CALGARY, AB, MAY 22, 2003 - Cell-Loc Inc. (TSX: CLQ) today announced that it has completed a private placement for gross subscription proceeds of $150,000.06 (Cdn) in relation to the issuance of 357,143 units. Each unit is priced at $0.42 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 20,000 common shares and 20,000 broker warrants which carry the same conditions as the common share unit purchase warrants. About Cell-Loc - 30 - 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
Director, Corporate Communications & Investor Relations
Phone: 403.569.5748
tammy.yamkowy@cell-loc.com