CALGARY, AB, APRIL 01, 2002 - Cell-Loc Inc. (TSE: CLQ), a leading developer of network-based wireless location technology, today announced that IQ2 Communications Corp. has exercised its option to acquire from Cell-Loc the sole rights to Cell-Loc’s intellectual property for use in the Austin, Texas geographic market, subject to the agreement between the parties dated October 5, 2001. Cell-Loc has received a payment of $800,000 (Cdn) from IQ2 in exercising its option, which requires Cell-Loc to deploy a Cellocate Beacon™ Network in Austin prior to December 2002. Under the agreement IQ2 and Cell-Loc will jointly participate in offering location-based services in the City of Austin.
"The IQ2 election represents Cell-Loc’s first commitment to deploy a commercial Cellocate Beacon™ Network in the United States,” said Sheldon Reid, executive vice president, corporate and business development, Cell-Loc Inc. “More importantly, we are confident that this is a strong indication that our wireless location solution is now demonstrating demand that will allow Cell-Loc to license and deploy its technology on not only a much larger scale but with much deeper location applications. With our manufacturing partnerships we are well positioned to optimize our leadership in this space.”
About Cell-Loc Inc. About IQ2 Communications Corp. - 30 - 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, Cellocate, Cellocate System, Cellocate Beacon, TimesThree and LocationBroker are trademarks of Cell-Loc Inc.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.
Cell-Loc contact:
Tammy Yamkowy
Cell-Loc Inc. (www.cell-loc.com), a leader in the emerging wireless location industry, is the developer of Cellocate™, 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 globally. Cell-Loc is listed on the Toronto Stock Exchange under the trading symbol: “CLQ.”
IQ2 Communications Corp. has extensive experience in the area of billing and administration services, software development, marketing management and is a wholly-owned subsidiary of IQ2 POWER Corp (www.iq2power.com
Manager, Public Relations
Phone: (403) 569-5748
tammy.yamkowy@cell-loc.com