QI Systems Inc. Announces Third Quarter 2007 Financial Results

QI Systems Inc. (OTCBB: QIII), a leading developer and integrator of contact and contactless card payment, access control and tracking solutions, announced its interim financial results for its third quarter ending March 31, 2007. The Company reported record revenue for the first nine months of the fiscal year ended June 30, 2007 of $449,612 derived from the sale of smart card systems and ancillary products to the Company's client base, particularly within the parking industry. Sales of the Company's products already exceed last year's twelve months revenue and increased 19% with respect to the sales achieved in the first nine months of fiscal 2006. In the nine months ended March 31, 2007, QI's net loss per share remained at $0.03 per share (Basic and Diluted), the same as the prior year's comparable period.

Steven R. Garman, President and Chief Executive Officer of QI Systems, stated, "As announced at the end of last year, we expected strong revenue growth in 2007 and are proud to announce that we have already surpassed last year's full year revenue. We also project we will have a very strong fourth quarter as there are still several large orders in house that will ship before the end of the year. Most importantly, we are very excited about the extremely high level of interest in our new QiWave contactless product line. We believe we are uniquely positioned to take full advantage of the rapid growth in contactless payment applications and, as a result, expect even better results in 2008."