TSXgroup

July 22, 2008

Aeroquest International Limited (the "Company") - An application has been granted for the original listing in the Industrial category of 40,490,581 common shares of which 34,469,374 common shares are issued and outstanding and 6,021,207 common shares are reserved for issuance.

The common shares of the Company will be listed and posted for trading at the opening on Thursday, July 24, 2008.

Stock Symbol: "AQL"
CUSIP: 007867 10 4
Trading Currency: CDN

Temporary Market Maker: Dundee Securities Corporation

Other Markets: The common shares of the Company have been listed for trading on TSX Venture Exchange under the stock symbol: "AQL" since November 15, 2002. The common shares will be delisted from TSX Venture Exchange on July 24, 2008 upon commencement of trading on TSX.

Head Office Address: 7687 Bath Road
Mississauga, Ontario
L4T 3T1

Website: www.aeroquest.ca

Telephone Number: (905) 672-9129

Fax Number: (905) 672-7083

Investor Relations: Roy Graydon
President and Chief Executive Officer
Tel: (905) 672-9129
rgraydon@aeroquest.ca

Chief Financial Officer & Corporate Secretary: Robert Motz

Incorporation: Aeroquest was originally incorporated under the laws of Delaware as Phoenix International, Inc. on September 21, 2001, and was subsequently continued under the Business Corporations Act (Alberta) as PICorp. Capital Ltd. on April 29, 2004. The Corporation's name was changed to Aeroquest International Limited on October 26, 2004 and then the Corporation continued under the Business Corporations Act (Ontario) on October 27, 2004.

Fiscal Year End: September 30

Nature of Business: The Company operates in the airborne geophysical survey industry. The Company provides helicopter-borne and fixed wing geophysical survey services and also provides special interpretive products. The Company designs, manufactures, maintains and operates its geophysical survey systems, processes and plots the acquired data and provides interpreted results.

Transfer Agent & Registrar: Computershare Investor Services Inc. at its principal office in Toronto.

Normal Course Issuer Bid: Toronto Stock Exchange ("TSX") has accepted a Notice of Intention from the Company to make a Normal Course Issuer Bid to purchase the following:

Up to 1,653,336 of its common shares, being 10% of the public float of the common shares issued and outstanding as of December 7, 2007. Purchases will be made on the open market through the facilities of TSX. Purchases pursuant to the bid began on December 17, 2007 through the facilities of the TSX Venture Exchange. 565,000 common shares have been purchased pursuant to the bid to date. The bid expires no later than December 16, 2008.

Dividends: The Company has not declared or paid any dividends or other distributions during the last five years.