Cell-Loc Location Technologies Inc.
TSX VENTURE : XCT

Cell-Loc Location Technologies Inc.

March 28, 2011 15:19 ET

Cell-Loc Location Technologies Announces $480,000 Private Placement

CALGARY, ALBERTA--(Marketwire - March 28, 2011) -

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Cell-Loc Location Technologies Inc. (TSX VENTURE:XCT) ("CLTI" or the "Company") today announced a non-brokered private placement offering of up to 4,000,000 units ("Units") in the capital of the Company for gross proceeds of up to $480,000 at a price of $0.12 per Unit (the "Offering").

Each Unit consists of one common share of ("Common Share") and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share at an exercise price of $0.18 per Common Share, subject to adjustment in certain events, at any time on or before 4:30 p.m. (Calgary time) on the 24 month anniversary of the closing of the Offering, subject to adjustment in certain events.

Subject to receipt of approval for the Offering from the TSX Venture Exchange, the securities will be offered for sale in the Provinces of Alberta and Ontario and such other jurisdictions as the Company may decide, pursuant to certain exemptions from the registration and prospectus requirements of applicable securities laws. The private placement is expected to close on or about April 21, 2011. It is expected that insiders will participate in this Offering. The Common Shares and Warrants issuable as part of the Units, and the Common Shares issuable on exercise of Warrants, are subject to a 4 month hold period from the date of closing.

Proceeds from this private placement will be used to fund business development and for working capital purposes.

About Cell-Loc Location Technologies Inc.

Cell-Loc is an intellectual property company that has a proprietary technology designed for deployment of wireless data transmission and location based services. The Company has installed a commercial network in Sao Paulo, Brazil where its technology is being deployed for stolen vehicle recovery services within that network. Cell-Loc is currently in the engineering design and development phase whereby its technology will be deployed for telemetry markets that can be serviced by an existing network or customized as a stand-alone low cost line of sight network application.

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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.
    Keith Bohn
    Interim CEO
    403.569.5700
    or
    Cell-Loc Location Technologies Inc.
    Dave Guebert
    VP Finance & CFO
    403.569.5700