Cell-Loc Location Technologies Inc.

Cell-Loc Location Technologies Inc.

November 01, 2011 09:00 ET

Cell-Loc Location Technologies Inc. Announces Termination of Acquisition Agreement and Resignation of Directors

CALGARY, ALBERTA--(Marketwire - Nov. 1, 2011) -

Cell-Loc Location Technologies Inc. (TSX VENTURE:XCT) ("Cell-Loc") announces today that it will not be proceeding with the acquisition of CLTI as described in its press release dated October 18, 2011 and that Cell-Loc has advised the shareholders of CLTI that it has terminated the previously announced acquisition agreement in relation to Cell-Loc's proposed acquisition of CLTI. As a result, Cell-Loc will not be seeking shareholder approval for such acquisition at its upcoming annual general and special meeting of Cell-Loc shareholders currently scheduled for November 30, 2011.

Notwithstanding the termination of the acquisition agreement, Cell-Loc continues to work closely with CLTI's wholly owned subsidiary, X3 Telecomunicações e Equipamentos Ltda, ("X3"), which currently has an active Cellocate Network which covers over 1,500 square kilometers in São Paulo, Brazil. The parties remain committed to their current license agreement providing X3 the right to use certain of Cell-Loc's proprietary wireless location technology and intend to continue to work with one another in the pursuit of future business opportunities in Brazil and elsewhere.

In addition, Alvaro Schocair and Roberto Junqueira have advised the Company that they have resigned from the Board of Directors and that they will not be seeking re-election at the upcoming annual general and special meeting of the shareholders. The Company thanks Mr. Schocair and Mr. Junqueira for their contributions during the past year and a half.

About Cell-Loc Location Technologies Inc.

Cell-Loc is an intellectual property company that designs, develops and deploys proprietary technology that enables wireless location and data transmission services. Cell-Loc's core competencies include digital hardware, and software design, signal processing, firmware development and project management of wireless datacom installations.

Cell-Loc's Cellocate Network is designed as a low-cost, low-bandwidth, two-way data communications network for cost sensitive applications. By operating in the 2.4 GHz unlicensed ISM band, the Cellocate Network has inherently lower operating costs that its cellular competitors. Therefore, once a critical mass of subscribers has been achieved on a deployed Cellocate Network, Cell-Loc can reduce end user costs on its Network by eliminating cellular data charges and system access fees.

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Contact Information

  • Cell-Loc Location Technologies Inc.
    Keith Bohn
    Interim CEO