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<td width="23%" valign="top"><p>&#160;</p>
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<td width="54%" align="center" valign="top"><p>Securities and Exchange Commission</p>
</td>
<td width="23%" valign="top"><p>&#160;</p>
</td>
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<td width="23%" valign="top"><p>&#160;</p>
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<td width="54%" style="border-top: 0.0133333in solid" align="center" valign="top"><p>Washington, D.C. 20549</p>
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<td width="23%" valign="top"><p>&#160;</p>
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<td width="33%" valign="top"><p>&#160;</p>
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<td width="33%" valign="top"><p>&#160;</p>
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<td width="34%" valign="top"><p>&#160;</p>
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<td width="33%" valign="top"><p>&#160;</p>
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<td width="33%" align="center" valign="top"><p>Form 8-K</p>
</td>
<td width="34%" valign="top"><p>&#160;</p>
</td>
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<td width="33%" valign="top"><p>&#160;</p>
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<td width="33%" align="center" valign="top"><p>Current Report</p>
</td>
<td width="34%" valign="top"><p>&#160;</p>
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<td width="33%" valign="top"><p>&#160;</p>
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<td width="33%" valign="top"><p>&#160;</p>
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<td width="34%" valign="top"><p>&#160;</p>
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<td width="12%" valign="top"><p>&#160;</p>
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<td width="77%" align="center" valign="top"><p>Pursuant to Section 13 or 15(d) of the Securities and Exchange
Commission</p>
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<td width="11%" valign="top"><p>&#160;</p>
</td>
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<td width="33%" valign="top"><p>&#160;</p>
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<td width="33%" valign="top"><p>&#160;</p>
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<td width="34%" valign="top"><p>&#160;</p>
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<td width="13%" valign="top"><p>&#160;</p>
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<td width="76%" align="center" valign="top"><p>Date of Report (Date of earliest event reported): April 23, 2004.</p>
</td>
<td width="11%" valign="top"><p>&#160;</p>
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<td width="33%" valign="top"><p>&#160;</p>
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<td width="33%" valign="top"><p>&#160;</p>
</td>
<td width="34%" valign="top"><p>&#160;</p>
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<td width="23%" valign="top"><p>&#160;</p>
</td>
<td width="54%" align="center" valign="top"><p>Air-Q Wi-Fi Corporation</p>
</td>
<td width="23%" valign="top"><p>&#160;</p>
</td>
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<td width="23%" valign="top"><p>&#160;</p>
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<td width="54%" style="border-top: 0.0133333in solid" align="center" valign="top"><p>(Exact name of registrant as specified in its
charter)</p>
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<td width="23%" valign="top"><p>&#160;</p>
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<td width="33%" valign="top"><p>&#160;</p>
</td>
<td width="33%" valign="top"><p>&#160;</p>
</td>
<td width="34%" valign="top"><p>&#160;</p>
</td>
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<td width="27%" align="center" valign="top"><p>Delaware</p>
</td>
<td width="8%" align="center" valign="top"><p>&#160;</p>
</td>
<td width="31%" align="center" valign="top"><p>33-19961</p>
</td>
<td width="8%" align="center" valign="top"><p>&#160;</p>
</td>
<td width="26%" align="center" valign="top"><p>01-0623010</p>
</td>
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<td width="27%" style="border-top: 0.0133333in solid" align="center" valign="top"><p>(State or other
jurisdiction of
incorporation)</p>
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<td width="8%" align="center" valign="top"><p>&#160;</p>
</td>
<td width="31%" style="border-top: 0.0133333in solid" align="center" valign="top"><p>(Commission File No.)</p>
</td>
<td width="8%" align="center" valign="top"><p>&#160;</p>
</td>
<td width="26%" style="border-top: 0.0133333in solid" align="center" valign="top"><p>(I.R.S. Employer
Identification No.)</p>
</td>
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<td width="33%" valign="top"><p>&#160;</p>
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<td width="33%" valign="top"><p>&#160;</p>
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<td width="34%" valign="top"><p>&#160;</p>
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<td width="8%" valign="top"><p>&#160;</p>
</td>
<td width="85%" align="center" valign="top"><p>5555 Hilton Avenue, Suite 207, Baton Rouge, Louisiana 70808</p>
</td>
<td width="7%" valign="top"><p>&#160;</p>
</td>
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<td width="8%" valign="top"><p>&#160;</p>
</td>
<td width="85%" style="border-top: 0.0133333in solid" align="center" valign="top"><p>(Address of principal executive offices, including zip code)</p>
</td>
<td width="7%" valign="top"><p>&#160;</p>
</td>
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<table width="100%" cellpadding="6" cellspacing="0">
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<td width="33%" valign="top"><p>&#160;</p>
</td>
<td width="33%" valign="top"><p>&#160;</p>
</td>
<td width="34%" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
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<td width="8%" valign="top"><p>&#160;</p>
</td>
<td width="85%" align="center" valign="top"><p>Registrant&#8217;s telephone number, including area code: (225) 923-1034</p>
</td>
<td width="7%" valign="top"><p>&#160;</p>
</td>
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<td width="33%" valign="top"><p>&#160;</p>
</td>
<td width="33%" valign="top"><p>&#160;</p>
</td>
<td width="34%" valign="top"><p>&#160;</p>
</td>
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<table width="100%" cellpadding="6" cellspacing="0">
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<td width="100%" valign="top"><p>&#160;</p>
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<td width="100%" style="border-top: 0.0266667in solid" align="center" valign="top"><p>Form 8-K</p>
</td>
