicles. Between 1997 and 2003, QuestAir raised over $60 million dollars from various venture capital funds and strategic investors in order to further the development of its products.

In May 2000, QuestAir demonstrated the application of its rapid-cycle PSA technology in fuel cell systems and, in late 2000, the Company installed its first hydrogen PSA in a demonstration hydrogen refueling station at SunLine Transit in Thousand Palms, California. The Company has been selling its first generation products into demonstration and commercial markets since 2001.

In 2003, QuestAir shifted the focus of its product development to existing industrial and petrochemical markets. As part of the change in strategic direction, the Company entered into a multi-year joint development agreement with ExxonMobil Research and Engineering to develop the large capacity PSA systems for oil refining and petrochemical markets. In October 2006, the term of this agreement was extended to April 2010.

Exxon Mobil Research and Engineering Company
QuestAir entered into a five year joint development agreement with ExxonMobil Research and Engineering Company (EMRE), effective October 2003, to evaluate specific projects and to develop, commercialize and market PSA products and processes for a range of refinery and petrochemical applications. The term of this agreement was extended to April 2010 in October 2006.
The agreement provides a framework for a broad collaboration and could lead to the development of PSA technology and products based on a common product platform for a number of different applications. In addition, EMRE contributes financial and technical resources towards the completion of this product development.

The first project undertaken under the terms of the joint development agreement is the assessment and planned development of a large capacity PSA product (the QuestAir™ H-6200) to recover hydrogen from a number of hydrogen containing streams in oil refineries. In May 2006, EMRE and QuestAir signed a marketing agreement which covers the marketing of the H-6200 hydrogen purifier to third party customers in the oil refining industry.

QuestAir and EMRE are also collaborating on the development of a compact on-board hydrogen generator for use in a range of transportation applications. Target markets for this product include potential early term fuel cell markets such as utility vehicles and auxiliary power units for heavy duty trucks and military vehicles.

Shell Hydrogen
In October 2002, QuestAir entered into an agreement with Shell Hydrogen, one of the companies of the Royal Dutch/Shell Group that is focused on global activities in commercializing hydrogen fuel and supporting fuel cell applications. Shell Hydrogen made an equity investment of $11 million in the Company as part of the transaction. The relationship is intended to accelerate the development of the Company's compact hydrogen PSA technology for use in producing hydrogen from natural gas feedstock. We believe that this relationship positions the Company to be a participant in the development of the hydrogen fuelling infrastructure that will support the future commercialization of fuel cell vehicles.

Hydro-Chem
In March 2006, QuestAir signed a manufacturing and licensing agreement with Hydro-Chem, a leading global supplier of industrial hydrogen plants in the capacity range up to 5,000 NCMH, having supplied over 140 plants around the world. Hydro-Chem specializes in the design, engineering and construction of modular hydrogen plants for clients in the food, steel, glass and petrochemical industries. This agreement significantly expands QuestAir’s access to the global hydrogen plant market in the up to 5,000 NCMH capacity range.

Other Supply and Distribution Relationships
QuestAir has non-exclusive distribution agreements for its first generation PSA systems with:

Iwatani International, the leading supplier of hydrogen in Japan
Technip KTI S.p.A, a process engineering contractor operating internationally in the refining and petrochemical industries
Mitsubishi Kakoki Kaisha, a leading supplier of industrial hydrogen plants
In addition, QuestAir has supply agreements with HyRadix Inc., a leading developer of hydrogen generators for industrial and hydrogen fueling markets, and with Nuvera Fuel Cells, a leading developer of fuel cells for transportation applications and hydrogen fueling systems for supporting fuel cell powered industrial vehicles.

http://www.questairinc.com/

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QuestAir Receives US$2.85 Million Order for Biomethane Purification System
Thursday June 28, 5:00 pm ET


BURNABY, BRITISH COLUMBIA--(CCNMatthews - June 28, 2007) - QuestAir Technologies Inc. (TSX:QAR - News; AIM:QAR) announced today that it has received an order valued at US$2.85 million for an M-3100 system to upgrade anaerobic digester gas created from organic waste to pipeline quality methane.

QuestAir's multi-unit M-3100 system was purchased by Phase 3 Developments & Investments, LLC of Ohio, a developer of renewable energy projects in the agricultural sector. The plant will produce pipeline-grade methane from anaerobic digester gas generated from organic waste. The plant is expected to be fully operational in the spring of 2008.

Jonathan Wilkinson, QuestAir's President and CEO, said: "Once constructed, we believe this plant will be one of the largest commercial facilities in North America to use an anaerobic digestion system to generate pipeline-grade methane from digester gas. Higher energy prices make the purification and recovery of methane from renewable sources a viable alternative to more traditional uses of biogas such as the generation of heat or electrical power."

"Biogas purification is a very important market for QuestAir. We offer purification systems in a range of capacities to meet the needs of developers of renewable biomethane. The M-3100 is a scalable, skid-mounted system which can be used to purify methane generated from anaerobic digesters, water treatment plants and landfill gas," Wilkinson added.

