Blackline GPS Corp.

Blackline GPS Corp.

June 22, 2009 11:10 ET

Blackline GPS Corp. Closes Private Placement

CALGARY, ALBERTA--(Marketwire - June 22, 2009) -


Blackline GPS Corp. (TSX VENTURE:BLN) ("Blackline" or the "Company") is pleased to announce it has completed the second tranche of the private placement unit offering (the "Offering") announced on April 21, 2009, raising gross proceeds of $594,900 and issuing an aggregate of 2,974,500 units. Of the 2,974,500 units ("Units") issued pursuant to the Offering, 2,049,500 Units (gross proceeds of $409,900) were issued pursuant to the brokered portion of the Offering (the "Brokered Offering") and 925,000 Units (gross proceeds of $185,000) were issued pursuant to the non-brokered portion of the Offering (the "Non-Brokered Offering"). Each Unit is comprised of one common share of Blackline ("Common Share") and one-half of one Common Share purchase warrant ("Warrant"). Each whole Warrant entitles the holder to acquire one Common Share for a period of twenty four months following the closing of the Offering (the "Exercise Period") at an exercise price of $0.40 per Common Share. All securities issued in connection with the Offering are subject to a four month plus one day hold period.

Octagon Capital Corporation, as lead agent, together with Acumen Capital Finance Partners Limited (collectively the "Agents") acted as the exclusive agents for the Brokered Offering. The Agents received a total cash commission of 7% of the gross proceeds raised pursuant to the Brokered Offering and 204,950 agent's options, being 10% of the Units issued pursuant to the Brokered Offering. The agent's options are exercisable into Units at $0.20 per Unit for a period of two years. After completion of the Offering, Blackline has a total of 77,858,487 Common Shares issued and outstanding.

Proceeds of the offering will be utilized for working capital, sales and marketing, research and development for future products, capital expenses related to production expansion and general corporate purposes. Blackline is pursuing numerous high growth opportunities and the offering will enable the Company to accelerate execution of its business plan.

Completion of the Offering is subject to final approval of the TSX Venture Exchange.

About Blackline GPS Corp.

Blackline GPS Corp. is a Calgary-based technology manufacturer of security, tracking & monitoring devices for automotive, commercial and industry safety and family use. Blackline sells its products under its own brand name and through a licensing arrangement with Escort Inc. Management and the Board of Blackline includes several individuals responsible for the success of BW Technologies Ltd. ("BWT") including but not limited to: Blackline's Chairman, Cody Slater, the founder and President of BWT; Kirk Wankel, Vice President of Finance of BWT and Chief Financial Officer of Blackline; and Kevin Meyers, Vice President of Operations of BWT and Chief Operations Officer of Blackline.

A copy of this news release will be available at

Certain statements included in this presentation may be considered forward-looking. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements, and therefore these statements should not be taken as guarantees of future performance or results. Forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond Blackline's control, including: the impact of general economic conditions, industry conditions, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates and stock market volatility. The forward-looking statements contained in this news release are made as at the date of this news release and Blackline does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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