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<td width="100%" style="border-bottom: 0.0266667in solid" align="center" valign="top"><p>Air-Q Wi-Fi Corporation</p>
</td>
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<td width="100%" valign="top"><p>&#160;</p>
</td>
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<td width="85%" style="background-color: #e5e5e5" valign="top"><p>Item 5. Other Events and Regulation FD Disclosure.</p>
</td>
<td width="15%" valign="top"><p>&#160;</p>
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<td width="69%" style="border-bottom: 0.0133333in solid" valign="top"><p>Cancellation of Certain Warrants; Issuance of New Warrants</p>
</td>
<td width="31%" valign="top"><p>&#160;</p>
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<table width="100%" cellpadding="6" cellspacing="0">
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<td width="100%" valign="top"><p>On April 23, 2004, pursuant to amendments to four separate securities purchase agreements,
we cancelled certain outstanding common stock purchase warrants and issued new common
stock purchase warrants in their place.  These amendments reduced the total number of
warrants issued under the securities purchase agreements from 20,000,000 to 5,000,000.  A
summary of the issuances of securities is set forth below:</p>
</td>
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</table>
<table width="100%" cellpadding="6" cellspacing="0">
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<td width="4%" valign="top"><p>&#160;</p>
</td>
<td width="27%" style="border-bottom: 0.0133333in solid" align="center" valign="top"><p>Purchaser of Units of
Securities</p>
</td>
<td width="1%" align="center" valign="top"><p>&#160;</p>
</td>
<td width="34%" style="border-bottom: 0.0133333in solid" align="center" valign="top"><p>Securities Issued Pursuant to
Original Securities Purchase
Agreement</p>
</td>
<td width="1%" align="center" valign="top"><p>&#160;</p>
</td>
<td width="33%" style="border-bottom: 0.0133333in solid" align="center" valign="top"><p>Securities Issued Pursuant to
Securities Purchase
Agreement, as Amended</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
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<td width="4%" valign="top"><p>&#160;</p>
</td>
<td width="27%" valign="top"><p>Douglasbank Capital
Ltd.</p>
</td>
<td width="1%" valign="top"><p>&#160;</p>
</td>
<td width="34%" valign="top"><p>1,250,000 shares of common
stock; 1,250,000 $.20
warrants; 1,250,000 $.30
warrants; 1,250,000 $.40
warrants; and 1,250,000 $.50
warrants.</p>
</td>
<td width="1%" valign="top"><p>&#160;</p>
</td>
<td width="33%" valign="top"><p>1,250,000 shares of common
stock and 1,250,000 $1.00
warrants.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="4%" valign="top"><p>&#160;</p>
</td>
<td width="27%" valign="top"><p>Douglasdale Capital
Ltd.</p>
</td>
<td width="1%" valign="top"><p>&#160;</p>
</td>
<td width="34%" valign="top"><p>1,250,000 shares of common
stock; 1,250,000 $.20
warrants; 1,250,000 $.30
warrants; 1,250,000 $.40
warrants; and 1,250,000 $.50
warrants.</p>
</td>
<td width="1%" valign="top"><p>&#160;</p>
</td>
<td width="33%" valign="top"><p>1,250,000 shares of common
stock and 1,250,000 $1.00
warrants.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="4%" valign="top"><p>&#160;</p>
</td>
<td width="27%" valign="top"><p>Heyer Capital Fund</p>
</td>
<td width="1%" valign="top"><p>&#160;</p>
</td>
<td width="34%" valign="top"><p>1,250,000 shares of common
stock; 1,250,000 $.20
warrants; 1,250,000 $.30
warrants; 1,250,000 $.40
warrants; and 1,250,000 $.50
warrants.</p>
</td>
<td width="1%" valign="top"><p>&#160;</p>
</td>
<td width="33%" valign="top"><p>1,250,000 shares of common
stock and 1,250,000 $1.00
warrants.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="4%" valign="top"><p>&#160;</p>
</td>
<td width="27%" valign="top"><p>1008212 Alberta Ltd.</p>
</td>
<td width="1%" valign="top"><p>&#160;</p>
</td>
<td width="34%" valign="top"><p>1,250,000 shares of common
stock; 1,250,000 $.20
warrants; 1,250,000 $.30
warrants; 1,250,000 $.40
warrants; and 1,250,000 $.50
warrants.</p>
</td>
<td width="1%" valign="top"><p>&#160;</p>
</td>
<td width="33%" valign="top"><p>1,250,000 shares of common
stock and 1,250,000 $1.00
warrants.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="69%" style="border-bottom: 0.0133333in solid" valign="top"><p>Description of $1.00 Warrants</p>
</td>
<td width="31%" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="100%" valign="top"><p>Pursuant to the amendments to the securities purchase agreements,, we issued a total of
5,000,000 warrants to purchase 5,000,000 shares of our common stock, at an exercise price of
$1.00 per share.  These warrants expire on April 22, 2008.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="69%" style="border-bottom: 0.0133333in solid" valign="top"><p>Current Ownership of Our Common Stock</p>
</td>
<td width="31%" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="100%" valign="top"><p>The cancellation of 20,000,000 warrants and the issuance of 5,000,000 new warrants
materially changed our capitalization.  On a fully diluted basis, prior to amending the four
securities purchase agreements, we had a total of 45,097,704 shares outstanding (24,500,000
shares underlying warrants); on a fully diluted basis, after amending the four securities
purchase agreements, we have a total of 30,097,704 shares outstanding (9,500,000 shares
underlying warrants).</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="100%" valign="top"><p>In addition, the changes effected by amending the four securities purchase agreements
materially affected the ownership of our shares of common stock.  The table below sets forth
the current ownership of our common stock.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="100%" valign="top"><p>Beneficial ownership is determined in accordance with the rules of the SEC, based on voting
or investment power with respect to the securities. In computing the number of shares
beneficially owned by a person and the percentage ownership of that person, shares of
common stock underlying warrants held by that person are deemed to be outstanding if the
warrants are exercisable within 60 days of the date hereof. All percentages in this table are
based on a total of 30,097,704 shares of common stock outstanding as of the date hereof,
which amount includes a total of 9,500,000 shares underlying currently outstanding and
exercisable warrants.  Except as indicated in the footnotes below, we believe, based on
information furnished to us, that the persons and entities named in the table below have sole
voting and investment power with respect to all shares of common stock shown as beneficially