Norma McDonald, Operating Manager of Phase 3, said: "This is an important project for our company and frankly, for the US. The project puts the US on a course to catch up with Europe in the field of using and upgrading biogas generated from organic waste. Since electricity prices are much lower in the US, it is important for us to develop alternative markets for biogas. QuestAir's systems provide a proven, reliable and cost-effective route to pipeline-quality gas."

About QuestAir M-3100

QuestAir's M-3100 purifies methane-containing gas streams such as landfill gas and anaerobic digester gas to high-purity methane, suitable for supplementing existing natural gas supplies. QuestAir's PSA process and proprietary rotary valve technology deliver higher efficiency than conventional PSA systems in a more compact, cost-effective package. QuestAir's M-3100 system can upgrade up to 20 million cubic feed of biogas per day.

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 refueling stations. 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".

About Phase 3 Developments & Investments, LLC

PHASE 3 DEVELOPMENTS & INVESTMENTS LLC provides services to agricultural customers related to renewable energy and bio-based products. Services include financing and grant application preparation, business and technical feasibility studies, marketing of renewable energy and bio-based products, including emission credits. As a project developer, PHASE 3 DEVELOPMENTS & INVESTMENTS LLC assists clients in the selection of vendors, equipment procurement, as well as the associated mechanical, electrical and controls engineering required to integrate individual pieces of purchased equipment or equipment modules. Clients may also benefit from PHASE 3 DEVELOPMENTS & INVESTMENTS LLC's construction project management and commissioning services, including coordination with permitting agencies. PHASE 3 DEVELOPMENTS & INVESTMENTS LLC is a registered Ohio company, and qualifies as a small, women and veteran-owned business.

Forward Looking Statements

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.



Contact:
Sherry Tryssenaar
QuestAir Technologies Inc.
Chief Financial Officer
[phone]
Email: [e-mail]
Website: www.questairinc.com

Norma McDonald
Phase 3 Developments & Investments LLC
Operating Manager
[phone]

Charles Ryland / Ben Willey
Buchanan Communications
UK media contact
[phone]

Paul Welsh / Stephen Burega
Karyo Communications
Canadian media contact
[phone]

Mark Ashurst / Erin Needra
Canaccord Adams
[phone]


--------------------------------------------------------------------------------
Source: QuestAir Technologies Inc.

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[CHAPTER7]

werd mir mal paar stücke kaufen...sieht nach einer soliden firma aus..mit großere zukunft

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QuestAir Reports Third Quarter 2007 Results
Wednesday August 1, 5:00 pm ET


BURNABY, BRITISH COLUMBIA--(CCNMatthews - Aug. 1, 2007) - QuestAir Technologies Inc. ("QuestAir" or "the Company") (TSX:QAR - News; AIM:QAR) reported today its unaudited financial and operational results for the third quarter of fiscal 2007, ended June 30, 2007. All amounts are in Canadian dollars unless otherwise noted.

Third Quarter Highlights

- QuestAir shipped the prototype H-6200 hydrogen purifier ("prototype plant") to an ExxonMobil refinery in France. The prototype plant will be installed and tested at this demonstration site in order to generate additional data to assist with the marketing of the H-6200 to other refineries. The prototype plant will be operated under typical refinery conditions throughout the test period, and will remain in on-going use in the refinery following successful completion of the field test.

- QuestAir received an order for a large-scale methane purification system, valued at US$2.85 million, which will upgrade anaerobic digester gas generated from organic waste to pipeline quality methane.

- The Company completed a reorganization of its operations during the third quarter to focus resources on commercial activities and reduce research and development expenses.

- Revenue was $3,616,088 for the quarter, increased by $2,422,708, or 203% compared to the same period in fiscal 2006. Revenue for the nine months was $6,132,310, increased by $1,270,813, or 26% from the same period last year.

- Sales order backlog at June 30, 2007 was $7,135,799, decreased by $377,027, or 5%, from March 31, 2007, but increased by $2,091,907, or 41% from September 30, 2006.

- Cash used by operations and capital requirements was $2,263,565 for the quarter, increased by $387,414, or 21% compared to the same period in fiscal 2006. Cash used by operations and capital requirements for the nine months was $7,577,816, compared to $5,922,222 for the same period in fiscal 2006. At June 30, 2007, the Company had $12,207,557 in cash and short term investments, including restricted cash of $685,308.

- Net loss was $2,238,859 ($0.04 per share) for the quarter, increased by $104,045 or 5% compared to the same period in fiscal 2006. Net loss for the nine months increased to $8,780,381 ($0.17 per share) from $7,538,338 ($0.19 per share) for the same period in 2006.

Jonathan Wilkinson, President and CEO of QuestAir, said: "We are very pleased with our performance in the third quarter. Our quarterly revenues were the highest in the Company's history, and our sales order backlog remains strong. Our gross margins also recovered during the quarter, reflecting improved margins on sales of gas purification equipment. At the same time, we are seeing a change in the nature of our revenue base. The portion of our revenue generated from engineering service contracts has declined considerably compared to the prior year, as we continue to grow and diversify our sales of commercial products. Overall, the results in the third quarter demonstrate that we are making significant progress in our commercial business."

