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      QuestAir Prices Public Equity Offering
Publication Date:24-May-2006
06:00 AM US Eastern Timezone 
Source:FuelCellWorks

 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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