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Providing Innovative Card Solutions For More than a Decade
Plug-and-Play Technology for Contact, Contactless and Custom Designed Card Applications
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QI Systems Inc. |
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  SmartKit Reload
QI’s Reload station carries the traditional flexibility of the QI SmartKit into the realm of custome ... [more]
 SmartKit II
Engineered specifically for vending machine applications, SmartKit capitalizes on the modular design ... [more] |
Friday, September 19, 2008 - QI Systems Inc. (PinkSheets: Qiii ) announces that it has ceased operations as a going concern. QI Systems Inc. (PinkSheets: Qiii ) announces that it has ceased operations as a going concern. Since the resignation of Mr. Garman in July the company has reduced expenditures and reviewed business operations with a view of creating a go forward strategy. No viable strategy was found to allow the company to continue business operations. The company has been in severe financial distress and day-to-day survival was doubtful. Current and pending obligations exceeded $2 million, market capitalization is less than $100,000 and viable AR is below $10,000. Current company obligations include defaults on payment of taxes and other statutory charges. The company has been unable to pay and retain personnel critical to business survival. Company operation could not be continued. The company also announces that all its business assets have been surrendered to creditors in partial settlement of company obligations. Assets at the corporate head office in Dallas were surrendered to the landlord for settlement of unpaid rent. All other business assets have been surrendered to secured creditors. The company has no current assets to apply toward settlement of remaining debts or obligations. Although QI has failed, customers and products of the company will not be abandoned. A core group from the original team has resolved to continue support for customers and products of the company. Working with the secured creditors, the team will continue product support and development. Since contact details like phone numbers may change please address inquiries to products@qisystemsinc.com. The company cannot meet its reporting obligations per SEC regulations and will not attempt to do so. At this point QI Systems Inc. is listed and trading only on PinkSheets. The above referenced team has also made some financial commitments to QI Systems Inc. and is discussing a potential ongoing relationship with the company. Inquiries about the company should be sent by email to info@qisystemsinc.com. The company web address at www.qisystemsinc.com will be retained and future announcements about the company will be linked to that site.QI Systems Inc. designs and sells card payment solutions for various industries. Products and core competencies include smart cards and stored value systems, security protocols, data communications, software design and hardware manufacture. Matters discussed in this press release may include “forward-looking statements” which are subject to certain risks and uncertainties. Consider all risk factors carefully when evaluating forward looking statements as actual results may differ materially from those expressed herein. QI Systems is protected from litigation regarding forward looking statements and undertakes no obligation to publicly update such forward-looking statements. The OTCBB Exchange does not accept responsibility for the adequacy of this news release and has not investigated the validity of these claims. Approved on behalf of the Board
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Copyright © 2003 QI Systems Inc. |