Cell-Loc Location Technologies Inc.
TSX VENTURE : XCT

Cell-Loc Location Technologies Inc.

July 28, 2011 18:00 ET

Cell-Loc Location Technologies Inc. Issues Shares

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

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

Cell-Loc Location Technologies Inc. (TSX VENTURE:XCT) ("Cell-Loc") announces that, subject to regulatory approval, it has agreed to issue shares in settlement of certain obligations.

The Company has agreed to issue a total of 150,000 common shares to three debenture holders as consideration for their agreement to wave certain repayment rights in connection with the Company's recent financing. The shares are deemed to be issued with a value of $0.10 per share.

In addition the Company has agreed, subject to regulatory approval, to issue 180,000 common shares to a company controlled by one of Cell-Loc's directors as compensation for services provided by him in business development activities for the Company. The shares are deemed to be issued with a value of $0.12 per share.

In each case, the common shares shall be subject to a hold period of four months and one day from their respective dates of issue.

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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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