"We are seeing continued growth in orders for new gas purification systems, with year to date equipment orders exceeding $7.3 million. Much of this growth has been in the biomethane purification market, which is a promising market for QuestAir. Orders for our M-3200 and M-3100 products for use in biomethane applications have accounted for nearly half of the total value of equipment orders in the first nine months of this fiscal year. Our gas purification products are well positioned to meet the emerging demand for compact, reliable systems that can upgrade renewable sources of biomethane to pipeline grade."

Outlook

Commenting on the outlook for the remainder of fiscal 2007, Wilkinson said:

"We are focused on three key priorities for the remainder of the fiscal year: the successful start up and operation of the prototype plant at ExxonMobil's refinery in France; continued growth in the sales of our commercial gas purification products; and ramping up our order-to-delivery capacity to ensure that we continue to deliver our commercial products on time and on budget."

"During the third quarter of fiscal 2007, we shipped the prototype plant to an ExxonMobil refinery in France. The prototype plant is now being installed at the refinery, and we expect to start up the plant in September. In cooperation with refinery staff, we will then conduct a series of tests on the unit over several months, to demonstrate a number of operating conditions which may be encountered at other refineries. Following completion of the test plan, the prototype plant will continue in regular operations at the refinery site."

"Our sales of our commercial products have exceeded our expectations this year, due to the rapid growth in the biomethane market. Going forward, we expect to see continued growth in this market, driven by higher natural gas prices and by social and political pressure to generate more energy from renewable sources."

"The rapid growth in commercial orders means that we need to expand our manufacturing capacity. We are investing in additional project management and field services resources, and expanding our supply chain in order to meet the growing demand for our products," Wilkinson added.

Based on financial results for the first nine months of the year, the current status of the Company's sales order backlog and the expected timing of cash receipts and disbursements, management expects that recognized revenue for fiscal 2007 will be within the range of $7 to $8 million, and that cash used in operations and capital requirements for the full fiscal year will be between $10 and $12 million.

Q3 2007 Financial Results

Operating Results

The following table provides a breakdown of QuestAir's revenues from the sale of gas purification systems and engineering service contracts for the reported periods:




--------------------------------------------------------------------------
Three months ended Nine months ended
June 30, June 30,
(Unaudited) 2007 2006 2007 2006
--------------------------------------------------------------------------
Gas purification systems 3,333,135 573,898 5,613,688 3,277,939
Engineering service
contracts 282,953 619,482 518,622 1,583,558
--------------------------------------------------------------------------
Total revenue 3,616,088 1,193,380 6,132,310 4,861,497
--------------------------------------------------------------------------


Revenue from the sale of gas purification systems represents a more substantial portion of total revenues than in prior periods, reflecting a change in the nature of the Company's sales order backlog. During the nine months ended June 30, 2007, revenue from the sale of gas purification systems accounted for 92% of total revenue, up from 67% of total revenue during the same period in fiscal 2006.

The increase in revenue from gas purification systems for the quarter and nine months ended June 30, 2007 resulted primarily from revenue being recognized from the sale of a US$2 million M-3100 system to recover pipeline grade methane from landfill gas at the Rumpke Sanitary Landfill in Cincinnati, Ohio.

Fluctuations in recognized revenue and the receipt of new sales orders are to be expected in the industrial markets that QuestAir currently serves. Accordingly, recognized revenue and changes in sales order backlog should be monitored together to determine the strength of commercial operations.

QuestAir's sales order backlog is defined as future revenue from signed contracts that have not yet been recognized as revenue. The following table provides an analysis of the changes in sales order backlog for the quarter and nine months ended June 30, 2007.




-------------------------------------------------------------
For the three months ended June 30, 2007
Gas Engineering
Purification Service
(Unaudited) Systems Contracts Total
-------------------------------------------------------------
Opening Balance 7,078,336 434,491 7,512,827
Bookings 3,254,422 363,000 3,617,422
Revenue (3,333,135) (282,953) (3,616,088)
Adjustments(1) (339,539) (38,823) (378,362)
-------------------------------------------------------------
Ending Balance 6,660,084 475,715 7,135,799
-------------------------------------------------------------

-------------------------------------------------------------
For the nine months ended June 30, 2007
Gas Engineering
Purification Service
(Unaudited) Systems Contracts Total
-------------------------------------------------------------
Opening Balance 4,908,298 135,594 5,043,892
Bookings 7,350,387 901,275 8,251,662
Revenue (5,613,688) (518,622) (6,132,310)
Adjustments(1) 15,087 (42,532) (27,445)
-------------------------------------------------------------
Ending Balance 6,660,084 475,715 7,135,799
-------------------------------------------------------------

(1) Includes adjustments for fluctuations in foreign currency exchange
rates.


The total sales order backlog decreased by $377,028, or 5%, during the third quarter of fiscal 2007, driven by fluctuations in foreign currency exchange rates. During the quarter, QuestAir received an order for an M-3100 system to upgrade anaerobic digester gas created from organic waste to pipeline quality methane, making a significant contribution to maintaining backlog levels after the recognition of $3,616,088 in revenue during the quarter. Also during the quarter, QuestAir received a small follow-on engineering services contract related to the refinery development program with ExxonMobil Research and Engineering ("EMRE").

