CALGARY, AB, MAY 16, 2002 Cell-Loc Inc. (TSX: CLQ), a leading developer of network-based wireless location technology, today announced that having received approvals from the Alberta and Ontario securities commissions and the Toronto Stock Exchange, it has entered into the previously announced equity line of credit under which it may offer common shares for aggregate proceeds of up to $40 million (US)
The terms of the equity line are contained in the prospectus and the Equity Facility Purchase Agreement entered into by Cell-Loc and Roseworth Group.
About Cell-Loc Inc.
Cell-Loc Inc. (www.cell-loc.com), a leader in the 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 technology globally. Cell-Loc is listed on the Toronto Stock Exchange under the trading symbol: “CLQ.”
- 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
Manager, Public Relations
Phone: (403) 569-5748
tammy.yamkowy@cell-loc.com