Cell-Loc Location Technologies Inc.
TSX VENTURE : XCT

Cell-Loc Location Technologies Inc.

June 27, 2008 16:49 ET

Cell-Loc Location Technologies Announces Closing of Debenture Offering

CALGARY, ALBERTA--(Marketwire - June 27, 2008) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Cell-Loc Location Technologies Inc. (TSX VENTURE:XCT) (the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement (the "Private Placement"). The Private Placement consisted of $987,000 of debenture units (the "Debenture Units") with each Debenture Unit consisting of a $1,000 principal amount 12% unsecured convertible subordinated debenture (the "Debentures") and 667 common share purchase warrants (the "Warrants"). Each Warrant entitles the holder to purchase one common share (the "Common Shares") in the capital of the Corporation at an exercise price of $0.75 per Common Share, until December 31, 2009.

The principal amount of the Debentures shall be convertible, at any time up December 31, 2009, into fully paid Common Shares at a conversion price of $0.75 per Common Share.

The Debentures and the Warrants comprising the Debenture Units issued in the Private Placement are subject to a hold period of 4 months and one day from closing.

Insiders of the Company subscribed for all of the Debenture Units.

The net proceeds of the Private Placement will be used for general corporate purposes.

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."

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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.

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.

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

Contact Information

  • Cell-Loc Location Technologies Inc.
    Dave Guebert
    Vice President, Finance and CFO
    (403) 569-5796
    Website: www.cell-loc.com