owned by them. Unless otherwise indicated, the address for each of the shareholders in the
table below is c/o Air-Q Wi-Fi Corporation, 5555 Hilton Avenue, Suite 207, Baton Rouge,
Louisiana 70808.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="52%" valign="top"><p>&#160;</p>
</td>
<td width="40%" style="border-bottom: 0.01in solid" align="center" valign="top"><p>Beneficially Owned</p>
</td>
<td width="8%" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="6%" align="center" valign="top"><p>&#160;</p>
</td>
<td width="44%" style="border-bottom: 0.01in solid" align="center" valign="top"><p>Name and Address of Beneficial Owner</p>
</td>
<td width="2%" align="center" valign="top"><p>&#160;</p>
</td>
<td width="19%" style="border-bottom: 0.01in solid" align="center" valign="top"><p>Shares</p>
</td>
<td width="2%" align="center" valign="top"><p>&#160;</p>
</td>
<td width="19%" style="border-bottom: 0.01in solid" align="center" valign="top"><p>Percent(1)</p>
</td>
<td width="8%" align="center" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="6%" valign="top"><p>&#160;</p>
</td>
<td width="44%" valign="top"><p>David Loflin</p>
</td>
<td width="2%" valign="top"><p>&#160;</p>
</td>
<td width="19%" align="center" valign="top"><p>7,590,000(2)</p>
</td>
<td width="2%" valign="top"><p>&#160;</p>
</td>
<td width="19%" align="center" valign="top"><p>25.21%</p>
</td>
<td width="8%" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="6%" valign="top"><p>&#160;</p>
</td>
<td width="44%" valign="top"><p>Waddell D. Loflin</p>
</td>
<td width="2%" valign="top"><p>&#160;</p>
</td>
<td width="19%" align="center" valign="top"><p>1,200,000</p>
</td>
<td width="2%" valign="top"><p>&#160;</p>
</td>
<td width="19%" align="center" valign="top"><p>3.98%</p>
</td>
<td width="8%" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="6%" valign="top"><p>&#160;</p>
</td>
<td width="44%" valign="top"><p>Gregory A. Bonner(3)</p>
</td>
<td width="2%" valign="top"><p>&#160;</p>
</td>
<td width="19%" align="center" valign="top"><p>10,000</p>
</td>
<td width="2%" valign="top"><p>&#160;</p>
</td>
<td width="19%" align="center" valign="top"><p>* </p>
</td>
<td width="8%" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="6%" valign="top"><p>&#160;</p>
</td>
<td width="44%" valign="top"><p>Ira R. Witkin(4)</p>
</td>
<td width="2%" valign="top"><p>&#160;</p>
</td>
<td width="19%" align="center" valign="top"><p>10,000</p>
</td>
<td width="2%" valign="top"><p>&#160;</p>
</td>
<td width="19%" align="center" valign="top"><p>* </p>
</td>
<td width="8%" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="6%" valign="top"><p>&#160;</p>
</td>
<td width="44%" valign="top"><p>All executive officers and directors as a
group (4 persons)</p>
</td>
<td width="2%" valign="top"><p>&#160;</p>
</td>
<td width="19%" align="center" valign="top"><p>8,790,000(2)</p>
</td>
<td width="2%" valign="top"><p>&#160;</p>
</td>
<td width="19%" align="center" valign="top"><p>29.20%</p>
</td>
<td width="8%" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="6%" valign="top"><p>&#160;</p>
</td>
<td width="44%" valign="top"><p>Loflin Children&#8217;s Trust(5)</p>
</td>
<td width="2%" valign="top"><p>&#160;</p>
</td>
<td width="19%" align="center" valign="top"><p>3,000,000(6)</p>
</td>
<td width="2%" valign="top"><p>&#160;</p>
</td>
<td width="19%" align="center" valign="top"><p>9.96%</p>
</td>
<td width="8%" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="6%" valign="top"><p>&#160;</p>
</td>
<td width="44%" valign="top"><p>FMF Investments, Ltd.(7)</p>
</td>
<td width="2%" valign="top"><p>&#160;</p>
</td>
<td width="19%" align="center" valign="top"><p>2,311,000</p>
</td>
<td width="2%" valign="top"><p>&#160;</p>
</td>
<td width="19%" align="center" valign="top"><p>7.67%</p>
</td>
<td width="8%" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="6%" valign="top"><p>&#160;</p>
</td>
<td width="44%" valign="top"><p>Heyer Capital Fund(8)(18)</p>
</td>
<td width="2%" valign="top"><p>&#160;</p>
</td>
<td width="19%" align="center" valign="top"><p>2,500,000(9)</p>
</td>
<td width="2%" valign="top"><p>&#160;</p>
</td>
<td width="19%" align="center" valign="top"><p>8.30%</p>
</td>
<td width="8%" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="6%" valign="top"><p>&#160;</p>
</td>
<td width="44%" valign="top"><p>1008212 Alberta Ltd.(10)(18)</p>
</td>
<td width="2%" valign="top"><p>&#160;</p>
</td>
<td width="19%" align="center" valign="top"><p>2,500,000(11)</p>
</td>
<td width="2%" valign="top"><p>&#160;</p>
</td>
<td width="19%" align="center" valign="top"><p>8.30%</p>
</td>
<td width="8%" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="6%" valign="top"><p>&#160;</p>
</td>
<td width="44%" valign="top"><p>Douglasdale Capital Ltd.(12)(18)</p>
</td>
<td width="2%" valign="top"><p>&#160;</p>
</td>
<td width="19%" align="center" valign="top"><p>2,500,000(13)</p>
</td>
<td width="2%" valign="top"><p>&#160;</p>
</td>
<td width="19%" align="center" valign="top"><p>8.30%</p>
</td>
<td width="8%" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="6%" valign="top"><p>&#160;</p>
</td>
<td width="44%" valign="top"><p>Douglasbank Capital Ltd.(14)(18)</p>
</td>
<td width="2%" valign="top"><p>&#160;</p>
</td>
<td width="19%" align="center" valign="top"><p>2,500,000(15)</p>
</td>
<td width="2%" valign="top"><p>&#160;</p>
</td>
<td width="19%" align="center" valign="top"><p>8.30%</p>
</td>
<td width="8%" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="6%" valign="top"><p>&#160;</p>
</td>
<td width="44%" style="border-bottom: 0.01in solid" valign="top"><p>Shelter Capital Ltd.(16)</p>
</td>
<td width="2%" style="border-bottom: 0.01in solid" valign="top"><p>&#160;</p>
</td>
<td width="19%" align="center" valign="top"><p>4,000,000(17)</p>
</td>
<td width="2%" valign="top"><p>&#160;</p>
</td>
<td width="19%" align="center" valign="top"><p>13.29%</p>
</td>
<td width="8%" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="12%" align="right" valign="top"><p>* </p>
</td>
<td width="88%" valign="top"><p>Less than 1%</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="12%" align="right" valign="top"><p>(1)</p>
</td>
<td width="88%" valign="top"><p>Based on 30,097,704 shares outstanding, including a total of 9,500,000 shares
underlying currently outstanding and exercisable warrants.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="12%" align="right" valign="top"><p>(2)</p>
</td>
<td width="88%" valign="top"><p>3,000,000 of these shares are beneficially owned by the Loflin Children&#8217;s Trust;
250,000 of these shares are owned by the Phoenix Trust.  The beneficiaries of both
entities are the minor children of David Loflin.  Mr. Loflin is the trustee of each
entity and possesses voting and investment control over the shares owned by each.
