Cell-Loc Location Technologies Inc.

Cell-Loc Location Technologies Inc.

January 19, 2011 08:00 ET

Cell-Loc Settles Debt

CALGARY, ALBERTA--(Marketwire - Jan. 19, 2011) - Cell-Loc Location Technologies Inc. (TSX VENTURE:XCT) reports that it has entered into a termination and settlement agreement with the National Research Council Canada regarding liabilities for funding repayments due under the Industrial Research Assistance Program Repayable contribution agreement. Under the terms of the agreement, Cell-Loc will pay $30,000 during the next ten months in settlement of all amounts repayable under the contribution agreement.

Through settlement of this liability, the Company has now completed the restructuring of its liabilities and is moving forward towards achieving its new business plan.

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 Sao 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