Cell-Loc Location Technologies Inc.

Cell-Loc Location Technologies Inc.

June 29, 2011 20:51 ET

Cell-Loc Reports First Quarter Results

CALGARY, ALBERTA--(Marketwire - June 29, 2011) - Cell-Loc Location Technologies Inc. (TSX VENTURE:XCT) reports a comprehensive loss of $17,000 for the three months ended March 31, 2011. During the quarter, the Company continued its development activity related to its wireless location and communication technology.

The Company is continuing discussions with the Bravia group with the intent of reacquiring X3 Telecomunicacoes, Cell-Loc's former subsidiary which operates a network in São Paulo, Brazil. Discussions have been productive to date for both parties, but to date no agreements have been reached.

The Company has applied to a provincial technology funding agency for funding support of technology development and commercialization initiatives. Cell-Loc has received conditional approval for an initial program providing up to $200,000 in support of the Company's technology. The Company expects to satisfy the conditions and finalize the agreement within the next month.

The complete 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 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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Contact Information

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

    Cell-Loc Location Technologies Inc.
    Dave Guebert
    Vice President Finance & CFO