Blackline GPS Corp.

Blackline GPS Corp.

December 14, 2010 17:54 ET

Blackline GPS Corp. Announces Brokered Private Placement

CALGARY, ALBERTA--(Marketwire - Dec. 14, 2010) -


Blackline GPS Corp. (TSX VENTURE:BLN) ("Blackline" or the "Corporation") is pleased to announce that it has arranged a brokered private placement (the "Private Placement") with Lightyear Capital Inc. ("Lightyear") of up to 26,666,666 units of the Corporation ("Units") at a price of $0.15 per Unit for aggregate gross proceeds of up to $4,000,000. Each Unit will be comprised of one common share of Blackline ("Common Share") and one common share purchase warrant ("Warrant"). Each Warrant entitles the holder to acquire one Common Share for a period of twelve months following the closing of the Private Placement at an exercise price of $0.25 per Common Share. Lightyear will be paid a commission in connection with the Private Placement.

Proceeds of the offering are expected to be utilized for expanding the company's industrial safety and commercial business. Blackline is focused on expanding their core business directed within the category of industrial safety, allowing the company to capitalize on the demand for their industrial products.

Completion of the private placement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals including the approval of the TSX Venture Exchange.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. The Private Placement is expected to close on or about January 28, 2011.

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.

About Blackline GPS Corp.: Headquartered in Calgary, Alberta, Blackline is an industrial safety and commercial product manufacturer. The company solutions address work environments focused on employee safety, while also offering connected hardware to improve security and communicate logistical information of company assets. The industrial business also aims to supply growing legislated and regulated markets, which exist largely around the globe, service plans which provide functionality based on product hardware. The company also maintains a suite of products and services which service the consumer and retail environment. Blackline's technology, dedication and vision combine to create an ever-growing suite of tools designed to Protect. Share. Connect™.

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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