Cell-Loc Location Technologies Inc.

Cell-Loc Location Technologies Inc.

November 29, 2011 17:22 ET

Cell-Loc Reports Third Quarter Results

CALGARY, ALBERTA--(Marketwire - Nov. 29, 2011) - Cell-Loc Location Technologies Inc. (TSX VENTURE:XCT) reports a net loss of $286,000 for the three months ended September 30, 2011. During the quarter, the Company continued its development activity related to its wireless location and communication technology and negotiated an arrangement agreement as discussed below.

The Company has announced that it has entered into an arrangement agreement with an arm's length private company pursuant to which Cell-Loc will complete a reorganization transaction that is anticipated to net Cell-Loc approximately $900,000 in non-dilutive financing. Completion of this agreement is subject to shareholder approval at a meeting scheduled for November 30, 2011.

Upon completion of the transaction, the Company will have the following attributes;

  • Cell-Loc Location Technologies Inc. will all of its assets and liabilities to a new entity, Times Three Wireless Inc. ("Times Three") ("TTW" on the TSX Venture Exchange);
  • Times Three will own all proprietary technology previously held by Cell-Loc;
  • Times Three will continue to hold the contractual rights with X3 Brazil;
  • Times Three will have approximately $ 1 MM in liabilities;
  • Times Three will have approximately 36 MM shares outstanding;
  • Times Three will have a commercial showcase data communication network in São Paulo Brazil;
  • Times Three will be directly involved in the commercial business and telemetry data development with a major Brazilian utility.

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.

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
    President and CEO

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