Mr. Loflin disclaims any beneficial ownership of the shares owned by either trust.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="12%" align="right" valign="top"><p>(3)</p>
</td>
<td width="88%" valign="top"><p>Mr. Bonner&#8217;s address is 5223 Hagerstown Avenue, Baton Rouge, Louisiana 70817.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="12%" align="right" valign="top"><p>(4)</p>
</td>
<td width="88%" valign="top"><p>Mr. Witkin&#8217;s address is 980 Crepe Myrtle Lane, Copper Canyon, Texas 76226.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="12%" align="right" valign="top"><p>(5)</p>
</td>
<td width="88%" valign="top"><p>Loflin Children&#8217;s Trust&#8217;s address is 7635 Jefferson Highway, #309, Baton Rouge,
Louisiana 70809.  David Loflin is the trustee of this entity and possesses voting and
investment control of the shares owned by it.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="12%" align="right" valign="top"><p>(6)</p>
</td>
<td width="88%" valign="top"><p>See footnote 2.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="12%" align="right" valign="top"><p>(7)</p>
</td>
<td width="88%" valign="top"><p>FMF Investments&#8217; address is 819 Office Park Circle, Lewisville, Texas 75057.  L.
A. Newlan, Jr. and Eric Newlan are officers of the general partner of this entity
and, in these capacities, possess voting and investment control of the shares owned
by it.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="12%" align="right" valign="top"><p>(8)</p>
</td>
<td width="88%" valign="top"><p>Heyer Capital&#8217;s address is 418 Douglas Park View S.E., Calgary, Alberta, Canada
T2Z 2R1. Peter Rochow is the owner of this entity and possesses voting and
investment control of the shares owned by it.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="12%" align="right" valign="top"><p>(9)</p>
</td>
<td width="88%" valign="top"><p>1,250,000 of these shares have been issued; 1,250,000 of these shares have not
been issued, but underlie currently exercisable warrants.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="12%" align="right" valign="top"><p>(10)</p>
</td>
<td width="88%" valign="top"><p>1008212 Alberta&#8217;s address is 418 Douglas Park View S.E., Calgary, Alberta,
Canada T2Z 2R1.  Peter Rochow possesses voting and investment control of the
shares owned by this entity.  Mr. Rochow disclaims any beneficial ownership of the
shares owned by this entity.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="12%" align="right" valign="top"><p>(11)</p>
</td>
<td width="88%" valign="top"><p>1,250,000 of these shares have been issued; 1,250,000 of these shares have not
been issued, but underlie currently exercisable warrants.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="12%" align="right" valign="top"><p>(12)</p>
</td>
<td width="88%" valign="top"><p>Douglasdale Capital&#8217;s address is 418 Douglas Park View S.E., Calgary, Alberta,
Canada T2Z 2R1. Peter Rochow possesses voting and investment control of the
shares owned by this entity.  Mr. Rochow disclaims any beneficial ownership of the
shares owned by this entity.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="12%" align="right" valign="top"><p>(13)</p>
</td>
<td width="88%" valign="top"><p>1,250,000 of these shares have been issued; 1,250,000 of these shares have not
been issued, but underlie currently exercisable warrants.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="12%" align="right" valign="top"><p>(14)</p>
</td>
<td width="88%" valign="top"><p>Douglasbank Capital&#8217;s address is 418 Douglas Park View S.E., Calgary, Alberta,
Canada T2Z 2R1. Peter Rochow possesses voting and investment control of the
shares owned by this entity.  Mr. Rochow disclaims any beneficial ownership of the
shares owned by this entity.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="12%" align="right" valign="top"><p>(15)</p>
</td>
<td width="88%" valign="top"><p>1,250,000 of these shares have been issued; 1,250,000 of these shares have not
been issued, but underlie currently exercisable warrants.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="12%" align="right" valign="top"><p>(16)</p>
</td>
<td width="88%" valign="top"><p>Shelter Capital&#8217;s address is P.O. Box 64, Providenciales, Turks and Caicos Islands.
