| VANCOUVER,
BRITISH COLUMBIA--QuestAir Technologies Inc. (TSX:QAR)(AIM:QAR) (the "Company")
announces that in connection with its previously announced equity offering,
it has entered into an agency agreement with Clarus Securities Inc. and
Canaccord Capital Corporation (the "Agents") to offer 14,815,000 common
shares from treasury at a price of CDN$1.35 (Pounds Sterling 0.64) per
common share. The gross proceeds from the offering will be CDN $20,000,250
(Pounds Sterling 9,481,600). The Company has granted the Agents an over-allotment
option to purchase up to an additional 2,222,250 shares exercisable for
30 days from closing.
The Company filed its final prospectus
today in connection with this offering, which is expected to close on or
about 31 May, 2006. The shares are expected to be admitted to AIM on 31
May, 2006.
Proceeds from this offering will
be used to finance the ongoing development and commercialization of the
QuestAir's proprietary gas purification technology, and for general working
capital.
This release shall not constitute
an offer to sell or the solicitation of any offer to buy securities in
any jurisdiction. The common shares have not been registered under the
United States Securities Act of 1933, as amended, and they may not be offered
or sold in the United States absent registration or an applicable exemption
from registration.
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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