QI Systems Inc. Announces Successful Completion of Private-Placement Funding

Steven Garman, QI’s president and CEO, commented, “For the past 18 months, our management team has guided QI Systems Inc. through a comprehensive transformation designed to position the Company for substantial revenue growth. I am proud to say we now have the financial strength to address a broad range of exciting market opportunities, which in turn should help us development significant new on-going revenue streams. The Company has a strong cash position and no long-term debt.”

“To that end, QI Systems Inc. is launching an aggressive sales effort in North America that includes new field representation, new sales alliances and new marketing targets. While the Company will continue to pursue sales in core markets such as vending and parking, each of which affords us opportunities to expand existing revenue, our focus now has broadened to include gaming, fluid delivery control, and the highly visible arenas of access control and security protocols.”

About QI Systems Inc.

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.