Peter Rochow possesses voting and investment control of the shares owned by this
entity.  Mr. Rochow disclaims any beneficial ownership of the securities owned by
this entity.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="12%" align="right" valign="top"><p>(17)</p>
</td>
<td width="88%" valign="top"><p>None of these shares has been issued, but underlie currently exercisable warrants.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="12%" align="right" valign="top"><p>(18)</p>
</td>
<td width="88%" valign="top"><p>Heyer Capital Fund, 1008212 Alberta Ltd., Douglasdale Capital Ltd. and
Douglasbank Capital Ltd. have common management, Mr. Peter Rochow, who
possess the power of disposition over the securities owned by these entities; the
beneficial ownership of each of these entities is different. Mr. Rochow disclaims
any beneficial ownership of the shares owned by these entities, except for those
owned by Heyer Capital Fund, of which he is the beneficial owner.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="69%" style="border-bottom: 0.0133333in solid" valign="top"><p>Press Release</p>
</td>
<td width="31%" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="100%" valign="top"><p>On April 29, 2004, we issued the press release reproduced below:</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="8%" valign="top"><p>&#160;</p>
</td>
<td width="85%" style="border-left: 0.0133333in solid; border-right: 0.0133333in solid; border-top: 0.0133333in solid" valign="top"><p>Air-Q Wi-Fi Restructures 20,000,000 Outstanding Warrants</p>
</td>
<td width="7%" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="8%" valign="top"><p>&#160;</p>
</td>
<td width="85%" style="border-left: 0.0133333in solid; border-right: 0.0133333in solid" valign="top"><p>Investor Group Agrees to Replace 20,000,000 Warrants with 5,000,000 New
Warrants</p>
</td>
<td width="7%" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="8%" valign="top"><p>&#160;</p>
</td>
<td width="85%" style="border-left: 0.0133333in solid; border-right: 0.0133333in solid" valign="top"><p>Baton Rouge, LA &#8211; April 29, 2004 &#8211; Air-Q Wi-Fi Corporation (OTCBB:
AQWF), a Wi-Fi (wireless fidelity) Internet access provider, announced today
that it had reached an agreement with an investor group to restructure
20,000,000 of its outstanding warrants.  Under the agreement, warrants to
purchase 20,000,000 shares, with an average exercise price of $.35 per share,
were cancelled and new warrants to purchase 5,000,000 shares at an exercise
price of $1.00 per share were issued.</p>
</td>
<td width="7%" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="8%" valign="top"><p>&#160;</p>
</td>
<td width="85%" style="border-left: 0.0133333in solid; border-right: 0.0133333in solid" valign="top"><p>&#8220;This restructuring exemplifies the strong support of our investors and their
belief in our future plans,&#8221; said David Loflin, AIR-Q&#8217;s President.  &#8220;We believe
this restructuring will be of great, long-term benefit to our shareholders, as we
have dramatically reduced the overhang on our market, while preserving the
potential for obtaining up to $5,000,000 from the exercise of warrants,&#8221; added
Mr. Loflin.</p>
</td>
<td width="7%" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="8%" valign="top"><p>&#160;</p>
</td>
<td width="85%" style="border-left: 0.0133333in solid; border-right: 0.0133333in solid" valign="top"><p>About Air-Q Wi-Fi Corporation </p>
</td>
<td width="7%" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="8%" valign="top"><p>&#160;</p>
</td>
<td width="85%" style="border-left: 0.0133333in solid; border-right: 0.0133333in solid" valign="top"><p>Air-Q Wi-Fi Corporation is a development-stage company that develops and
operates wireless Internet access systems. Its first Wi-Fi Internet access system
is located in Baton Rouge, LA, and its second Wi-Fi system is located in
Phoenix, AZ. Air-Q has begun to implement its Wi-Fi Internet access system in
Boulder, CO.  Air-Q's "Wi-Fi" (hotspot) Internet access system operates on a
platform comprised of Wi-Fi standard equipment that has been configured in a
proprietary manner. The term "Wi-Fi" (wireless fidelity) refers to an industry
standard for wireless equipment that meets published 802.11(x) standards. Wi-
Fi equipment operates in unlicensed spectra, such as 2.4 and 5.8 Ghz. Air-Q's
business plan focuses on the marketing of its wireless Internet access services
to businesses and residential customers, as well as to visitors to its markets with
Wi-Fi compatible laptop computers and other wireless devices.</p>
</td>
<td width="7%" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="8%" valign="top"><p>&#160;</p>
</td>
<td width="85%" style="border-left: 0.0133333in solid; border-right: 0.0133333in solid" valign="top"><p>Forward-Looking Statements</p>
</td>
<td width="7%" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="8%" valign="top"><p>&#160;</p>
</td>
<td width="85%" style="border-left: 0.0133333in solid; border-right: 0.0133333in solid" valign="top"><p>Certain statements in these interviews and news releases may constitute
"forward looking" statements within the meaning of Section 21E of the
Securities Exchange Act of 1934. Such forward looking statements involve
risk, uncertainties, and other factors, which may cause the actual results,
performance, or achievement expressed or implied by such forward looking
statements to differ materially from the forward looking statements. Certain
statements contained in the interviews are "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995. Such
statements involve numerous risks and uncertainties, including, but not limited
to, risks and uncertainties pertaining to development of Air-Q&#8217;s products and
services and markets for such products and services, the timing and level of
customer orders, competitive products and service, changes in economic
conditions and other risks and uncertainties. Although Air-Q believes the
statements are reasonable, it can give no assurance that such expectations will
prove correct. Air-Q cautions that any forward-looking statements contained
herein are not a guarantee of future performance and that actual results may
differ materially.</p>
</td>
<td width="7%" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="8%" valign="top"><p>&#160;</p>
</td>
<td width="85%" style="border-left: 0.0133333in solid; border-right: 0.0133333in solid" valign="top"><p>Contact: Air-Q Wi-Fi Corporation, Baton Rouge, David Loflin, 225-923-1034,
dloflin@air-q.com</p>
</td>
<td width="7%" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="8%" valign="top"><p>&#160;</p>
</td>
<td width="85%" style="border-left: 0.0133333in solid; border-right: 0.0133333in solid; border-bottom: 0.0133333in solid" align="center" valign="top"><p>* * * * END OF PRESS RELEASE * * * *</p>
</td>
