DELTA, BC, Oct. 20, 2011 /PRNewswire/ - AirTest Technologies
(TSXV: AAT) announced today that the Company will no longer be
supporting the Airware development of its patented sensor
technology. Under the terms of the original agreement AirTest
committed to support the technology development through payment of
$50,000 per month. AirTest had
originally expected that a working prototype would be available
within 12 months with production to commence shortly
thereafter. In actual fact the third version of the first
sensor module that was to be produced was delivered to AirTest as a
working prototype at the beginning of August, 2011, almost 2 years
after the agreement was signed. This prototype was carefully
evaluated by AirTest's technical consultants who concluded that the
technology still required a great deal more time, money and
engineering work before it could be mass produced.
As of this time, AirTest has discontinued its
monthly payments and will focus all its attention and full
resources to the continued growth of its core business.
Airware has identified a third party manufacturer who is prepared
to commit the necessary resources to support the further
development of the technology. Airware expects the third
party manufacturer to bring the first product to a production ready
state within one year.
Although there is some dispute as to the status
of the Technology License Agreement, AirTest management believes
there will be an opportunity to re-establish the marketing rights
as granted in the original agreement in the event the third party
manufacturing company can further develop the Airware sensor
technology to a production ready status.
George Graham,
President of AirTest said, "Although I am disappointed about the
progress with the Airware technology, I am very excited about the
demand we are seeing for our core products. With the
termination of the Airware agreement obligations and the burden of
the licensing payments and associated R&D costs being lifted,
we will free up valuable resources that should allow Airtest's
operations to be profitable starting this fourth quarter of
2011."
About AirTest: AirTest Technologies
is a Green-Tech company specializing in sensors that improve
commercial building operating efficiency and at the same time
create energy savings. The Company's gas sensors and
controllers measure and control ventilation to meet only immediate
needs instead of providing maximum ventilation as required by
design specifications. Reduced ventilation rates result in less fan
use and less heating and cooling of outside air. Energy
savings range from 50% to 90% for parking garages and from 20% to
60% for CO2 demand control of variable occupancy buildings.
AirTest offers its products to leading-edge
building owners, contractors and energy service companies targeting
the buildings market. AirTest also provides energy cost
reduction solutions to building equipment and controls
manufacturers who incorporate AirTest sensor components in their
products.
For more information about AirTest's
contribution to the Green Buildings initiative, please contact
George Graham at 604-517-3888 or
visit the AirTest website at www.AirTestTechnologies.com .
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.
The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this
release.
SOURCE AirTest Technologies Inc.