CALGARY, AB, MAY 28, 2003 - Cell-Loc Inc. (TSX: CLQ) today announced that a settlement has been reached which concludes an ongoing $1.9 million litigation action against Cell-Loc Inc. ("Cell-Loc"). Under the settlement agreement, Cell-Loc has issued to the other party (which requested that it not be publicly identified) 750,000 Common Shares.
"I am pleased that we were able to settle this matter," said Sheldon Reid, President & CEO of Cell-Loc. "Of the various law suits that were brought against Cell-Loc in the aftermath of the severe retrenchment of the Company's activities due to the down-turn of the high-tech market, all have now reached a final and acceptable resolution from the Company's perspective." 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.
To receive Cell-Loc Inc. news, please subscribe to CCNMatthews' Hot Off The Wire free news service (http://eservices.ccnmatthews.com/hotw/index.jsp).
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