The table below provides a calculation of gross profit for the reported periods:




--------------------------------------------------------------------------
Three months ended Nine months ended
June 30, June 30,
(Unaudited) 2007 2006 2007 2006
--------------------------------------------------------------------------
Sales 3,616,088 1,193,380 6,132,310 4,861,497
Cost of goods sold 2,381,958 714,014 5,972,116 3,823,872
--------------------------------------------------------------------------
Gross Profit 1,234,130 479,366 160,194 1,037,625
Gross Margin (%) 34.1% 40.2% 2.6% 21.3%
--------------------------------------------------------------------------


The decrease in gross margin for the quarter ended June 30, 2007 compared to the same period in fiscal 2006 resulted from a change in the mix of revenues recognized during the quarter. In the most recent quarter 8% of revenue was from engineering service contracts compared to 52% in the prior period. Engineering service contracts typically contribute higher gross margins. The decrease in gross margin for the nine months ended June 30, 2007 resulted from the recognition of an estimated loss on the prototype plant being recognized in the second quarter.

Sales and marketing expenses were $587,651 for the quarter ended June 30, 2007, increased by 20% compared to $489,328 for the same period in fiscal 2006. Sales activities increased in the quarter compared to the prior period, resulting in an overall increase in commissions and other sales and marketing expenses. For the nine months ended June 30, 2007, sales and marketing expenses were $1,615,703, increased by 10% compared to $1,472,316 for the same period in 2006. This increase is also attributed to an increased level of sales activities compared to the prior period.

The gross Research and Development ("R&D") expenditures, offsetting government funding and the resulting net R&D expenditures for the relevant periods, were as follows:




--------------------------------------------------------------------------
Three months ended Nine months ended
June 30, June 30,
(Unaudited) 2007 2006 2007 2006
--------------------------------------------------------------------------
Gross R&D Expenditure 1,561,165 1,640,794 4,717,091 5,133,296
Less: Government &
Partner Funding (320,345) (404,481) (1,032,571) (1,370,758)
--------------------------------------------------------------------------
Net R&D Expenditure 1,240,820 1,236,313 3,684,520 3,762,538
--------------------------------------------------------------------------


The 5% and 8% reduction in gross R&D expenditures for the quarter and nine months ended June 30, 2007 compared to the same periods in fiscal 2006 was due to a reduction in the amount of R&D undertaken, as resources were redirected towards supporting commercial sales efforts and the construction of the prototype plant. Government funding decreased for the quarter and nine months in proportion to the reduction in R&D undertaken on the refinery development program with EMRE, which is eligible for funding from Technology Partnerships Canada.

General and Administrative ("G&A") expenses were $1,324,820 for the third quarter of fiscal 2007, increased by 71% from $775,809 for the same period in fiscal 2006. For the nine months ended June 30, 2007, G&A expenses were $3,151,230, increased by 27% from $2,475,989 for the same period in 2006. The increase in G&A expenses the quarter and nine months ended June 30, 2007 resulted primarily from severance costs and termination benefits of $560,808 related to the restructuring of the Company's operations being recognized in the third quarter.

Amortization expenses were $209,647 for the quarter ended June 30, 2007 compared to $187,360 for the same period in fiscal 2006. The increase relates to the addition of a three-year capital lease for modeling software during the current quarter. For the nine months ended June 30, 2007 amortization was $641,459 compared to $951,218 for the same period in fiscal 2006. The decrease in amortization expenses was a result of certain capital assets becoming fully amortized during the current and prior fiscal years.

Other income and expenses netted to an expense of $110,051 for the quarter ended June 30, 2007 compared to income of $74,630 for the same period in fiscal 2006. Losses from foreign exchange fluctuations and unrealized losses on embedded derivatives were only partially offset by interest income in the quarter ended June 30, 2007. For the nine months ended June 30, 2007 other income was $152,337 compared to $86,098 for the same period in fiscal 2006. The increase in other income for the first nine months of fiscal 2007 resulted from higher interest income earned during the period, which was partially offset by losses from foreign exchange fluctuations and unrealized losses on embedded derivatives.

Net loss for the quarter ended June 30, 2007 was $2,238,859 ($0.04 per share) compared to $2,134,814 ($0.05 per share) for the same period in fiscal 2006. Net loss for the nine months ended June 30, 2007 was $8,780,381 ($0.17 per share) compared to $7,538,338 ($0.19 per share) for the same period in fiscal 2006. The 16% increase in the net loss for the nine months was primarily a result of reduced gross profits compared to the prior period, as well as higher G&A expenses associated with the restructuring of the Company's operations in the third quarter.

Loss per share is calculated based on the weighted average number of common shares outstanding through the quarter. The reduction in the loss per share for the quarter and nine months ended June 30, 2007 was a result of an increase in the weighted average number of common shares outstanding compared to the prior period.

