Cell-Loc Location Technologies Inc.
TSX VENTURE : XCT

Cell-Loc Location Technologies Inc.

May 13, 2011 18:19 ET

Cell-Loc Location Technologies Announces Closing of Private Placement

CALGARY, ALBERTA--(Marketwire - May 13, 2011) -

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

Cell-Loc Location Technologies Inc. (TSX VENTURE:XCT) ("CLTI" or the "Company") is pleased to announce closing of a non-brokered private placement. As a result of the financing being oversubscribed, the size of the previously announced offering was increased. The closing consists of 4,148,333 ("Units") in the capital of the Company for gross proceeds of $497,800 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 at any time on or before the 18 month anniversary of the closing of the Offering. The Common Shares and Warrants issued pursuant to the Offering are subject to a four-month hold period expiring on September 12, 2011.

Directors and officers of the Company subscribed for $258,000 (52%) of the Offering.

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 São 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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For further information about Cell-Loc and the ongoing technology business, please contact Keith Bohn or Dave Guebert.

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

    Cell-Loc Location Technologies Inc.
    Dave Guebert
    VP Finance & CFO
    403.569.5700