Cell-Loc Location Technologies Inc.

Cell-Loc Location Technologies Inc.

May 19, 2009 19:28 ET

Cell-Loc Location Technologies Reports Q1 Net Income of $508,000

CALGARY, ALBERTA--(Marketwire - May 19, 2009) - Cell-Loc Location Technologies Inc. (TSX VENTURE:XCT), reports that it realized a profit of $508,000 in the three months ended March 31, 2009.

The net income resulted from a gain on the sale of a patent during the quarter, offset by a loss on operations. The Company realized a $783,000 gain as a result of the sale of a patent to Samsung Electronics Co., Ltd. Under the terms of the agreement, Cell-Loc received a one-time payment from Samsung in return for assignment of US patent #5,890,068 - Wireless Location System. Cell-Loc retains the rights to use the technology addressed in the patent for both its own use and for the use of its customers globally.

The financial statements along with management's discussion and analysis can be found on the Company's website (www.cell-loc.com) and on SEDAR (www.sedar.com).

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".

Forward Looking Statements: This news release contains certain information that may constitute forward-looking statements under applicable securities laws. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. Actual results achieved may vary from the results anticipated or implied herein and variations may be material. There is no representation by the Company that actual results achieved will be the same in whole or in part as those implied in any forward looking statements.

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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.
    Sheldon Reid
    President & CEO
    (403) 569-5700
    Cell-Loc Location Technologies Inc.
    Dave Guebert
    Vice President Finance & CFO
    (403) 569-5700
    Website: www.cell-loc.com