|June 5, 2001
ATI Airtest Technologies Inc. (CDNX Symbol AAT)
Airtest Announces Settlement with Minty
Vancouver: Mr. George Graham the President of ATI Airtest Technologies
would like to announce the signing of a Settlement Agreement with
Mr. Colin Minty, who had resigned his employment and his position
as an Officer of the Company in February of this year.
The agreement releases both sides from their respective commitments
under a Management Services Agreement, with the exception of certain
provisions of the non-competition agreement. As part of the agreement
Mr. Minty has agreed that the next two releases of escrow shares,
totaling 405,000 shares, will be returned to the Company's treasury,
and he has agreed to sell his free-trading shares with the Company
agreeing to assist him in this regard.
As part of the Agreement as it pertains to the non-compete clause,
the Company has agreed that Mr. Minty will be able to sell certain
products and services on a non-exclusive basis. Inventory and capital
equipment, related to those products will be transferred from the
Company to Mr. Minty. The total value is approximately $50,000.00.
The Company will also assign the patent on the Aerial Pipeline Surveillance
System back to Mr. Minty. In addition Mr. Minty will be reimbursed
$15,000 (Cdn) for expenses incurred on behalf of the Company, and
the Company will transfer the lease and all future responsibility
for the vehicle used by Mr. Minty to Mr. Minty's name.
The agreement is subject to approval by the Canadian Venture Exchange
For further information, please contact:
Georgia West Management Inc.
Phone: (604) 868 1000
Toll Free: (877) 868 1001
The Canadian Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.