Capital expenditures net of government funding and proceeds on sale ("Net CAPEX") for the third quarter of fiscal 2007 was $30,954, compared to $353,454 for the same period in fiscal 2006. Net CAPEX for the nine months ended June 30, 2007 was $381,008, compared to $750,971 for the same period in 2006. It is expected that capital expenditures will fluctuate from quarter to quarter depending on the requirements of specific product development programs and administrative needs.

Liquidity and Capital Resources

Cash and short-term investments were $11,522,249 at June 30, 2007, compared to $13,124,503 at March 31, 2007. Not included in cash and short-term investments at June 30, 2007 was $685,308 of restricted cash, which secures customer deposits pending completion of certain customer orders.

Cash used by operations and capital requirements for the third quarter of fiscal 2007 was $2,263,565, compared to $1,876,151 for the same period in fiscal 2006. The increase in cash used by operations and capital requirements during the quarter was driven by significant changes in non-cash working capital accounts. Deferred revenue decreased $1,049,258 as revenue recognized in the quarter exceeded new customer deposits on work in progress. The recognition of revenue in the quarter also lowered inventory by $797,027, as the reallocation to costs of sales from work in progress more than offset inventory purchases during the quarter. Cash used by operations and capital requirements for the nine months ended June 30, 2007 was $7,577,816, compared to $5,922,222 for the same period in fiscal 2006. Higher operating losses and decreases in accounts payable and accrued liabilities were partially offset by increases in deferred revenue compared to the prior period.

During fiscal 2005, the Company signed a credit facilities agreement with Comerica Bank. This agreement is amended and restated each year as part of the annual renewal of these facilities, most recently in June 2007. The amended credit facilities include a US$1 million accounts receivable line of credit and a US$1 million term loan, in addition to $1,069,762 outstanding under the prior term loan agreements. Both facilities are secured by the assets of the Company with certain exceptions. As at June 30, 2007, the Company had drawn $1,054,511 against the term loans net of repayments, and is in compliance with all of its bank covenants.

On June 6, 2003, QuestAir was awarded a $9,600,000 conditionally repayable loan from TPC, a funding program administered by Industry Canada. At June 30, 2007, the Company had claimed $8,814,405 against this loan. Based on forecasted R&D expenditures, the Company expects to draw approximately one half the remaining $785,595 of TPC funding by the end of fiscal 2007.

QuestAir's authorized share capital consists of an unlimited number of common shares, of which 52,530,494 common shares were issued and outstanding as of June 30, 2007, increased by 26,574 or 0.05% from March 31, 2007. The Company also has an unlimited number of preferred shares authorized, none of which are issued. In addition, there were 4,752,838 stock options and 192,308 share purchase warrants outstanding at June 30, 2007.

Further information on the Company's financial results for the quarter can be found at www.sedar.com.




Balance Sheets
--------------

--------------------------------------------------------------------------
As at As at
June 30, September 30,
Unaudited (expressed in Canadian dollars) 2007 2006

ASSETS
Current assets:
Cash and cash equivalents $11,461,803 $11,018,800
Restricted cash 685,308 1,256,354
Short-term investments 60,446 7,400,000
Accounts receivable 1,677,485 1,476,024
Grants and funding receivables 673,958 454,597
Inventories 3,086,177 3,510,508
Prepaid expenses 261,768 337,335
--------------------------
17,906,945 25,453,618

Property, plant and equipment 1,887,156 2,103,626
Other long-term assets 169,760 125,000
--------------------------
$19,963,861 $27,682,244
--------------------------
--------------------------

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 3,471,960 $ 4,413,717
Deferred revenue 3,086,527 1,946,781
Current portion of bank debt 564,306 351,398
Current portion of capital lease obligation 104,764 -
Derivatives 90,747 -
--------------------------
7,318,304 6,711,896

Long term liabilities:
Bank debt 490,205 532,852
Capital lease obligation 104,765 -
--------------------------
7,913,274 7,244,748
--------------------------

Shareholders' equity:
Share capital
Authorized
Unlimited common shares, voting, no par value
Unlimited preferred shares, issuable in series,
no par value
Common shares 109,359,654 109,020,202
Contributed surplus 6,541,639 6,462,772
Deficit (103,850,706) (95,045,478)
--------------------------
12,050,587 20,437,496
--------------------------
$19,963,861 $27,682,244
--------------------------
--------------------------
--------------------------------------------------------------------------


Statements of Operations, Comprehensive Loss and Deficit
--------------------------------------------------------

--------------------------------------------------------------------------
For the For the
Unaudited three months ended nine months ended
(expressed in June 30, June 30, June 30, June 30,
Canadian dollars) 2007 2006 2007 2006

Revenues $ 3,616,088 $ 1,193,380 $ 6,132,310 $ 4,861,497
Cost of goods
sold 2,381,958 714,014 5,972,116 3,823,872
---------------------------------------------------------
Gross Profit 1,234,130 479,366 160,194 1,037,625
---------------------------------------------------------

