NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Attention business/financial editors and reporters:

Aeroquest International Limited (TSX:AQL) and Optimal Geomatics Inc. (TSX
VENTURE:OPG) announce that they have entered into an Arrangement Agreement
whereby Optimal will join the Aeroquest International Group of Companies.


Under the terms of the Arrangement Agreement between Aeroquest and Optimal, the
proposed transaction will be effected by way of a Plan of Arrangement completed
under the Canada Business Corporations Act. Optimal shareholders will receive 1
common share of Aeroquest for each 21 common shares of Optimal owned, and will
result in Aeroquest issuing approximately 3.0 million common shares to Optimal
shareholders. Based on today's closing price for Aeroquest common shares of
$0.43, the exchange ratio represents a 105% premium for the Optimal Shares and
an approximate 86% premium on the 30-day weighted-average trading price for the
common shares of both companies.


The transaction will be beneficial for the shareholders of both companies, with
reduced overhead expenses and increased operational efficiencies. Optimal and
Aeroquest will immediately eliminate the public company costs for Optimal and
will be able to optimize aircraft fleet utilization in the future. The companies
also see areas of opportunity to combine technologies and to cross-sell products
and services.


Completion of the transaction is conditional on the approval of Optimal
shareholders and satisfaction of other customary conditions including stock
exchange and court approvals. The required shareholder approval will be two
thirds of the votes cast by holders of common shares at a meeting of Optimal
shareholders held to consider the proposed transaction. The Optimal shareholders
meeting, to approve the Arrangement, will be held in the middle of September.
Both Boards of Directors have determined that the proposed transaction is in the
best interest of their respective companies and the Board of Directors of
Optimal has unanimously recommended that Optimal shareholders vote in favour of
the Arrangement.


Both companies anticipate that the transaction will be completed before the end
of September, 2009. Aeroquest has entered into agreements with management and
the directors of Optimal and Optimal's largest shareholder, Patonhill
Investments Limited, whereby each of these parties have agreed to vote their
securities in favour of the Plan of Arrangement.


It is expected that an Information Circular will be sent to the shareholders of
Optimal in early August. The Arrangement has been structured to allow Optimal
shareholders to receive common shares of Aeroquest on a tax-deferred basis for
Canadian income tax purposes. The Arrangement Agreement provides that Optimal is
subject to non-solicitation provisions and for the payment of a termination fee
of $250,000 in the event that the transaction is not completed for certain
reasons other than, among other things, shareholder and regulatory approval.


"We will be pleased to welcome Optimal Geomatics into the Aeroquest Group of
Companies," said Roy Graydon, Aeroquest's President & CEO; "Optimal has a long
history, a strong presence in its markets, and a culture that is very
complementary to ours."


About Aeroquest International

Aeroquest International is a global information and technology services company
and a leader in the development and operation of innovative and proprietary
geophysical surveying platforms for the mineral and petroleum exploration, and
environmental services industries. Through its subsidiary companies Aeroquest
Surveys, UTS Geophysics and Geophex, Aeroquest International fields a fleet of
over two dozen helicopter and fixed wing survey systems and is active around the
world. More information about Aeroquest International can be found at
www.aeroquest.ca.


About Optimal Geomatics

Optimal Geomatics, a geospatial mapping company, provides engineering and
geospatial professionals with customized products designed to meet their mapping
needs. Optimal Geomatics specializes in the science and technology of gathering,
analyzing, interpreting, distributing, and using geographic information. Optimal
applies the disciplines of aerial surveying, mapping, remote sensing, geographic
information systems (GIS), and global positioning systems (GPS) to translate
remotely-acquired raw imagery into intelligent digitallymapped data for use
according to the application involved, such as land management, environmental
information management and engineering design. More information about Optimal
can be found at www.optimalgeo.com.


This news release may include statements about expected future events that are
forward-looking in nature and subject to risks and uncertainties. Both Aeroquest
and Optimal caution that actual performance will be affected by a number of
factors, many of which are beyond their control. Future events and results may
vary substantially from what Aeroquest and Optimal currently foresee.
Discussions of the various factors that may affect future results are contained
in Aeroquest's and Optimal's recent filings, available on SEDAR. All forward
looking statements contained in this press release are qualified by this
cautionary statement.


Open Gold Corp. (TSXV:OPG)
Historical Stock Chart
From May 2024 to Jun 2024 Click Here for more Open Gold Corp. Charts.
Open Gold Corp. (TSXV:OPG)
Historical Stock Chart
From Jun 2023 to Jun 2024 Click Here for more Open Gold Corp. Charts.