CALGARY, AB, APRIL 04, 2002 - Cell-Loc Inc. (TSE: CLQ), a leading developer of network-based wireless location technology, today announced the appointment of Sergio de Cerqueira Leite to the Cell-Loc Inc. board of directors.
Mr. Leite is currently the president of PST Indústria Eletrônica da Amazônia Ltda. (“PST”), Cell-Loc’s Cellocate Beacon™ manufacturing partner. (See March 07, 2002 Cell-Loc news release.) Mr. Leite has over 15 years of business experience based on a marketing-oriented perspective both in the consumer electronics market and the highly demanding car and truck manufacturing industry.
PST, 50 percent owned by Stoneridge Inc. which trades on the New York Stock Exchange, is a Brazilian embedded electronic modules designer and manufacturer that specializes in vehicle security devices for the after-market. Located in Warren, Ohio, Stoneridge is a leading independent designer and manufacturer of highly engineered electrical and electronic components, modules and systems.
As well, Cell-Loc today announced a private placement financing with Halidon Investing Inc., in which Mr. Leite is the majority owner. The transaction involves 290,000 units. Each unit consists of one common share and one common share purchase warrant, at a price of $1.95 (Cdn), for aggregate net proceeds of approximately $565,500. Each purchase warrant entitles the holder to acquire one common share at a price of $2.40 at any time on or before one year following closing.
"We are very pleased to welcome Sergio to the Cell-Loc board of directors,” said Dr. Michel Fattouche, president & CEO, Cell-Loc Inc. “He played an instrumental role in forming Cell-Loc’s relationship with PST, and his contributions to our board will be invaluable because of his international experience and PST’s global connections including their relationship with Stoneridge.”
About Cell-Loc Inc. - 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.”
Manager, Public Relations
Phone: (403) 569-5748
tammy.yamkowy@cell-loc.com