Operating
expenses
Research and
development
- net 1,240,820 1,236,313 3,684,520 3,762,538
General and
administration 1,324,820 775,809 3,151,230 2,475,989
Sales and
marketing 587,651 489,328 1,615,703 1,472,316
Amortization 209,647 187,360 641,459 951,218
---------------------------------------------------------
3,362,938 2,688,810 9,092,912 8,662,061
---------------------------------------------------------
Loss before
undernoted (2,128,808) (2,209,444) (8,932,718) (7,624,436)
---------------------------------------------------------

Other income
(expense)
Interest income 118,833 90,316 414,965 179,779
Other (228,884) (15,686) (262,628) (93,681)
---------------------------------------------------------
(110,051) 74,630 152,337 86,098
---------------------------------------------------------

Loss for the
period (2,238,859) (2,134,814) (8,780,381) (7,538,338)
Other
comprehensive
income - - - -
---------------------------------------------------------
Comprehensive loss
for
the period (2,238,859) (2,134,814) (8,780,381) (7,538,338)
Deficit
- Beginning
of period (101,611,847) (90,186,084) (95,045,478) (84,782,560)
Unrealized
foreign
exchange loss
on derivatives - - (24,847) -
---------------------------------------------------------
Deficit - End
of period $(103,850,706) $(92,320,898) $(103,850,706) $(92,320,898)
---------------------------------------------------------
Basic and
diluted loss
per share $ (0.04) $ (0.05) $ (0.17) $ (0.19)
Weighted
average
number
of common
shares
outstanding 52,519,392 42,498,492 52,451,434 39,091,486
--------------------------------------------------------------------------


Statements of Cash Flows
------------------------

--------------------------------------------------------------------------
For the For the
Unaudited three months ended nine months ended
(expressed in June 30, June 30, June 30, June 30,
Canadian dollars) 2007 2006 2007 2006

Cash flows from
operating
activities
Loss for the
period $ (2,238,859) $ (2,134,814) $ (8,780,381) $ (7,538,338)
Items not
involving cash
Amortization 209,647 187,360 641,459 951,218
Gain on sale of
property,
plant and
equipment (2,214) (350) (2,564) (8,424)
Unrealized
foreign
exchange
loss on
Derivatives 56,059 - 65,899 -
Non-cash
compensation
expense 104,986 127,101 350,434 373,591
Foreign currency
loss (gain) (18,605) - (18,605) 503
---------------------------------------------------------
(1,888,986) (1,820,703) (7,743,758) (6,221,450)
---------------------------------------------------------

Changes in non-cash
operating working
capital
Accounts, grants and
funding
Receivables (276,679) 976,076 (420,822) 463,330
Inventories 797,027 (584,676) 424,331 (197,881)
Prepaid expenses 127,697 (178,503) 30,806 (215,202)
Accounts payable and
accrued
liabilities 57,588 635,126 (627,112) 1,146,080
Deferred revenue (1,049,258) (550,017) 1,139,746 (146,128)
---------------------------------------------------------
(343,625) 298,006 546,949 1,050,199
---------------------------------------------------------
(2,232,611) (1,522,697) (7,196,809) (5,171,251)
---------------------------------------------------------

Cash flows from
investing
activities
Decrease
(increase)
in short-term
investments 4,939,554 (7,400,000) 7,339,554 (7,400,000)
Purchase of
property,
plant and
equipment (48,539) (383,773) (414,806) (841,442)
Government grants
and funding
related to
property, plant
and equipment 5,888 29,969 21,751 86,621
Proceeds on sale or
property, plant
and equipment 11,697 350 12,048 3,850
Decrease (increase)
in restricted
cash 678,639 - 571,046 (1,112,731)
---------------------------------------------------------
5,587,239 (7,753,454) 7,529,593 (9,263,702)
---------------------------------------------------------
Cash flows from
financing
activities
Issuance of
common shares - 20,000,250 - 20,000,250
Share issue
costs - (1,497,328) - (1,497,328)
Issuance of
common shares
on exercise of
stock options 9,097 5,064 67,885 84,486
Issuance of bank
debt 214,254 153,446 462,759 153,446
Repayment of bank
debt (112,749) (58,472) (292,495) (130,752)
Repayment of
obligations
under capital
lease (127,930) (110,860) (127,930) (110,860)
---------------------------------------------------------
(17,328) 18,492,100 110,219 18,499,242
---------------------------------------------------------

Increase in cash
and equivalents 3,337,300 9,215,949 443,003 4,064,289
Cash and
equivalents
- Beginning of
period 8,124,503 5,262,559 11,018,800 10,414,219
---------------------------------------------------------
Cash and
equivalents
- End of
period $ 11,461,803 $ 14,478,508 $ 11,461,803 $ 14,478,508
--------------------------------------------------------------------------


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 refueling stations. 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".

Forward-looking statements

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.



Contact:
Sherry Tryssenaar
QuestAir Technologies Inc.
Chief Financial Officer
[phone]
[phone] (FAX)
Email: [e-mail]
Website: www.questairinc.com

Charles Ryland
Buchanan Communications
UK Media Contact
[phone]

Ben Willey
Buchanan Communications
UK Media Contact
[phone]

Stephen Burega
Karyo Edelman
Canadian Media Contact
[phone]

Mark Ashurst
Canaccord Adams
[phone]

Erin Needra
Canaccord Adams
[phone]


--------------------------------------------------------------------------------
Source: QuestAir Technologies Inc.

