April 07, 2004
ATI AirTest Technologies Inc.
TSX Venture Symbol (AAT)
Vancouver B.C.: Mr. George Graham, the President of ATI AirTest Technologies Inc. (“ATI”), is
pleased to provide the following Corporate update:
Some of the developments over the past year are summarized below: • March, 2003 – ATI signed a Distributor Agreement with E+E Elektronik, an Austrian manufacturer of humidity, temperature and air velocity transmitters. ATI is the exclusive distributor of E+E products to the United States HVAC market. E+E is an ISO 2001 manufacturer which enjoys a share of more than 60% of the European market. The Company has been pleased with its progress in introducing the E+E line to the United States market and has received market approval as to the quality of the E+E products. • May, 2003 – The Company completed a private placement of 1,700,000 shares that raised $255,000. Each share was accompanied by a warrant with an exercise price of $0.23 each. • June, 2003 – ATI signed a financing agreement with BFI Business Finance (“BFI”) in San Jose, CA which called for BFI to finance up to $500K USD based on current asset financing. This financing arrangement is still in place and will greatly assist ATI by providing cash flow through rapid growth periods. To date the Company has drawn up to $195K CAD from this source.
• September, 2003 – Working in cooperation with a wireless technology company, ATI commenced development of a wireless transceiver to be used with the Company’s gas sensors. This new technology will greatly enhance the retrofit program for Carbon Monoxide sensors for fan activation in enclosed parking garages as well as for Carbon Dioxide sensors for ventilation control in commercial buildings. The Company introduced the first prototype model at the 2004 AHR show in Anaheim in January. ATI has recently received its first purchase order for a parking garage retrofit in Los Angeles using the wireless technology. The installation is scheduled for May, 2004.
• December, 2003 – ATI signed a Distributor Agreement with Energy Innovation Group (“EIG”) based in Los Angeles, California. Under this agreement, EIG will partner with ATI in promoting building retrofits utilizing ATI technology, our proprietary energy analysis programs, and our new wireless systems. EIG management has senior level contacts with building owners and the larger property management companies. EIG have committed two
of their own employees and many of their contractor dealers to the building retrofit program that features the sale of CO and CO2 systems by offering significant energy savings to building owners.
• January, 2004 – ATI and Honeywell International entered into a comprehensive agreement for the purchase and sale of ATI products to supply more than 160 branches of the Honeywell Field Service Group through Honeywell’s Web Purchase Order system. ATI’s complete line of more than 150 products can now be accessed via Honeywell’s proprietary online catalogue by the 13,000 users throughout their service group.
• February, 2004 – ATI became a preferred third party vendor/partner with the Invensys Building Systems (“Invensys”) group of Controls Integrators. This means that Invensys will include ATI products in the volume rebate (“PS3”) program they offer their dealer/integrators. The Invensys PS3 program is supported by 131 Invensys dealer/integrators in Canada and United States. ATI has become the preferred supplier by
working closely with the Invensys field sales managers to train them on the use of ATI products and educate them with regard to the more important applications such as CO2 demand control ventilation.
• March, 2004 – The Company listed the sale of its Mobile Air Monitoring business in Alberta. Management has decided this business while providing cash flow to ATI, does not fit with the long-term goals of ATI’s business plan and its sale will allow management to concentrate on the Company’s core business.
ATI’s sales team has focused on penetrating the buildings-related market and making the ATI name better known. As of this date ATI has purchase orders in hand of more than $250,000 as well as a blanket order from EIG for $350K to cover equipment requirements for the first ten building retrofit projects in California. These ten projects are in the proposal stage with purchase orders expected in April for installations to take place before the end of the second quarter, 2004.
ATI management has been recording and tracking all quotations valued at more than $5,000 USD since September, 2003. In the last three months, we have received 5 of these major quotes with a value of $133K CAD and we have lost 6 quotations having a total value of $107K CAD. As of this
date there are current quotations outstanding with a total value of $2.2 million CAD. The current outstanding quotation list is almost ten times what it was at the same period last year.
Management is currently evaluating financing alternatives that can provide the means for the Company to achieve its targeted growth.
Statements about the Company’s future expectations and all other statements in this press release other than historical facts are “forward looking statements”. The Company intends that such forward-looking statements be subject to the safe harbours created thereby. Since these statements
involve risks and uncertainties and are subject to change at any time, the Company’s actual results may differ materially from the expected results.
For further information, please contact:
Mr. George Graham
Phone: (604) 517-3888
Fax: (604) 517-3900
The TSX Venture Exchange has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.