QI Systems Inc. (OTCBB: QIII), a leading developer and integrator of contact and contactless card payment, access control and tracking solutions, today confirms that the Company's management team has participated in the most recent private equity placement offered by the Company. Management has increased its equity position in QI Systems Inc. to cumulatively hold 4.9% of the fully diluted share total.
Within the management group, President & CEO Steven R. Garman holds the largest position controlling 1,641,418 shares of stock, options and warrants. Mr. Garman stated, "Based on the high level of interest in our new products and our anticipated sales growth over the next 18 to 24 months, the Company's management team believes that QI stock is an excellent investment. As stated in earlier releases, we are confident that our new contactless smart card readers and reload stations, marketed under the QiWave(TM) trade name, will meet with strong success particularly in the campus, laundry, parking and leisure & entertainment industries."
About QI Systems:
QI Systems Inc. develops and markets innovative chip-based card payment and tracking solutions for a number of industries as well as national, state and local government agencies. QI's products and core competencies include smart card and stored-value systems, security protocols, data communication software design and hardware manufacture. For more information about QI Systems Inc., visit http://www.qisystemsinc.com.
Matters discussed in this press release are "forward-looking statements" and are subject to certain risks and uncertainties. Consider all risk factors carefully when evaluating forward-looking statements, as actual results may differ materially from current expectations. QI Systems undertakes no obligation to publicly update such forward-looking statements.
Corporate & Media Contact
Steven R. Garman
President & CEO
817-485-8111
Email Contact
Investor Relations Contact
Todd D. Lorenze
ExpressIR
407-327-6444
Email Contact
Source: Market Wire (May 31, 2007 - 8:02 AM EDT)