Cell-Loc Location Technologies Inc.

Cell-Loc Location Technologies Inc.

September 04, 2009 17:40 ET

Cell-Loc Location Technologies Announces Issuance of Shares for Services and Grant of Incentive Stock Options

CALGARY, ALBERTA--(Marketwire - Sept. 4, 2009) - Cell-Loc Location Technologies Inc. (TSX VENTURE:XCT) ("CLTI") today reported the grant of incentive stock options ("options") to employees and directors of the Company, to purchase a total of 510,000 common shares at a price of $0.10 per share, based on the rules of the TSX - V and the most recent closing share price. All of the options granted on September 4, 2009 (the "grant date") vest over two years; one third of the options shall be vested immediately, one third on the one-year anniversary of the grant date and the remaining one third on the two-year anniversary of the grant date. Vested options can be exercised at any time during the five-year period following the grant date. These options are granted under the Company's stock option plan approved by shareholders on May 19, 2009.

The Company also reported that it settled outstanding indebtedness of $4,000 through the issuance of common shares of the company at a deemed price of $0.05 cents per common share, subject to TSX Venture Exchange final approval. The outstanding debt related to salary voluntarily deferred by an employee as part of an effort to reduce the cash expenditures of the Company. A total of 80,000 common shares will be issued under the debt settlement. The common shares are subject to a four-month hold period that expires on January 4, 2010.

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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Contact Information

  • Cell-Loc Location Technologies Inc.
    Dave Guebert
    Vice President, Finance and CFO
    (403) 569-5700
    Website: www.cell-loc.com