Blackline GPS Corp.

Blackline GPS Corp.

April 21, 2009 08:00 ET

Blackline GPS Corp. Announces Private Placement Offering

CALGARY, ALBERTA--(Marketwire - April 21, 2009) -


Blackline GPS Corp. (TSX VENTURE:BLN) ("Blackline" or the "Company") is pleased to announce it has retained Octagon Capital Corporation as lead agent, together with Acumen Capital Partners as co-agent (collectively the "Agents") to conduct a "best efforts" brokered private placement of up to 40,000,000 units of Blackline (the "Units") at a price of $0.20 per unit for gross proceeds of up to $8,000,000.

Each Unit will be comprised of one common share of Blackline ("Common Share") and one-half of one Common Share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder to acquire one Common Share for a period of twenty four months following the closing of the financing (the "Exercise Period") at an exercise price of $0.40 per Common Share. All securities issued in connection with this private placement will be subject to a four-month plus one day hold period.

The private placement is expected to close on or about May 27, 2009.

Proceeds of the offering are expected to 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 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.

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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