<td width="7%" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="100%" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="85%" style="background-color: #e5e5e5" valign="top"><p>Item 7. Financial Statements and Exhibits.</p>
</td>
<td width="15%" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="8%" align="right" valign="top"><p>(a)</p>
</td>
<td width="92%" valign="top"><p>Exhibits:</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="12%" align="center" valign="top"><p>&#160;</p>
</td>
<td width="15%" style="border-bottom: 0.01in solid" align="center" valign="top"><p>Exhibit No.</p>
</td>
<td width="8%" align="center" valign="top"><p>&#160;</p>
</td>
<td width="65%" style="border-bottom: 0.01in solid" align="center" valign="top"><p>Description</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="12%" valign="top"><p>&#160;</p>
</td>
<td width="15%" align="center" valign="top"><p>10.1</p>
</td>
<td width="8%" valign="top"><p>&#160;</p>
</td>
<td width="65%" valign="top"><p>Amendment No. 1 to Securities Purchase Agreement
between Registrant and Douglasbank Securities Ltd., dated
as of April 23, 2004.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="12%" valign="top"><p>&#160;</p>
</td>
<td width="15%" align="center" valign="top"><p>10.2</p>
</td>
<td width="8%" valign="top"><p>&#160;</p>
</td>
<td width="65%" valign="top"><p>Amendment No. 1 to Securities Purchase Agreement
between Registrant and Douglasdale Securities Ltd., dated as
of April 23, 2004.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="12%" valign="top"><p>&#160;</p>
</td>
<td width="15%" align="center" valign="top"><p>10.3</p>
</td>
<td width="8%" valign="top"><p>&#160;</p>
</td>
<td width="65%" valign="top"><p>Amendment No. 1 to Securities Purchase Agreement
between Registrant and Heyer Capital Fund, dated as of
April 23, 2004.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="12%" valign="top"><p>&#160;</p>
</td>
<td width="15%" align="center" valign="top"><p>10.4</p>
</td>
<td width="8%" valign="top"><p>&#160;</p>
</td>
<td width="65%" valign="top"><p>Amendment No. 1 to Securities Purchase Agreement
between Registrant and 1008212 Alberta Ltd.., dated as of
April 23, 2004.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="12%" valign="top"><p>&#160;</p>
</td>
<td width="15%" align="center" valign="top"><p>10.5</p>
</td>
<td width="8%" valign="top"><p>&#160;</p>
</td>
<td width="65%" valign="top"><p>$1.00 Warrant Agreement between Registrant and
Douglasbank Capital Ltd., dated April 23, 2004.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="12%" valign="top"><p>&#160;</p>
</td>
<td width="15%" align="center" valign="top"><p>10.6</p>
</td>
<td width="8%" valign="top"><p>&#160;</p>
</td>
<td width="65%" valign="top"><p>$1.00 Warrant Agreement between Registrant and
Douglasdale Capital Ltd., dated April 23, 2004.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="12%" valign="top"><p>&#160;</p>
</td>
<td width="15%" align="center" valign="top"><p>10.7</p>
</td>
<td width="8%" valign="top"><p>&#160;</p>
</td>
<td width="65%" valign="top"><p>$1.00 Warrant Agreement between Registrant and Heyer
Capital Fund, dated April 23, 2004.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="12%" valign="top"><p>&#160;</p>
</td>
<td width="15%" align="center" valign="top"><p>10.8</p>
</td>
<td width="8%" valign="top"><p>&#160;</p>
</td>
<td width="65%" valign="top"><p>$1.00 Warrant Agreement between Registrant and 1008212
Alberta Ltd., dated April 23, 2004.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="100%" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="100%" style="background-color: #e5e5e5; border-top: 0.0266667in solid; border-bottom: 0.0266667in solid" align="center" valign="top"><p>SIGNATURES</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="100%" valign="top"><p>Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned, hereunder duly authorized.</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="100%" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="8%" valign="top"><p>&#160;</p>
</td>
<td width="35%" valign="top"><p>Dated: April 29, 2004.</p>
</td>
<td width="57%" valign="top"><p>AIR-Q WI-FI CORPORATION</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="42%" valign="top"><p>&#160;</p>
</td>
<td width="6%" valign="top"><p>&#160;</p>
</td>
<td width="40%" valign="top"><p>&#160;</p>
</td>
<td width="12%" valign="top"><p>&#160;</p>
</td>
</tr>
<tr>
<td width="42%" valign="top"><p>&#160;</p>
</td>
<td width="6%" valign="top"><p>By:</p>
</td>
<td width="40%" style="border-bottom: 0.01in solid" valign="top"><p>/s/ DAVID LOFLIN</p>
</td>
<td width="12%" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
<table width="100%" cellpadding="6" cellspacing="0">
<tr>
<td width="50%" valign="top"><p>&#160;</p>
</td>
<td width="21%" valign="top"><p>David Loflin
President</p>
</td>
<td width="29%" valign="top"><p>&#160;</p>
</td>
</tr>
</table>
</body>

</html>
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{"company-data": {"conformed-name": "AIR-Q WI-FI CORP", "cik": "0000828940", "assigned-sic": "7374", "irs-number": "010623010", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "033-19961", "film-number": "04766212"}, "business-address": {"street1": "5555 HILTON AVENUE", "street2": "SUITE 207", "city": "BATON ROUGE", "state": "LA", "zip": "70808", "phone": "225-923-1034"}, "mail-address": {"street1": "5555 HILTON AVENUE", "street2": "SUITE 207", "city": "BATON ROUGE", "state": "LA", "zip": "70808"}, "former-company": [{"former-conformed-name": "COVENANT FINANCIAL CORP", "date-changed": "20020507"}, {"former-conformed-name": "HOMEGATE CORP", "date-changed": "20001115"}, {"former-conformed-name": "SPARTAN OIL CORP", "date-changed": "20000309"}]}
6:
Securities and Exchange Commission
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities and Exchange
Commission
Date of Report (Date of earliest event reported): April 23, 2004.
Air-Q Wi-Fi Corporation
(Exact name of registrant as specified in its
charter)
Delaware
33-19961
01-0623010
(State or other
jurisdiction of
incorporation)
(Commission File No.)
(I.R.S. Employer
Identification No.)
5555 Hilton Avenue, Suite 207, Baton Rouge, Louisiana 70808
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code: (225) 923-1034
Form 8-K
Air-Q Wi-Fi Corporation
Item 5. Other Events and Regulation FD Disclosure.
Cancellation of Certain Warrants; Issuance of New Warrants
On April 23, 2004, pursuant to amendments to four separate securities purchase agreements,
we cancelled certain outstanding common stock purchase warrants and issued new common
stock purchase warrants in their place.  These amendments reduced the total number of
warrants issued under the securities purchase agreements from 20,000,000 to 5,000,000.  A
summary of the issuances of securities is set forth below:
Purchaser of Units of
Securities
Securities Issued Pursuant to
Original Securities Purchase
Agreement
Securities Issued Pursuant to
Securities Purchase
Agreement, as Amended
Douglasbank Capital
Ltd.
