Cell-Loc Location Technologies Inc.
TSX VENTURE : XCT

Cell-Loc Location Technologies Inc.

September 09, 2011 16:16 ET

Cell-Loc Location Technologies Inc. Issues Shares

CALGARY, ALBERTA--(Marketwire - Sept. 9, 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 it has issued shares in settlement of certain obligations as previously announced July 28, 2011.

The Company has issued a total of 150,000 shares to three debenture holders as compensation 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 issued 180,000 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.

The shares issued are subject to a four-month hold period expiring on January 8, 2012.

The issuance of shares to the director of Cell-Loc is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 ("MI 61-101") by virtue of the exemptions contained in MI 61-101, as the fair market value of the shares issued to the director does not exceed 25% of Cell-Loc's market capitalization.

SOURCE: Cell-Loc Location Technologies Inc.

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