Calgary, AB, September 26, 2002 - Cell-Loc Inc. (TSX: CLQ) today reported its financial results for the fiscal year ended June 30, 2002.
For the year ended June 30, 2002, Cell-Loc reported a net loss of $8.5 million ($ 0.30 per share) as compared to $40.4 million ($1.70 per share) for the previous year. Included in the $8.5 million loss is over $2.8 million in asset impairment charges consisting of write-downs of intellectual property, network assets and goodwill. At June 30, 2002, Cell-Loc had cash and cash equivalents of $2.7 million. The June 30, 2002 financial statements will be immediately filed on SEDAR and concurrently mailed to shareholders along with the Company's annual and special meeting documents, which are expected to be mailed on or about October 02, 2002. Further, any Cell-Loc shareholder entitled to receive the 2002 financial statements may obtain a copy of them in advance upon request to Cell-Loc. About Cell-Loc - 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:
Cell-Loc Inc. (www.cell-loc.com), a leader in the wireless location industry, is the developer of CellocateTM, a family of network-based 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 Asia as well as North and South America, with a view to expanding globally. Cell-Loc equipment will be manufactured under licenses in Brazil and China. Commercial deployment has been successfully tested in Canadian markets and will now proceed under agreements in major U.S. markets as well. Cell-Loc is listed on the Toronto Stock Exchange (TSX) under the trading symbol: "CLQ."
Tammy Yamkowy
Manager, Investor Relations & Public Relations
Phone: 403.569.5748
tammy.yamkowy@cell-loc.com