1,250,000 shares of common
stock; 1,250,000 $.20
warrants; 1,250,000 $.30
warrants; 1,250,000 $.40
warrants; and 1,250,000 $.50
warrants.
1,250,000 shares of common
stock and 1,250,000 $1.00
warrants.
Douglasdale Capital
Ltd.
1,250,000 shares of common
stock; 1,250,000 $.20
warrants; 1,250,000 $.30
warrants; 1,250,000 $.40
warrants; and 1,250,000 $.50
warrants.
1,250,000 shares of common
stock and 1,250,000 $1.00
warrants.
Heyer Capital Fund
1,250,000 shares of common
stock; 1,250,000 $.20
warrants; 1,250,000 $.30
warrants; 1,250,000 $.40
warrants; and 1,250,000 $.50
warrants.
1,250,000 shares of common
stock and 1,250,000 $1.00
warrants.
1008212 Alberta Ltd.
1,250,000 shares of common
stock; 1,250,000 $.20
warrants; 1,250,000 $.30
warrants; 1,250,000 $.40
warrants; and 1,250,000 $.50
warrants.
1,250,000 shares of common
stock and 1,250,000 $1.00
warrants.
Description of $1.00 Warrants
Pursuant to the amendments to the securities purchase agreements,, we issued a total of
5,000,000 warrants to purchase 5,000,000 shares of our common stock, at an exercise price of
$1.00 per share.  These warrants expire on April 22, 2008.
Current Ownership of Our Common Stock
The cancellation of 20,000,000 warrants and the issuance of 5,000,000 new warrants
materially changed our capitalization.  On a fully diluted basis, prior to amending the four
securities purchase agreements, we had a total of 45,097,704 shares outstanding (24,500,000
shares underlying warrants); on a fully diluted basis, after amending the four securities
purchase agreements, we have a total of 30,097,704 shares outstanding (9,500,000 shares
underlying warrants).
In addition, the changes effected by amending the four securities purchase agreements
materially affected the ownership of our shares of common stock.  The table below sets forth
the current ownership of our common stock.
Beneficial ownership is determined in accordance with the rules of the SEC, based on voting
or investment power with respect to the securities. In computing the number of shares
beneficially owned by a person and the percentage ownership of that person, shares of
common stock underlying warrants held by that person are deemed to be outstanding if the
warrants are exercisable within 60 days of the date hereof. All percentages in this table are
based on a total of 30,097,704 shares of common stock outstanding as of the date hereof,
which amount includes a total of 9,500,000 shares underlying currently outstanding and
exercisable warrants.  Except as indicated in the footnotes below, we believe, based on
information furnished to us, that the persons and entities named in the table below have sole
voting and investment power with respect to all shares of common stock shown as beneficially
owned by them. Unless otherwise indicated, the address for each of the shareholders in the
table below is c/o Air-Q Wi-Fi Corporation, 5555 Hilton Avenue, Suite 207, Baton Rouge,
Louisiana 70808.
Beneficially Owned
Name and Address of Beneficial Owner
Shares
Percent(1)
David Loflin
7,590,000(2)
25.21%
Waddell D. Loflin
1,200,000
3.98%
Gregory A. Bonner(3)
10,000
*
Ira R. Witkin(4)
10,000
*
All executive officers and directors as a
group (4 persons)
8,790,000(2)
29.20%
Loflin Children's Trust(5)
3,000,000(6)
9.96%
FMF Investments, Ltd.(7)
2,311,000
7.67%
Heyer Capital Fund(8)(18)
2,500,000(9)
8.30%
1008212 Alberta Ltd.(10)(18)
2,500,000(11)
8.30%
Douglasdale Capital Ltd.(12)(18)
2,500,000(13)
8.30%
Douglasbank Capital Ltd.(14)(18)
2,500,000(15)
8.30%
Shelter Capital Ltd.(16)
4,000,000(17)
13.29%
*
Less than 1%
(1)
Based on 30,097,704 shares outstanding, including a total of 9,500,000 shares
underlying currently outstanding and exercisable warrants.
(2)
3,000,000 of these shares are beneficially owned by the Loflin Children's Trust;
250,000 of these shares are owned by the Phoenix Trust.  The beneficiaries of both
entities are the minor children of David Loflin.  Mr. Loflin is the trustee of each
entity and possesses voting and investment control over the shares owned by each.
Mr. Loflin disclaims any beneficial ownership of the shares owned by either trust.
(3)
Mr. Bonner's address is 5223 Hagerstown Avenue, Baton Rouge, Louisiana 70817.
(4)
Mr. Witkin's address is 980 Crepe Myrtle Lane, Copper Canyon, Texas 76226.
(5)
Loflin Children's Trust's address is 7635 Jefferson Highway, #309, Baton Rouge,
Louisiana 70809.  David Loflin is the trustee of this entity and possesses voting and
investment control of the shares owned by it.
(6)
See footnote 2.
(7)
FMF Investments' address is 819 Office Park Circle, Lewisville, Texas 75057.  L.
A. Newlan, Jr. and Eric Newlan are officers of the general partner of this entity
and, in these capacities, possess voting and investment control of the shares owned
by it.
(8)
Heyer Capital's address is 418 Douglas Park View S.E., Calgary, Alberta, Canada
T2Z 2R1. Peter Rochow is the owner of this entity and possesses voting and
investment control of the shares owned by it.
(9)
1,250,000 of these shares have been issued; 1,250,000 of these shares have not
been issued, but underlie currently exercisable warrants.
(10)
1008212 Alberta's address is 418 Douglas Park View S.E., Calgary, Alberta,
Canada T2Z 2R1.  Peter Rochow possesses voting and investment control of the
shares owned by this entity.  Mr. Rochow disclaims any beneficial ownership of the
shares owned by this entity.
(11)
1,250,000 of these shares have been issued; 1,250,000 of these shares have not
been issued, but underlie currently exercisable warrants.
