CALGARY AB, September 24, 2001 - Dr. Michel Fattouche, president & CEO, Cell-Loc Inc. (TSE: CLQ), a leading developer of network-based wireless location technology and services, today announced that Cell-Loc has undertaken a restructuring program in order to maximize the company’s cash reserves. Cell-Loc is reducing its full-time staff by 44 percent to approximately 36 employees.
As well, Cell-Loc continues to pursue revenue opportunities and financing alternatives including the $40 million (US) staged equity line of credit, which received a preliminary receipt on May 25, 2001. In regard to this credit facility, Cell-Loc continues to wait for a decision from Canadian regulators as to how such a financing vehicle may be used to assist companies like Cell-Loc.
“This is a pro-active and deliberate effort to link our core competencies with existing markets by optimizing our operations,” said Dr. Michel Fattouche. “We are building on the confidence that others have expressed in our technology and business plan which focuses on existing markets.”
The company will provide additional information to shareholders along with the packages being prepared for the company’s Annual General Meeting scheduled for November 28, 2001.
About Cell-Loc Inc. About TimesThree Inc. Forward Looking Statements: This news release contains certain forward-looking statements. All statements, other than statements of historical fact, included herein, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and Cell-Loc does not undertake an obligation to update forward-looking statements should conditions or management's estimates or opinions change.
Note to Editors: Cell-Loc is a trademark of Cell-Loc Inc.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.
Attention: To receive news releases by e-mail, please contact tmcnulty@cell-loc.com.
For further Cell-Loc information:
Cell-Loc Inc. (www.cell-loc.com), a leader in the emerging wireless location industry, is the developer of CellocateTM, a family of 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 American countries with a view to expanding globally. Cell-Loc is listed on the Toronto Stock Exchange under the trading symbol: "CLQ."
Based in Texas, TimesThree Inc. (www.timesthree.com), wholly owned by Cell-Loc Inc., is designed to enable location-sensitive services such as L411, fleet tracking, asset tracking, child/senior find and pet tracking. The company will initially offer services from the independent networks deployed in Austin, Texas and Calgary, Alberta.
Tammy Yamkowy
Manager, Public Relations
Phone: (403) 569-5748
Toll Free: 1-877-569-5700
tyamkowy@cell-loc.com
Tim McNulty
Manager, Investor Relations
Phone: (403) 569-7073
Toll Free 1-877-569-5700
tmcnulty@cell-loc.com