Cell-Loc Location Technologies Inc.

Cell-Loc Location Technologies Inc.

November 28, 2008 18:56 ET

Cell-Loc Location Technologies Reports Q3 Financial Results

CALGARY, ALBERTA--(Marketwire - Nov. 28, 2008) - Cell-Loc Location Technologies Inc. (TSX VENTURE:XCT), reports that the Company has moved closer to positive cash flow as its quarterly loss continues to decrease. The loss from operations for the three months ended September 30, 2008 is $1.08 million.

Billings for the quarter include renewals for 12,082 vehicles that had been installed in previous years. Due to the fact that the renewals do not have any incremental costs associated with the billing, the gross margin for the quarter is 94%.

To date, the Company's technology has resulted in the recovery of 1,218 vehicles insured by Itau Seguros. This results in a reduction in loss reimbursements for the insurance company of approximately $14.6 million, assuming an average value of $12,000 per vehicle.

The financial statements along with management's discussion and analysis can be found on the Company's website (www.cell-loc.com) and on SEDAR (www.sedar.com).

About Cell-Loc Location Technologies Inc.

Cell-Loc Location Technologies Inc. (www.cell-loc.com) is the developer of a family of network-based wireless location products that enable location-based services. Located in Calgary, Alberta, Cell-Loc currently develops, markets and supports its patented wireless location technology in North and South America and Asia, with a view to expanding globally. Cell-Loc is listed on the TSX Venture Exchange under the trading symbol: "XCT".

Forward Looking Statements: This news release contains certain information that may constitute forward-looking statements under applicable securities laws. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. Actual results achieved may vary from the results anticipated or implied herein and variations may be material. There is no representation by the Company that actual results achieved will be the same in whole or in part as those implied in any forward looking statements.

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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 & CEO
    (403) 569-5700
    Cell-Loc Location Technologies Inc.
    Dave Guebert
    Vice President Finance & CFO
    (403) 569-5700
    Website: www.cell-loc.com