(12)
Douglasdale Capital's address is 418 Douglas Park View S.E., Calgary, Alberta,
Canada T2Z 2R1. Peter Rochow possesses voting and investment control of the
shares owned by this entity.  Mr. Rochow disclaims any beneficial ownership of the
shares owned by this entity.
(13)
1,250,000 of these shares have been issued; 1,250,000 of these shares have not
been issued, but underlie currently exercisable warrants.
(14)
Douglasbank Capital's address is 418 Douglas Park View S.E., Calgary, Alberta,
Canada T2Z 2R1. Peter Rochow possesses voting and investment control of the
shares owned by this entity.  Mr. Rochow disclaims any beneficial ownership of the
shares owned by this entity.
(15)
1,250,000 of these shares have been issued; 1,250,000 of these shares have not
been issued, but underlie currently exercisable warrants.
(16)
Shelter Capital's address is P.O. Box 64, Providenciales, Turks and Caicos Islands.
Peter Rochow possesses voting and investment control of the shares owned by this
entity.  Mr. Rochow disclaims any beneficial ownership of the securities owned by
this entity.
(17)
None of these shares has been issued, but underlie currently exercisable warrants.
(18)
Heyer Capital Fund, 1008212 Alberta Ltd., Douglasdale Capital Ltd. and
Douglasbank Capital Ltd. have common management, Mr. Peter Rochow, who
possess the power of disposition over the securities owned by these entities; the
beneficial ownership of each of these entities is different. Mr. Rochow disclaims
any beneficial ownership of the shares owned by these entities, except for those
owned by Heyer Capital Fund, of which he is the beneficial owner.
Press Release
On April 29, 2004, we issued the press release reproduced below:
Air-Q Wi-Fi Restructures 20,000,000 Outstanding Warrants
Investor Group Agrees to Replace 20,000,000 Warrants with 5,000,000 New
Warrants
Baton Rouge, LA – April 29, 2004 – Air-Q Wi-Fi Corporation (OTCBB:
AQWF), a Wi-Fi (wireless fidelity) Internet access provider, announced today
that it had reached an agreement with an investor group to restructure
20,000,000 of its outstanding warrants.  Under the agreement, warrants to
purchase 20,000,000 shares, with an average exercise price of $.35 per share,
were cancelled and new warrants to purchase 5,000,000 shares at an exercise
price of $1.00 per share were issued.
"This restructuring exemplifies the strong support of our investors and their
belief in our future plans," said David Loflin, AIR-Q's President.  "We believe
this restructuring will be of great, long-term benefit to our shareholders, as we
have dramatically reduced the overhang on our market, while preserving the
potential for obtaining up to $5,000,000 from the exercise of warrants," added
Mr. Loflin.
About Air-Q Wi-Fi Corporation
Air-Q Wi-Fi Corporation is a development-stage company that develops and
operates wireless Internet access systems. Its first Wi-Fi Internet access system
is located in Baton Rouge, LA, and its second Wi-Fi system is located in
Phoenix, AZ. Air-Q has begun to implement its Wi-Fi Internet access system in
Boulder, CO.  Air-Q's "Wi-Fi" (hotspot) Internet access system operates on a
platform comprised of Wi-Fi standard equipment that has been configured in a
proprietary manner. The term "Wi-Fi" (wireless fidelity) refers to an industry
standard for wireless equipment that meets published 802.11(x) standards. Wi-
Fi equipment operates in unlicensed spectra, such as 2.4 and 5.8 Ghz. Air-Q's
business plan focuses on the marketing of its wireless Internet access services
to businesses and residential customers, as well as to visitors to its markets with
Wi-Fi compatible laptop computers and other wireless devices.
Forward-Looking Statements
Certain statements in these interviews and news releases may constitute
"forward looking" statements within the meaning of Section 21E of the
Securities Exchange Act of 1934. Such forward looking statements involve
risk, uncertainties, and other factors, which may cause the actual results,
performance, or achievement expressed or implied by such forward looking
statements to differ materially from the forward looking statements. Certain
statements contained in the interviews are "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995. Such
statements involve numerous risks and uncertainties, including, but not limited
to, risks and uncertainties pertaining to development of Air-Q's products and
services and markets for such products and services, the timing and level of
customer orders, competitive products and service, changes in economic
conditions and other risks and uncertainties. Although Air-Q believes the
statements are reasonable, it can give no assurance that such expectations will
prove correct. Air-Q cautions that any forward-looking statements contained
herein are not a guarantee of future performance and that actual results may
differ materially.
Contact: Air-Q Wi-Fi Corporation, Baton Rouge, David Loflin, 225-923-1034,
dloflin@air-q.com
* * * * END OF PRESS RELEASE * * * *
Item 7. Financial Statements and Exhibits.
(a)
Exhibits:
Exhibit No.
Description
10.1
Amendment No. 1 to Securities Purchase Agreement
between Registrant and Douglasbank Securities Ltd., dated
as of April 23, 2004.
10.2
Amendment No. 1 to Securities Purchase Agreement
between Registrant and Douglasdale Securities Ltd., dated as
of April 23, 2004.
10.3
Amendment No. 1 to Securities Purchase Agreement
between Registrant and Heyer Capital Fund, dated as of
April 23, 2004.
10.4
Amendment No. 1 to Securities Purchase Agreement
between Registrant and 1008212 Alberta Ltd.., dated as of
April 23, 2004.
10.5
$1.00 Warrant Agreement between Registrant and
Douglasbank Capital Ltd., dated April 23, 2004.
10.6
$1.00 Warrant Agreement between Registrant and
Douglasdale Capital Ltd., dated April 23, 2004.
10.7
$1.00 Warrant Agreement between Registrant and Heyer
Capital Fund, dated April 23, 2004.
10.8
$1.00 Warrant Agreement between Registrant and 1008212
Alberta Ltd., dated April 23, 2004.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned, hereunder duly authorized.
Dated: April 29, 2004.
AIR-Q WI-FI CORPORATION
By:
/s/ DAVID LOFLIN
David Loflin
President