DELTA, BC, Oct. 20, 2011 /PR Newswire/ -- 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.