[panik]

QuestAir and ExxonMobil Research and Engineering Company Initiate Third Phase of Project to Develop On-Board Hydrogen Generator
Wednesday August 1, 9:00 pm ET


BURNABY, BRITISH COLUMBIA--(CCNMatthews - Aug. 1, 2007) - QuestAir Technologies Inc. (TSX:QAR - News; AIM:QAR) announced today that it has received a US$1.8 million engineering services contract from ExxonMobil Research and Engineering Company ("EMRE") to support the development of a compact rapid cycle pressure swing adsorption unit for use in a benchtop on-board hydrogen generator. Applications for the generator could include fuel cell powered industrial vehicles. Longer term the technology offers the potential to play a key role in providing an "infrastructure bridge" for automotive fuel cell deployment.

Jonathan Wilkinson, President and CEO of QuestAir, said the contract, which is the third major phase of the joint development program, follows on from work that has been ongoing between QuestAir and EMRE since 2003.

"The hydrogen generation system that EMRE and QuestAir are developing aims to provide a compact, efficient and cost effective solution to generate hydrogen directly on board the vehicle itself from readily available hydrocarbon fuels," Wilkinson added.

About QuestAir Technologies Inc.

QuestAir Technologies Inc. is a developer and supplier of proprietary gas purification systems for a number of significant international markets, including existing markets such as oil refining, biogas production, hydrogen generation, hydrogen recovery and natural gas processing, as well as emerging markets such as fuel cell vehicle refueling stations. 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".

Forward-looking statements

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.



Contact:
Sherry Tryssenaar
QuestAir Technologies Inc.
Chief Financial Officer
[phone]
Email: [e-mail]
Website: www.questairinc.com

Charles Ryland
Buchanan Communications
UK media contact
020 7466 5000

Ben Willey
Buchanan Communications
UK media contact
020 7466 5000

Eleanor Williamson
Buchanan Communications
UK media contact
020 7466 5000

Stephen Burega
Karyo Edelman
Canadian media contact
[phone]


--------------------------------------------------------------------------------
Source: QuestAir Technologies Inc.

[50bager]

QuestAir to Supply Methane Recovery System for New Hampshire Landfill Gas-To-Energy Project
Tuesday September 4, 6:00 am ET


VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 4, 2007) - QuestAir Technologies Inc. (TSX:QAR - News; AIM:QAR) announced today that it has received an order valued at approximately CDN$1.2 million for a M-3100 methane recovery system for use in a landfill gas-to-energy project in New Hampshire. The order was received from SCS Energy, a division of SCS Engineers, a leader in the design, construction and operation of landfill gas-to-energy projects in the US.
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Jonathan Wilkinson, President and CEO of QuestAir, said, \"QuestAir\'s M-3100 will increase the energy content of landfill gas from the Rochester Neck Road landfill by removing carbon dioxide. The upgraded product gas will be used to fire a combined cycle cogeneration facility at the University of New Hampshire (\"UNH\"), generating both electrical power and steam for building heating.\"

\"The University of New Hampshire is a leader in sustainability and the use of renewable energy. The system supplied by SCS Energy, including QuestAir\'s M-3100, will allow UNH to replace fossil fuels with renewable upgraded landfill gas in their existing cogeneration facility, which provides 75% of the university\'s energy requirements.\"

\"This is expected to result in significant environmental and economic benefits, including a direct reduction in greenhouse gas emissions, as well as substantial cost savings from lower natural gas consumption,\" Wilkinson said.

Jeffrey Pierce, Vice President of SCS Energy, said, \"SCS selected a QuestAir M-3100 PSA system for the UNH project because its rotary valve provides a significant improvement in PSA design. Also, the M-3100\'s small size, attractive economics, and simplicity of operation provide a good solution for a stable, enhanced BTU fuel gas to fire UNH\'s 8 MW turbine.\"

About the QuestAir M-3100

QuestAir\'s M-3100 purifies methane-containing gas streams such as landfill gas and anaerobic digester gas to high purity methane, suitable for supplementing existing natural gas supplies. QuestAir\'s PSA process and proprietary rotary valve technology deliver higher efficiency than conventional PSA systems in a more compact, cost-effective package. QuestAir\'s M-3100 system can upgrade up to 9 million cubic feet of biogas per day.

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 refueling stations. 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\".

Forward Looking Statements

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.



Contact:
Sherry Tryssenaar
QuestAir Technologies Inc.
Chief Financial Officer
[phone]
Email: [e-mail]
Website: www.questairinc.com

Charles Ryland
Buchanan Communications
UK Media Contact
[phone]

Ben Willey
Buchanan Communications
UK Media Contact
[phone]

Stephen Burega
Karyo Edelman
Canadian Media Contact
[phone] or Cell: [phone]

Robert Finlay
Canaccord Adams
[phone]

Erin Needra
Canaccord Adams
[phone]


--------------------------------------------------------------------------------
Source: QuestAir Technologies Inc.

