Calgary, AB, April 1, 2003 - Cell-Loc Inc. (TSX: CLQ) today announced that on March 31, 2003 it completed a private placement for gross subscription proceeds of $305,995.38 (Cdn) in relation to the issuance of 805,251 units. Each unit is priced at $0.38 and is comprised of one common share and one common share purchase warrant which entitles the holder to purchase one common share priced at $0.45 upon exercise within 24 months.
Wolverton Securities acted as an agent for a portion of the private placement and receives a commission and 67,367 broker warrants which carry the same conditions as the common share unit purchase warrants. 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 and TimesThree are trademarks of Cell-Loc Inc.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.
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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 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