Cell-Loc Location Technologies Inc.
TSX VENTURE : XCT

Cell-Loc Location Technologies Inc.

December 01, 2008 07:00 ET

Cell-Loc Location Technologies Announces MOU With Samsung

CALGARY, ALBERTA--(Marketwire - Dec. 1, 2008) - Cell-Loc Location Technologies Inc. (TSX VENTURE:XCT) ("CLTI"), a leading developer of network-based wireless location technology that enables location-based services, today announced the signing of a Memorandum of Understanding ("MOU") with Samsung Electro-Mechanics Co., Ltd. ("Samsung") of Seoul, South Korea.

The MOU provides that CLTI and Samsung (the "Parties") agree to negotiate in good faith for a license and joint development agreement. The definitive agreement is intended to include terms and conditions including the following:

- A license to be granted by CLTI to Samsung of CLTI's technology with the intent to jointly develop a receiver system for small-size transceiver module and single chip solution.

- A license to be granted by CLTI to Samsung CLTI's wireless location technology for Samsung to provide LBS throughout Asia.

- To incorporate the Agreement signed between the Parties (press released on April 16, 2008) for the joint development of a System-on-Chip (SoC) for CLTI's proprietary location transmitting device ("Beacon") into the Definitive.

- Samsung to provide to CLTI enhanced/minimized base station board (as with the Beacon), at acceptable terms and conditions.

- CLTI and Samsung to reach agreement on royalty and profit sharing for Asia territory.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS:

Certain statements regarding Cell-Loc Location Technologies Inc. including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond CLTI's control. These risks may cause actual financial and operating results, performance, levels of activity and achievements to differ materially from those expressed in, or implied by, such forward-looking statements.

Accordingly, CLTI gives no assurance nor makes any representations or warranty that the expectations conveyed by the forward-looking statements will prove to be correct and actual results may differ materially from those anticipated in the forward looking statements. CLTI undertakes no obligation to publicly update or revise any forward-looking statements.

The TSX Venture Exchange has neither approved nor disapproved of the contents of this news release.

Contact Information

  • Cell-Loc Location Technologies Inc.
    Sheldon Reid
    President and CEO
    (403) 569-5700
    or
    Cell-Loc Location Technologies Inc.
    Dave Guebert
    Vice President, Finance and CFO
    (403) 569-5700