QuestAir Technologies Inc. (TSX:QAR) has increased its revenue estimates for 2008 in light of a new contract with ExxonMobil to develop the Burnaby company's hydrogen purifier technology.
QuestAir's 2008 revenue is expected to be between $11 million and $12 million compared with guidance of between $9 million and $10 million announced in December.
The increase comes after the company signed a two-year $6.3 million contract with ExxonMobil Research and Engineering to commercialize its H-6200 hydrogen purifier. The purifier is being used at ExxonMobil's refinery in France.
QuestAir is also cutting 18% of its staff, or 13 employees, as part of a restructuring effort to reduce costs by $1.2 million. Cuts will be in the company's unfunded development areas.
QuestAir's share price range during the past week: between $0.24 and $0.29; 52-week high: $1.45; 52-week low: $0.24.