The chief financial officer of AirIQ Inc., a Toronto firm that sells vehicle location systems to fleets, has been named interim president and CEO. Douglas Gibbs replaces Stephen Willey, who stepped down Dec. 1 after the company sold its American division, AirIQ Marine Inc. However, he remains on AirIQ's board.
Gibbs, who has worked at Mitel Networks Corp., Gandalf Technologies and Cognos Inc., joined AirIQ in June, 2008 as a director and interim CFO to help stem the flow of red ink. Early that year it laid off 50 people, following the layoff of 123 in 2007.
Last month AirIQ reported a third consecutive quarter of positive earnings (before interest, taxes and depreciation) for its third quarter ending Sept. 30. However, revenues for the quarter were $2,609,240, down decreased 13.8 per cent from the same period in 2008, and down 15.8 per cent from the second quarter. Revenues for the nine months ended Sept. 30 decreased 6.5 per cent to $8,957,618 compared to the same nine month period a year ago. The result was a net loss for the three months and nine months ended Sept. 30 of $437,516 and $960,588, respectively.
Gibbs will continue in the dual role of interim CEO and CFO.
The company's main product is a GPS transmitter/receiver called AirIQ OnBoard which can track and record a vehicle's location, speed, direction and other information. Through the Internet, fleet managers can see what's happening. If necessary, a vehicle can be remotely disabled or enabled.