[50bager]

QuestAir Announces Director Purchases Under Employee Share Purchase Plan
Thursday September 6, 6:01 am ET


VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 6, 2007) - QuestAir Technologies Inc. (TSX:QAR - News; AIM:QAR) announced today that two executive Directors have purchased common shares under the company's Employee Share Purchase Plan ("Plan"). The Plan was approved by the Board of Directors in February, 2007 in order to encourage employees to invest in the common shares of the company. Purchases under the Plan are made on behalf of participants by the Plan's independent administrator on the Toronto Stock Exchange at regular quarterly intervals.
ADVERTISEMENT


Two executive Directors, Jonathan Wilkinson, President and Chief Executive Officer, and Sherry Tryssenaar, Chief Financial Officer, elected to participate in the Plan when it was established earlier this year. Under the Plan, Mr. Wilkinson and Ms. Tryssenaar purchased shares on September 4, 2007 at an average price of CAD$0.60.

- Mr. Wilkinson purchased 5,578 shares bringing his total holdings to 94,666 common shares.

- Ms. Tryssenaar purchased 3,604 shares bringing her total holdings to 24,266 common shares.

Disclosure of the Directors dealings under this Plan 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 refueling stations. 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".

Forward Looking Statements

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.



Contact:
Sherry Tryssenaar
QuestAir Technologies Inc.
Chief Financial Officer
[phone]
Email: [e-mail]
Website: www.questairinc.com

Charles Ryland
Buchanan Communications
UK Media Contact
[phone]

Ben Willey
Buchanan Communications
UK Media Contact
[phone]

Stephen Burega
Karyo Communications
Canadian Media Contact
[phone]

Robert Finlay
Canaccord Adams
[phone]

Erin Needra
Canaccord Adams
[phone]


--------------------------------------------------------------------------------
Source: QuestAir Technologies Inc.

[50bager]

QuestAir to Supply Hydrogen Purifier for Hydrogen Plant at Montana Refinery
Tuesday September 18, 5:00 pm ET


VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 18, 2007) - QuestAir Technologies Inc. (TSX:QAR - News; AIM:QAR) announced today that it has received an order valued at approximately CDN $1.0 million for a H-3200 hydrogen purifier, for use in a new hydrogen plant at an oil refinery in Montana. The order was placed by Hydro-Chem, a leading global supplier of industrial hydrogen plants, and a division of Linde BOC Process Plants LLC.
ADVERTISEMENT


Jonathan Wilkinson, President and CEO of QuestAir, said that the H-3200 pressure swing adsorption ("PSA") system will be included in a new hydrogen plant that Hydro-Chem is supplying to Montana Refining Company. Product hydrogen from the plant will be used to increase oil refining capacity at the refinery site.

"Demand for hydrogen in the oil refining industry continues to be strong, driven by capacity expansions such as this project at Montana Refining, as well as regulations mandating low-sulphur transportation fuels."

"This will be QuestAir's largest capacity single skid hydrogen PSA. We have had great commercial success with the H-3200 product platform since its launch in 2003, and we now have an installed base of more than 40 smaller-capacity H-3200 PSA's around the world."

"We have now expanded the capacity of the H-3200 design, offering the benefits of the H-3200's advanced 9 bed PSA cycle and compact skid-mounted design to manufacturers of hydrogen plants with capacities up to 15,000 cubic meters per hour," Wilkinson said.

Raju Natarajan, Hydro-Chem's President, said, "QuestAir continues to lead the hydrogen PSA market in product innovation. With the capacity expansion of the H-3200 PSA, QuestAir's now offers a reduction in life-cycle costs and increased reliability to Hydro-Chem's medium-capacity hydrogen plants."

About QuestAir H-3200

QuestAir's H-3200 purifies hydrogen-containing gas streams to high purity hydrogen for use in industrial processes, on-site hydrogen plants and hydrogen fueling stations. The H-3200's optimized Pressure Swing Adsorption ("PSA") process and proprietary rotary valve technology deliver higher efficiency than conventional PSA systems in a more compact, cost effective package. Since the product launch in 2003, QuestAir has sold more than 45 H-3200 systems to customers in Europe, Japan and North America.

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 refueling stations. 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".

About Hydro-Chem

Hydro-Chem specializes in the design, engineering and construction of modular hydrogen plants. Hydro-Chem has supplied over 140 hydrogen plants to key clients in the food, steel, glass and petrochemical industries since 1975. Hydro-Chem is a division of Linde BOC Process Plants LLC.

Forward Looking Statements

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.



Contact:
Sherry Tryssenaar
QuestAir Technologies Inc.
Chief Financial Officer
[phone]
Email: [e-mail]
Website: www.questairinc.com

Charles Ryland
Buchanan Communications
UK Media Contact
[phone]

Ben Willey
Buchanan Communications
UK Media Contact
[phone]

Stephen Burega
Karyo Communications
Canadian Media Contact
[phone]

Robert Finlay
Canaccord Adams
[phone]

Erin Needra
Canaccord Adams
[phone]


--------------------------------------------------------------------------------
Source: QuestAir Technologies Inc.